BITCOIN, Bearish RSI Divergence, Pullback Indication Given!

24 באוג׳ 2021

Hello,

Welcome to this analysis about Bitcoin, we are looking at the daily timeframe perspectives. As already mentioned previously Bitcoin is in a determining decision phase in which an initial pullback upcoming has a higher increased likelihood, especially as Bitcoin has completed the sixth week in a row bullishly with slowing momentum a incoming bearish pullback should not be kept by the side. This does not mean Bitcoin is completely bearish and will remain so when a pullback happens however as sophisticated traders it is necessary to keep prepared on such possibilities and also do not completely discard the bearish perspectives. Especially from the indicator side I detected a interesting development that can approve worthwhile in the near future. In this case, now I discovered the important levels, upcoming determinations, divergence establishment, and what we should consider with Bitcoin ahead of the upcoming times.

As when looking at my chart now we can watch there how Bitcoin recently moved directly into this major upper-resistance-zone marked in red in my chart at the 49550 levels from where an initial pullback now recently happened. Within this movement into the resistance-levels Bitcoin steadily slowed momentum down which is in most occasions a sign of an incoming reversal. Besides that Bitcoin has also this ascending-resistance-line marked in black in my chart where Bitcoin severely pulled back and now the next time moved into and confirming this zone as resistance. Furthermore, what is also decisive and pivotal in this case is that Bitcoin filled the main CME-Gap at the 49250 USD level, it is not seldom seen that after an asset fills such a gap there comes a reversal once the gap has been filled, this is going simultaneously with the resistance structure and slowing momentum Bitcoin is building and is increasing the probability for a pullback incoming.

Also, Bitcoin has developed this significant RSI-structure which is showing a clear bearish divergence as Bitcoin advanced in price-action forming higher highs the RSI developed lower highs, this gives a additional edge for the incoming bearish volatility to expect. Once the pullbacks are settled Bitcoin will first approach the initial drop-zone and when there comes a stabilization in this zone it can mark the further reversal and developments to the upside however when it does not happen Bitcoin will do the wave-C-extension as shown in my chart. Traders, the market not always goes just into one direction steadily especially the cryptocurrency market keeps being volatile and this is why it is central to keep such volatilities in mind to rightly decide according to the individual situation and direction the market is moving, that is why an over-speculation into a one-sighted direction is in the most occasions, not the right way. Therefore, it will be shown how Bitcoin develops here under the suggested conditions.

In this manner, thank you for watching my analysis about BITCOIN and its main bearish-divergence structure with the upcoming determinations to consider, support the analysis with a like and follow or comment for more market insight!
"The high destiny of the market is to explicate, rather than to speculate."

Information provided is only educational and should not be used to take action in the market.