FX.co ★ BTC update for March 08,.2022 - BUllish divergence and potential for the rally

Technical analysis:

BTC has been trading downwards yesterday but with decreasing in momentum, which is sign that downside power is decreasing.

Trading recommendation:

Due to lack of selling power to break and hold below the pivot support at $37,400, I see potential for the upside rotation.

Watch for buying opportunities with the upside objectives at $39,700 and $41,000.

Additionally, there is the bullish divergence on the Stochastic oscillator, which is another confirmation that selling power is losing power.

Key support is set at the price of $37,000