There is a bullish divergence on the 1hr RSI for Coinbase. This is a bullish reversal pattern found at bottoms… but it is also a pattern that appears in the midst of long downtrends.
In words, the pattern is there, and it is a bullish reversal pattern, but it has a somewhat low success ratio when found in a steep downtrend. Further, this is a single bullish indicator in another wise brutal bear market.
All that said, it’s worth noting this divergence is also present on different time frames on btc… and on other charts and time frames.
Bottomline: We are in a bear market in a downtrend, so a bullish divergence on a 1 hour time frame doesn’t carry much weight.
In words, the pattern is there, and it is a bullish reversal pattern, but it has a somewhat low success ratio when found in a steep downtrend. Further, this is a single bullish indicator in another wise brutal bear market.
All that said, it’s worth noting this divergence is also present on different time frames on btc… and on other charts and time frames.
Bottomline: We are in a bear market in a downtrend, so a bullish divergence on a 1 hour time frame doesn’t carry much weight.