According to a recent Twitter post from Josh Olszewicz, an analyst at Brave New Coin, Bitcoins one-day chart is starting to show signs that bears are starting to creep into the cryptocurrency scene. He explains that Bitcoin is currently trading in a rising wedge pattern, which if not broken past, often acts as a catalyst for a bearish trend reversal.
Whats more, there have been bearish divergences between Bitcoins price, and the
Relative Strength Index (RSI) and the
Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower. This is important, as bullish divergences seemingly preceded a number of crypto market rallies throughout recent trading sessions.
Full Story Here.Your thoughts guys?
There's nothing to worry about,even if the price goes back to 5K.
Bulls and bears are usually the same people.Some bulls decided to sell btc and cashout the profits.That doesn't mean that they won't buy if the price start going down.