I am of the opinion we are at a crucial moment in the future for Bitcoin's price.
If we look at the price chart, in conjunction with the Relative Strength Indicator (RSI), we can see that the former is forming a downslope, while the latter is sloping up. This combination: Lower Highs in Price, followed by HIGHER Lows on the indicator, forms what is called a "Hidden Bearish Divergence."
Hidden Divergences are different from Standard Divergences in that Hidden divergences denote a trend continuation, while a "standard" divergence implies, well, as the name says: a divergence or trend reversal.
So on our larger time frames (I think I have the DAILY above), although price might be behaving contrary recently, we are still in an overall a bearish trend. Therefore, this hidden divergence is Valid. Therefore, as said in my previous post - I did forsee a rise playing out what I said would be a Head and SHoulders pattern, carrying the price up toward ~$7850, but if it doesn't break past it, we're going down. And even if we dobreak it we're going down eventually - just a metter of when...
If BTC can rally, and it must happen soon, like today, past that $7900 USD range - especially with volume - that would invalidate the RSI and therefore the Hidden Bearish Divergence. Then Bitcoin would likely continue upwards of the 8800 USD range before coming back down. All the better for the BEars. But if it can't break 7900, the we're definitely coming back down HARD and fast.
The next 24'll tell the tale...
If we look at the price chart, in conjunction with the Relative Strength Indicator (RSI), we can see that the former is forming a downslope, while the latter is sloping up. This combination: Lower Highs in Price, followed by HIGHER Lows on the indicator, forms what is called a "Hidden Bearish Divergence."
Hidden Divergences are different from Standard Divergences in that Hidden divergences denote a trend continuation, while a "standard" divergence implies, well, as the name says: a divergence or trend reversal.
So on our larger time frames (I think I have the DAILY above), although price might be behaving contrary recently, we are still in an overall a bearish trend. Therefore, this hidden divergence is Valid. Therefore, as said in my previous post - I did forsee a rise playing out what I said would be a Head and SHoulders pattern, carrying the price up toward ~$7850, but if it doesn't break past it, we're going down. And even if we dobreak it we're going down eventually - just a metter of when...
If BTC can rally, and it must happen soon, like today, past that $7900 USD range - especially with volume - that would invalidate the RSI and therefore the Hidden Bearish Divergence. Then Bitcoin would likely continue upwards of the 8800 USD range before coming back down. All the better for the BEars. But if it can't break 7900, the we're definitely coming back down HARD and fast.
The next 24'll tell the tale...
