BITCOIN - BEARS LOSING STRENGTH / BOTTOM IN? RSI DIVERGENCE
Analysis:
Conclusion: Price action has acted similarly to the ATH reversal through price deceleration, RSI divergence and multiple failed attempts at printing significant lows as opposed to marginal lows. Price to reverse and continue bull market unless a significant, double-digit break-out occurs through the current bottom
- Bitcoin bears losing momentum
- Price action showing deceleration given by the rate of price decline slowing
- RSI supports this showing bullish divergence and strength leaning bullish
- Price is largely following the same reversal pattern compared to when reversing from the ATH
- Trend-line tested roughly 3 times after reversing due to RSI divergence and loss of momentum, in both cases
- 50WMA serving as another indication that the bottom is in
Conclusion: Price action has acted similarly to the ATH reversal through price deceleration, RSI divergence and multiple failed attempts at printing significant lows as opposed to marginal lows. Price to reverse and continue bull market unless a significant, double-digit break-out occurs through the current bottom
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