Bitcoin Has Bearish Divergence With Overbought RSI On The Weekly

Bitcoin has confirmed bearish divergence with overbought RSI on the weekly chart. That means that price made a higher high (by about $200), while RSI made a lower high. Not ideal. As I often mention, high time frames often take a very long time for these signals to play out, and we also already have potential hidden bullish divergence that would make it irrelevant. Still, this is a very clear larger time frame top signal for many if we don’t see the hidden bullish divergence and is definitely worth watching. Hidden bullish divergence would be confirmed if price makes a higher low while RSI make a lower low.

There is nothing new to say since yesterday about lower time frames. Bitcoin continues to struggle with overhead MA resistance and to show weakness on multiple time frames. Chop chop for now.