On the 4h chart for BTC, we can recognize a bullish divergence. This might signal a medium term trend reversal for bitcoin, and others have argued that it is. However, it should be remembered that RSI divergence in a strong trend (such as the current bear market) can send misleading divergence signals.
The overall trend channel is still intact, and the recent drop below 6500 happened inspite of broad whale support across multiple exchanges with 1000s of BTC in buy walls at 6500.
The overall trend channel is still intact, and the recent drop below 6500 happened inspite of broad whale support across multiple exchanges with 1000s of BTC in buy walls at 6500.