BTC - Why I didn't turn bullish yet?
Updated
Yep, I am still not bullish. I am neutral, for me this is a no trade zone. Here is why :
On the left side we have the actual BTC weekly chart. On the right side we have the BTC daily chart last spring (the red arrow is the 13 Apr. '21 top).
One of my favorite top/short setup is when the price makes a higher high, but the RSI makes a lower high AND the RSI < 70. Last week candle printed this setup (and it's still valid).
From my experience, this is a really strong take profit/short setup on the daily. But I really never test it on the weekly. This is why I do not trade it.
Moreover :
1 - TOTAL weekly printed the same setup;
2 - TOTAL2 weekly has a strong bearish divergence;
3 - BTC volume is really thin comparing to last srping when price was around 58k;
4 - Traditionnal markets seem to have made a double tops with bearish RSI divergence.
So let's see if this setup on the weekly is as strong as on the daily. I will maybe not make profit, but I will learn for sure.
Trade safe.
On the left side we have the actual BTC weekly chart. On the right side we have the BTC daily chart last spring (the red arrow is the 13 Apr. '21 top).
One of my favorite top/short setup is when the price makes a higher high, but the RSI makes a lower high AND the RSI < 70. Last week candle printed this setup (and it's still valid).
From my experience, this is a really strong take profit/short setup on the daily. But I really never test it on the weekly. This is why I do not trade it.
Moreover :
1 - TOTAL weekly printed the same setup;
2 - TOTAL2 weekly has a strong bearish divergence;
3 - BTC volume is really thin comparing to last srping when price was around 58k;
4 - Traditionnal markets seem to have made a double tops with bearish RSI divergence.
So let's see if this setup on the weekly is as strong as on the daily. I will maybe not make profit, but I will learn for sure.
Trade safe.
Note
The actual setup is :The RSI of the last higher high is above 70 and the RSI of the actual higher high is below 70.
This is important because an RSI divergence can last for long, but when the RSI divergence doesn't cross above 70, it's pretty much over for the bull run (on the daily).
For example, BTC began to print daily bearish RSI divergence on 08 Feb '21 (46k). But it wasn't the time to sell and enter short. On 13 Apr. '21 BTC printed a daily bearish RSI divergence with RSI below 70. This was the sign.
This can apply to bullish RSI divergence, but with 30 instead of 70.
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