Assessing BTC Market Sentiment and Divergence Formation
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Hello guys,
Today, I wanted to provide a short update on Bitcoin and address the question of whether the market is currently bearish or bullish. To analyze this, let's take a look at a chart that I believe will shed light on the situation.
On the monthly timeframe, we can see that the price is forming a strong bearish divergence. This is indicated by the Relative Strength Index (RSI) making a lower high while the price is potentially making a higher high. This scenario highlights the missing last test of the RSI on the descending trendline, as shown on the chart.
Currently, the RSI is staying above 50%, which typically indicates a bullish market. In my opinion, I will continue to hold my BTC until this divergence formation is completed.
I will provide more updates following this post, preferably with a focus on the lower timeframe to see what price is currently doing. Stay tuned and remember to show your support for this post.
Today, I wanted to provide a short update on Bitcoin and address the question of whether the market is currently bearish or bullish. To analyze this, let's take a look at a chart that I believe will shed light on the situation.
On the monthly timeframe, we can see that the price is forming a strong bearish divergence. This is indicated by the Relative Strength Index (RSI) making a lower high while the price is potentially making a higher high. This scenario highlights the missing last test of the RSI on the descending trendline, as shown on the chart.
Currently, the RSI is staying above 50%, which typically indicates a bullish market. In my opinion, I will continue to hold my BTC until this divergence formation is completed.
I will provide more updates following this post, preferably with a focus on the lower timeframe to see what price is currently doing. Stay tuned and remember to show your support for this post.
Trade attivo
The provided demand area if price tested it will be a great area for major buy opportunity.Trade attivo
More update on the lower timeframe that showcase the current market situation. Visit the post and enjoy.
Trade attivo
Nota
Bearish divergence still in progress, we should expect huge drop after the completion of the current rally.
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