K155MY4R53
Short

Bearish Divergence and Indicator Convergence

BITSTAMP:BTCUSD   Bitcoin / Dollar
167 0 0
There's a clear bearish divergence on the hourly chart but the upward trend still seems to be strong. With the indicators converging, things could be winding up for a big move at some point over the next couple of days.
The EMAs are on the cusp of crossing bullishly but the indicators are forming rising wedges . The price seems to be tentatively retracing up again after spilling out of the descending triangle last week. Volume continues to decline.
This one's a difficult one to call, so I've made forecasts for the three kinds of moves that could happen: a bullish breakout, a bearish breakout or business as usual. I would tend to favour the bearish breakout since there's a solid divergence to the downside in the indicators and we're getting close to a fib resistance level . The party never stops.
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