BTCUSD WEEKLY TIMEFRAME: Bearish RSI divergence on the weekly timeframe upon seeing higher highs over the last few weeks in price and lower highs in RSI. Hidden bearish MACD divergence upon previous bull cycle weekly closes. Lower highs upon weekly price closes (and cycle highs), with higher highs on the MACD histogram. Oversold Stochastic RSI converging bearish, and Heiken-Ashi trend has flip bearish in tandem with a bearish converging MACD. If a fib extension target were to be drawn from our blow-off high of nearly 14,000 to our swing low of 3800, price is facing resistance in the golden .618 pocket (also in tandem with a historical resistance ranging form 10.1-10.5k). The writing is on the wall: time for another sell-off in the crypto market. Potential swing targets include 8.4k & 7.8k, with a major dump taking us as low as 6.4k.
NOT FINANCIAL ADVICE, ALWAYS DO YOUR OWN RESEARCH AND TA.
NOT FINANCIAL ADVICE, ALWAYS DO YOUR OWN RESEARCH AND TA.