Bitcon Bearish Exaggerated Divergence?
Now seeing bitcoin double toping, it looks like we could be seeing a divergence of a regular or a exaggerated divergence. Now this doesn't effect bitcoin in the long run, but shows that the beat down shorts compared to longs looks like a long squeeze might be underway.
News
-An investment firm increased its bitcoin hold over 16k bitcoin
TA
-Now the bearish exaggerated divergence can be seen with the RSI slowly dropping as the price of bitcoin rises, so could be a perfect time to create a short. If you are long sL would be around 10801
-MACD is getting tight again looking like a turn over could happen
-Theres high sell volume compared to buy volume, which could explain the trend in the rsi and tighting of the MACD. It doesn't explain the price action besides getting some extra longs before the dump.
-We do have our support at 10643-10533. After that I will have to see past supports and redraw my chart.
-DXY is holding its support and could be double/triple bottoming.
-Grayscale is on the rise and RIOT is on downtrend, but if btc drops a target of RIOT is at 1.60ish or low 1.80.
-Ethereum is just going sideways, DeFi hype done?
-YFI is dropping cause sell the news on coinbase
-PokaDot looks like a cross over on the MACD and if btc dumps could see prices head towards 4.5-4.6
Final thoughts
-Its best to look for the volumes in btc to pickup on the buy side, yet the trend upwards with rsi dumping looks like a correction is coming soon.
News
-An investment firm increased its bitcoin hold over 16k bitcoin
TA
-Now the bearish exaggerated divergence can be seen with the RSI slowly dropping as the price of bitcoin rises, so could be a perfect time to create a short. If you are long sL would be around 10801
-MACD is getting tight again looking like a turn over could happen
-Theres high sell volume compared to buy volume, which could explain the trend in the rsi and tighting of the MACD. It doesn't explain the price action besides getting some extra longs before the dump.
-We do have our support at 10643-10533. After that I will have to see past supports and redraw my chart.
-DXY is holding its support and could be double/triple bottoming.
-Grayscale is on the rise and RIOT is on downtrend, but if btc drops a target of RIOT is at 1.60ish or low 1.80.
-Ethereum is just going sideways, DeFi hype done?
-YFI is dropping cause sell the news on coinbase
-PokaDot looks like a cross over on the MACD and if btc dumps could see prices head towards 4.5-4.6
Final thoughts
-Its best to look for the volumes in btc to pickup on the buy side, yet the trend upwards with rsi dumping looks like a correction is coming soon.
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