DerrickGibson

BITCOIN- HIDDEN BEARISH DIVERGENCE / LOW VOLUME

Short
BITSTAMP:BTCUSD   Bitcoin
The Bitcoin bull trap has come to an end and it seems the dominant trend is resuming. The higher time-frames are showing severe hidden bearish divergence in the RSI. With the price making equal highs while the RSI made a significantly higher high. I was skeptical of the rally as the volume was far too low to be confirming a trend reversal. Entered shorts above 4k at the 100 day EMA and 200 week EMA resistance. My targets remain $2600 - $1900. This is a long term play and I don't expect the targets to hit any time soon. I don't feel comfortable buying in a bearish market that's full of bulls. Capitulation will be the signal for me to close shorts and start buying. $2600 is my target for the next low if we don't get capitulation and $1900 is the capitulation target.
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