In dark blue, you can notice a bearish flag pattern forming with multiple bounces off the horizontal baseline of support and what appears to be a series of lower highs underneath a downward sloping resistance line.
A possible Macro H&S pattern would coincide with a blow-off top at the launching of Goldman Sachs bitcoin futures contracts, similar to late 2017 CME BTC futures contracts calling the tippy top. I have drawn a bearish hypothetical scenario in red.
On the RSI there is a series of higher lows indicating a potential bullish divergence taking place. A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend.
On the KST there were recently two bullish crosses and it looks like a higher high may be created for the first time since the blow-off top in March/April.
A possible Macro H&S pattern would coincide with a blow-off top at the launching of Goldman Sachs bitcoin futures contracts, similar to late 2017 CME BTC futures contracts calling the tippy top. I have drawn a bearish hypothetical scenario in red.
On the RSI there is a series of higher lows indicating a potential bullish divergence taking place. A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend.
On the KST there were recently two bullish crosses and it looks like a higher high may be created for the first time since the blow-off top in March/April.
Comment:
It's looking more and more like a descending triangle breakdown / bearish flag pattern...
