Bitcoin bearish RSI divergence on W chart and reversal on daily
See this chart for the weekly divergence:
A lot of talk about buying bitcoin. I see a different story developing. RSI resistance levels are falling on each rally up, suggesting that we are running out of steam. Volume, too, fell on this previous rally up to 4958, causing a divergence. On its daily chart, bitcoin failed to make a new high on 09/07, RSI was barely above 60, indicating weakness. Granted, bitcoin is in the process of making a new high right now, that is on low volume compared to the past and RSI indicates weakness. There is a breakout on 09/25 @ 3921, but this is on low volume.
I think there is a shorting possibility around 4270. Can't wait to follow this one.
Thoughts?
A lot of talk about buying bitcoin. I see a different story developing. RSI resistance levels are falling on each rally up, suggesting that we are running out of steam. Volume, too, fell on this previous rally up to 4958, causing a divergence. On its daily chart, bitcoin failed to make a new high on 09/07, RSI was barely above 60, indicating weakness. Granted, bitcoin is in the process of making a new high right now, that is on low volume compared to the past and RSI indicates weakness. There is a breakout on 09/25 @ 3921, but this is on low volume.
I think there is a shorting possibility around 4270. Can't wait to follow this one.
Thoughts?