Technical analysis by Madrid about Symbol BTC on 5/10/2024

Bitcoin has been retreating from its all time highs. The momentum is negative, which means we can still expect more lows. The good news is that it started to form a positive momentum divergence, which basically means the acceleration towards the downtrend is slowing down, and a possible reversal is in the making. I don’t see a good timing to start a position, I would just wait until the momentum becomes positive and it goes in convergence with the trend. At this time it’s just a wait and see.