Bitcoin - RSI & OBV Bullish Divergence
Bitcoin has been consolidating between 45,8k and 51,9k for the past 13 days or so after liquidating billions in leveraged positions when it made a sharp drop to 42,9k. This price action has been pushing the Fear and Greed Index in the “Fear” and “Extreme Fear” range for a few weeks and has made quite a few bulls turn bearish. Is it the end of the bull run? I don’t believe so.
Recently, I've noticed two bullish divergences forming on the daily chart. One of them is an RSI Bullish Divergence and the other is an OBV Bullish Divergence. Combined, these two divergences could signal that Bitcoin is about to reverse course and start a new uptrend towards 53k and beyond. But before I start getting truly bullish again in the short term, Bitcoin will need to break through the 51,9k resistance and close above it.
Thanks for reading and happy hodling!
Recently, I've noticed two bullish divergences forming on the daily chart. One of them is an RSI Bullish Divergence and the other is an OBV Bullish Divergence. Combined, these two divergences could signal that Bitcoin is about to reverse course and start a new uptrend towards 53k and beyond. But before I start getting truly bullish again in the short term, Bitcoin will need to break through the 51,9k resistance and close above it.
Thanks for reading and happy hodling!
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