Bitcoin - bearish divergence on charts

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
On the left hand side we have the hourly chart and on the right side we have the 4-hour chart.

Hourly chart shows

  • Bearish price rsi divergence confirmed
  • 50-MA and 100-MA bearish crossover could happen soon
  • Channel has been established with support around 565 (also hourly 200-MA)

4-hour chart shows

  • Bearish divergence confirmed, but... prices yet to see a bearish break from rising trend line support at 577.

To conclude - Stage looks set for a technical correction to 550-540 area in the short-run. On the higher side, an hourly close above 594 would signal continuation of the upmove.
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