I just want to share a little of the obvious bearish divergence that happened over the past few days that indicates that we are in a slightly downward trend for the time-being still.
Note how for roughly the past month, the price of BTC kept reaching new highs (upper bold white line), while at the same time, the relative strength indicator ( RSI ) kept on a downward trend (bottom white line on RSI ). However, from February 19th through the 22nd, the price then jumped ABOVE the trend line for both RSI and price! This indeed even had me second guessing if bearish divergence can be trusted.
However, around February 22nd, note the second (red) line on RSI . Once again, even as the price rose higher, the RSI sloped lower. A tell-tale sign that a reversal is about to occur in my opinion, and those who got out early, good for them to avoid the extra loss of profits due to a little more greed.
So far the trend seems to still be steadily slightly down, but it is starting to let up, indicating a good long term bull trend, but now just slightly bearish for the short term in my opinion.
Note how for roughly the past month, the price of BTC kept reaching new highs (upper bold white line), while at the same time, the relative strength indicator ( RSI ) kept on a downward trend (bottom white line on RSI ). However, from February 19th through the 22nd, the price then jumped ABOVE the trend line for both RSI and price! This indeed even had me second guessing if bearish divergence can be trusted.
However, around February 22nd, note the second (red) line on RSI . Once again, even as the price rose higher, the RSI sloped lower. A tell-tale sign that a reversal is about to occur in my opinion, and those who got out early, good for them to avoid the extra loss of profits due to a little more greed.
So far the trend seems to still be steadily slightly down, but it is starting to let up, indicating a good long term bull trend, but now just slightly bearish for the short term in my opinion.