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Exaggerated bearish divergence in the BTC daily chart

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COINBASE:BTCUSD   比特币
Notice the peaks in the RSI are near equal at about 87 in the daily Bitcoin chart. The BTC price was higher each time, however. This is a sign of "exaggerated bearish divergence"; BTC was due for a correction based on this signal in the RSI when it peaked at $13868 on June 26th. The subsequent ABC correction, however, has created a "hidden bullish divergence" in the RSI. Notice the lower lows in the RSI in late April, early June, and earlier this week. Now look at the corresponding prices above the RSI levels. Each price is a higher low on the chart. This is "hidden bullish divergence". BTC was due for an end to the correction and a move up in price from the $9071 low earlier this week and it has moved nicely up accordingly to near $10600 now.

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