Here's an analysis on BTC/USD on a Daily Timeframe and which illustrates the price fractal of BTC and seems to be reflecting a Bearish Price Development in the coming few days. We can see how the price erected three Higher Highs (HH) during Feb-April when interpreted with the RSI (Relative Strength Index) indicator provided a Bearish Divergence as the RSI was forming Lower Highs (LH) which led to the price decline.
Now, if we look closely at current price movement it shows almost similar move to the previous one:
1) Price forming Higher Highs.
2) RSI making Lower Highs.
3) Price has already formed 3 Highs and is now approaching towards the 4th High (which, previously, was a Lower High)
Historically, we have witnessed moves like this in prior Bull Cycle (not exactly like this one) where we see a "Shakeout before a Breakout" and the same is expected by the end of September after which we may likely resume the Bullish move towards the new ATH. As always DYOR.
What are your thoughts on BTC's next move ? Let me know in the comments.
CryptoCuriousOfficial 📥
Now, if we look closely at current price movement it shows almost similar move to the previous one:
1) Price forming Higher Highs.
2) RSI making Lower Highs.
3) Price has already formed 3 Highs and is now approaching towards the 4th High (which, previously, was a Lower High)
Historically, we have witnessed moves like this in prior Bull Cycle (not exactly like this one) where we see a "Shakeout before a Breakout" and the same is expected by the end of September after which we may likely resume the Bullish move towards the new ATH. As always DYOR.
What are your thoughts on BTC's next move ? Let me know in the comments.
CryptoCuriousOfficial 📥
Trade active:
Going down as expected.
Trade active:
And the "HAMMER" goes Kaboom!
