Bitcoin Breakout Unlikely - Bearish Divergence
Although this latest price spike has just broken its previous high, it appears that a break above the resistance at around 7750 is unlikely.
My pessimism is due to the bearish diversion as can be seen on this 4HR chart. Whilst the price over the past few days has moved higher (green arrow), the RSI and OBV have both fallen (red arrows). Furthermore, the volume on the two most recent large green candles has not been exceptional.
All of this points to a lack of momentum and conviction in the price. Buying at the current price appears risky. I'll be waiting for a pullback before looking for a rally with more conviction than this one to break through 7750.
My pessimism is due to the bearish diversion as can be seen on this 4HR chart. Whilst the price over the past few days has moved higher (green arrow), the RSI and OBV have both fallen (red arrows). Furthermore, the volume on the two most recent large green candles has not been exceptional.
All of this points to a lack of momentum and conviction in the price. Buying at the current price appears risky. I'll be waiting for a pullback before looking for a rally with more conviction than this one to break through 7750.
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