Bitcoin - Bearish Divergence spotted on Multiple Timeframes
Bitcoins recent surge upwards has come with what seems to be less buying volume. The RSI shows us on charts from the 30Min chart, to 1Hour chart, 2 Hour chart, 4 Hour chart, and the 1D charts are all demonstrating a Bearish Divergence. The most visible one being on the 1D chart, as we skyrocketed $6,000 (33%), while actually decreasing volume.
A bearish Divergence happens when the price of an asset goes upwards (we are measuring the peaks of the highs, and draw a line connecting them) which creates an upward slanted trend when connecting peaks. This occurs simultaneously with the Relative Strength Index decreasing over time, which is what makes it bearish. Using the same technicque, you simply draw a lone connecting all the peaks on the RSI, and if that line is not also increasing like price, if it is decreasing, we now have a bearish divergence.
NOTE* This rule applies only for overbought assets, over the 70% trend, otherwise it is more likely to continue upwards after.
This Divergence just points out a weakening of the upwards trend, and does not signify a full reversal. This Divergence must be accompanied with another bearish reversal, and a candlestick close to confirm.
A bearish Divergence happens when the price of an asset goes upwards (we are measuring the peaks of the highs, and draw a line connecting them) which creates an upward slanted trend when connecting peaks. This occurs simultaneously with the Relative Strength Index decreasing over time, which is what makes it bearish. Using the same technicque, you simply draw a lone connecting all the peaks on the RSI, and if that line is not also increasing like price, if it is decreasing, we now have a bearish divergence.
NOTE* This rule applies only for overbought assets, over the 70% trend, otherwise it is more likely to continue upwards after.
This Divergence just points out a weakening of the upwards trend, and does not signify a full reversal. This Divergence must be accompanied with another bearish reversal, and a candlestick close to confirm.
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