I have 3 reasons to be bearish on BTC at this time.
1st: Hidden Bearish Divergence. Look at the 4 hour RSI . Price has made a lower high relative to 6800, but RSI has made a higher high.
2nd: Rising wedge . This is not a bullish pattern and is likely to break to the downside after buyers are exhausted.
3rd: Longs still heavily outnumber shorts according to Bitfinex data. They are approaching levels that have historically acted as resistance. Be cautious when the majority of traders are on the same side of a trade.
1st: Hidden Bearish Divergence. Look at the 4 hour RSI . Price has made a lower high relative to 6800, but RSI has made a higher high.
2nd: Rising wedge . This is not a bullish pattern and is likely to break to the downside after buyers are exhausted.
3rd: Longs still heavily outnumber shorts according to Bitfinex data. They are approaching levels that have historically acted as resistance. Be cautious when the majority of traders are on the same side of a trade.