RSI has broken the prior support we had built and we are now continuing the bearish divergence we have been experiencing since January.
This is not technically an indicator you should 100% go short on. It is just a strong indicator that we have a bit more crabbing to do before we can make a corrective impulse up. A lot of over reactive and emotional people are giving doomsday scenarios right now saying we're going to -$1000 bitcoin. These people are no different than the bulls calling for $300k btc end of year. IMO, any slip from here would need quite a bit of panic in order to off set the buying pressure that is waiting around 29-30k. Is it possible we slip further than 29k? Sure. Just doesn't seem very likely without mass liquidations and some major news.
This is not technically an indicator you should 100% go short on. It is just a strong indicator that we have a bit more crabbing to do before we can make a corrective impulse up. A lot of over reactive and emotional people are giving doomsday scenarios right now saying we're going to -$1000 bitcoin. These people are no different than the bulls calling for $300k btc end of year. IMO, any slip from here would need quite a bit of panic in order to off set the buying pressure that is waiting around 29-30k. Is it possible we slip further than 29k? Sure. Just doesn't seem very likely without mass liquidations and some major news.