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?
I think it's time the whales want to exhaust all the coins they hold. because we will not be able to see a bull run like 2017 anymore and I have warned traders that this is a big trap of manipulating organizations.
The crypto market cannot recover so quickly, it is absurd. The IEO has really brought a lot of money to the market, but the BTC price suddenly increased from $ 5k5 to $ 9k in just 1 month is not normal.
I guess its price will continue down until the resistance of $ 7k.