Hello 👋
Weekly TF
Bearish divergence currently playing out.
Observing the uptrend (dotted white line) we did see a brief break below this trendline in April. Another break could result in a correction to 67.5K - 69.9K price range which is the 618 fib and an area where price found resistance on multiple occassions.
Bitcoin has found support on the Weekly RSI @ 45 (yellow dashed line). I think if we lose this level we would see BTC moving into oversold territory.
The daily RSI was also recently "overbought".
Weekly TF
Bearish divergence currently playing out.
Observing the uptrend (dotted white line) we did see a brief break below this trendline in April. Another break could result in a correction to 67.5K - 69.9K price range which is the 618 fib and an area where price found resistance on multiple occassions.
Bitcoin has found support on the Weekly RSI @ 45 (yellow dashed line). I think if we lose this level we would see BTC moving into oversold territory.
The daily RSI was also recently "overbought".
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.