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?
Such analyzes have become false with the crypto market. The assumptions given are quite reasonable but in fact go against that analysis. The price of BTC has increased to nearly $ 8200 and this proves that it is anything that can happen. The power of bull run is great and the candles will not create the story.