It is still waaay too early to call this a H&S, but it's potentially a developing pattern to watch out for. MACD below 0 line & daily bearish RSI divergence could be pointing to headwinds for BTC. Also, other cryptos (e.g. ETH and DOGE) have been stealing BTCs thunder lately. The more likely case is that BTC will rally, because apparently that's all BTC does,...
We'll see if bitcoin can hold on and break back above this trendline. So far this looks like a backtest before further declines. RSI and MACD divergence is appearing on daily chart, and PI cycle top indicator is the closest it's been this cycle. I am short-term bearish on bitcoin, and would welcome a healthy correction before moving back up.
Everyone is bullish nowadays. I have relatives in their 50's with zero investment experience cheering on bitcoin and GME. On the charts I am looking at what looks to be a rising wedge coupled with MACD divergence. From a technical standpoint that is very bearish, no? On the fundamental side, we have seen rising bond yields, stagnating employment (especially...
