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.
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The provided demand area if price tested it will be a great area for major buy opportunity.交易开始
More update on the lower timeframe that showcase the current market situation. Visit the post and enjoy.
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注释
Bearish divergence still in progress, we should expect huge drop after the completion of the current rally.
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