Bearish divergence on the MACD & RSI indicates we come down from here.
I remain long-term bull on $BNB as over the years has shown a strong community and support base. price has remained strong even when most Alts dropped over 70%.
Moment of truth, $BTC just needs to hold here (or push up a little more) and we are looking at some exciting times ahead.
I remain bearish though, I'm afraid. Once the divergence is negated and the price holds above the $52k mark, I will change my stance. then I will wait for a pull back to begin a long position (Now is a silly time to go Long, especially at this stage of being so overbought)
Anyone with the Bravo package on TradingView will also notice that the 9 count has come on.
If we breach $52k and hold for a few days, the bearish divergence will be negated, and off to the races with the price, we will see 60k this year... however, if we reject from here that will create another lower high on the RSI and MACD while making a higher high on the price. let's see what today brings.
I see a lot of posts using chart patterns without any technics, all well and good putting lines on a chart, but if you're not paying attention to liquidity, RSI, MACD etc, you're not looking at the whole picture.
one indicator that you can choose to follow or not, $GOLD is currently heading back down to the 200-day EMA, $BTC is likely to follow.
Although we got the breakout we were looking for, both the MACD and RSI on the daily are still showing bearish divergence, until this is breached I remain bearish in the short to medium term (doesn't me I don't trade the pattern, so I have closed my long position from 42k. Will be looking for the next position once the charts show more pattern.
- Broke the 20-day EMA and has struggled with it since, today may see it close below again.
- ETF news failed to drive a price increase large enough to draw in the sideline investors, suggesting spot price may be cheaper soon enough.
- Recession is looking likely, layoffs increasing and the cracks in the unemployment figures are starting to show, pressure is building as people struggle to cope with rising prices and having to work multiple jobs to make ends meet.