#BTCUSDT Bitcoin chart with a triple bearish divergence pattern

Bitcoin bulls beware, we are seeing a triple bearish divergence pattern on bitcoin where price has made 3 consecutive new highs, not confirmed by the RSI indicator which has made 3 lower highs. These sort of patterns usually result in a correction from over-extended price action. My larger target from this would be the 0.236% fib retracement level at approximately $32691 should this play out. If playing for this larger move you'd likely need a bigger stop at around $38100. For the shorter more aggressive time frame traders, we are seeing a Head & Shoulders formation developing on the 30 min so if you get in around current levels, stop loss is a close above $37200. We need a convincing close below the neckline at $36960 in order for this head and shoulders to confirm which should take this to approximately $36500. Larger term though a healthy correction for the price of crypto would be back to its 0.236% fib as mentioned, although the breakout area for bitcoin occurred recently around 30500-31500 and a retest of this zone and a reversal from there, might give an opportunity to catch the cryptocurrency for a much larger move. Bullish on medium and long term time frames but short term I think a correction would be healthy for the sector. Good luck!

Trade closed: target reached:

Got a $2000-$3000 correction and cut around the lower 35000's