๐ฅ Bitcoin Is Showing A Warning: Bearish Divergence
Although I'm still bullish over the next couple of weeks/months, the Bitcoin daily chart is showing some minor warnings.
When looking at the RSI, we can clearly see it's in a downtrend. Furthermore, the Bitcoin price seems to be in an uptrend. See the dotted lines (dotted lines are merely there to show direction, not support/resistance).
When the RSI goes down and the price goes up, it's called Bearish Divergence. Bearish divergences can sometimes suggest that the end of the trend is here and that a reversal may come soon.
Keep in mind that if we're going to see some strong green candles the RSI will move back up and the bearish divergence will be invalidated. So far, the bearish divergence is merely a warning and not a signal.
When looking at the RSI, we can clearly see it's in a downtrend. Furthermore, the Bitcoin price seems to be in an uptrend. See the dotted lines (dotted lines are merely there to show direction, not support/resistance).
When the RSI goes down and the price goes up, it's called Bearish Divergence. Bearish divergences can sometimes suggest that the end of the trend is here and that a reversal may come soon.
Keep in mind that if we're going to see some strong green candles the RSI will move back up and the bearish divergence will be invalidated. So far, the bearish divergence is merely a warning and not a signal.
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