Its been a wild year for Bitcoin
, up almost 700% YTD, but it looks like the party is getting exhausted. Price keeps making new all time highs on low volume
, but we are seeing a different story on our RSI momentum indicator
. Both the previous two major price corrections were preceded by momentum falling off and once again we are seeing the RSI
diverging from price. I will be looking for signs of a reversal in the price action as we hit the $7000 major psychological handle, which coupled with us hitting the top of 2017's price channel
might give us a enough resistance to trigger a major price correction. There is also money flowing into Bitcoin
from other alt-coins to take advantage of the upcoming hard-fork and get free 2X coins, this money will look to get back into alt-coins after the fork.