Brandon50115
Short

Bitcoin bearish RSI divergence on W chart and reversal on daily

POLONIEX:BTCUSDT   Bitcoin / Tether USD
See this chart for the weekly divergence:

A lot of talk about buying bitcoin . I see a different story developing. RSI resistance levels are falling on each rally up, suggesting that we are running out of steam. Volume , too, fell on this previous rally up to 4958, causing a divergence. On its daily chart , bitcoin failed to make a new high on 09/07, RSI was barely above 60, indicating weakness. Granted, bitcoin is in the process of making a new high right now, that is on low volume compared to the past and RSI indicates weakness. There is a breakout on 09/25 @ 3921, but this is on low volume .

I think there is a shorting possibility around 4270. Can't wait to follow this one.

Thoughts?
i think a short is best placed around left shoulder high and rising wedge resistance, so around 4500
Reply
@nfx, I like that view
Reply
Volume is weak, but support levels are holdings and the consolidation range has gotten tighter and tighter. I'm expecting another break up, but based on the current indicators I don't have enough confidence it to trade so I am flat for now. I'll probably jump in once things look a little clearer to me.
Reply
I like that idea. This could go either way. @guppy_,
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out