J_R_S

Isn't this a classical pattern of exhaustion?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As we can see on the chart, the BTCUSD pair has been performing pretty well from March to May, but more recently it hasn't been doing anything interesting.
It seems to have been on a bull run, as rising price and volume together with a strong and growing RSI show on the chart, but since some weeks ago the bulls seem to be a little bit exhausted.
BTC has failed to continue rising in price and volume , and the RSI is falling, which indicates less buying pressure.
A slightly higher high in price is accompanied by a lower high in the RSI and by less volume too, which is typically a sign of divergence and exhaustion.
This doesn't intend to be any kind of advice and I'm not trying to show anything to anybody.
I'm just taking a look at the chart and that's what I see, plainly and simply.

What's next? Nobody knows, but a simple technical analysis seems to show signs of clear exhaustion.
Furthermore, the current economic situation of the world doesn't look very promising either.

Forget about your previous ideas. Forget about what you should expect or what you think you should expect.
Leave aside your hopes and wishes and all complex analyses and try to think now and here, with a blank mind.
What do you see?
What would you think?


Comments

What I see is that bitcoin did go upwards and didn't manage to build reliable support, so it swiftly felt down a bit. However, it is now in such an area and I see a possibility of move in both directions. Give it a day or two, then we will have more information of how much strength do they have left those who made btc fall from 10300 yesterday :)
Reply
Thanks for sharing, I see it similarly
Reply
I have this overall view on btcusd, looks interesting
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