BitcoinShort
Is Bitcoin Rally Losing Steam?
Bitcoin is in week 21 of a weekly cycle, this is a point where price usually finds a top. The indicators are stretched in an overbought territory, recent rallies higher have only built negative divergence on RSI and TSI, price is facing rejection at 0.618 fib level of the Pitchfork. Another interesting thing to note is that in bitcoin rally we need to see bitcoin miners outperform the asset however the bitcoin miner counters remain depressed with most in a failed weekly cycle. The bitcoin miner prices are at a level when bitcoin price was $24,900. Either the miners know bitcoin must tumble or they are suppressed while big money positions itself. I would place higher probability on Bitcoin tumbling.
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