Bearish Divergence Sets Up Short
Bitcoin has been on a bullish run over the last week.
In the near-term, we have signs pointing that a retracement is in store.
Over the past 24 hours, open shorts on Bitfinex have increased about 50% whereas open longs have decreased about 5%.
We also have a bearish divergence between price and RSI showing buying pressure is falling off.
Looking to enter a short position around $7300 with a profit target around $7150 and a stop loss around $7450.
In the near-term, we have signs pointing that a retracement is in store.
Over the past 24 hours, open shorts on Bitfinex have increased about 50% whereas open longs have decreased about 5%.
We also have a bearish divergence between price and RSI showing buying pressure is falling off.
Looking to enter a short position around $7300 with a profit target around $7150 and a stop loss around $7450.
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