Bitcoin Has Potential Bearish Divergence After ATH
Things continue to look generally bullish, with Bitcoin closing well above its previous all-time high yesterday. The day also saw the largest bullish volume since that previous high, which confirms the breakout.
That said, there are signs we could see a pause. The 12-hour chart just confirmed overbought bearish divergence, which may also appear on the daily chart. However, it’s not confirmed yet; we’ll need a close with a lower high on the RSI, which is about 12 hours away.
No one should be surprised if we take a breather after such a huge move.
scott.melker@texaswestcapital.com
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