This Time is Not Like the Others
Updated
Previous tops for Bitcoin Dominance in this range have behaved similarly, as has RSI. Each time we topped out, RSI moved higher and higher and then dropped hard. This time RSI has formed a falling wedge, and it looks indecisive.
It could be seen as a bearish divergence, as RSI moves down while price moves up or sideways. However, as RSI has already fallen significantly lower, it has room to spike upward along with price.
I think the likely scenario here, is a move up to 50-54% and then a strong move down. It could make a move down before doing so, but not back to the lower range.
It could be seen as a bearish divergence, as RSI moves down while price moves up or sideways. However, as RSI has already fallen significantly lower, it has room to spike upward along with price.
I think the likely scenario here, is a move up to 50-54% and then a strong move down. It could make a move down before doing so, but not back to the lower range.
Note
Commenter said it looks similar to Wyckoff Accum in SOS, here's a comparison to show the similarity:
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