The chart shows it all. The continued bearish divergence between price action and the RSI & MACD. As the divergence gets greater so do the price drops. The first drop was about $300, the second was about $600. The next drop should be between $900 and $1200 before it recovers. However, given the context of this drop I think it will break the will of most bulls.
And to top it all off we can see a bear rising wedge formation that should complete within 12 hours.. This may not be the full break down we are expecting as the price could drop, consolidate, and then proceed with more bearish divergence. Until we get some long term gains without this divergence (and dropping average daily volume) the rally is on unsteady footing.
Since when does bitcoin respect rising wedges. Would be new. But hey nothing against more cheap bitcoin to increase my stack. Drop it like it is hot
Easton Sanchez
It respects rising wedges all the time. You just have to find them. The short squeeze came out of a declining wedge which shows that wedges more generally work in BTC
Austin Ramirez
I remember the rising wedge before the run up to 1024, cost me a hell lot of coins. But the TA is sound, the bearish divergency is there on every time frame, beside the weekly, which looks still bullish
Ayden Miller
When I view the weekly charts I see us moving sideways, not recovering. If we have bearish divergence that is moving us sideways then I have to think that we will continue down shortly.
Sideway is not necessarily bad, great time to accumulate. Also you might want to have a look at the stochrsi on the weekly, the cross was strong and shows some upside momentum, might go up next week to 9k levels, but yes till the weekend upper 7k is possible
Joshua Morales
Prepare to be dissapoint
Asher Gutierrez
The StocRSI is running across the top on the daily. When that comes down it will be fierce. It is one of the last major indicators on the daily chart that is somewhat bullish, but it is still overbought. if that comes down hard enough the weekly StocRSI will continue to run across the bottom.
Benjamin Scott
Do you have anything that can change my mind?
Tyler Watson
Vi are barely touching 59 RSI, MFI is at 75. Asia is waking up and only 300ish usd to go before breaking the diagonal indicating trendreversal.
Volume decrease is a sign of people not willing to sell, there are buyers, they are just being cheap and playing the market for as long as they can.
Still divergence on the Korean exchanges, but not as bad. The rising wedge certainly doesn't look textbook either. But Bitfinex and BTCUSD is still the largest trading pair for BTC/anything. And the divergence is pretty strong there, and the wedge is more textbook.
