I would like btc to go up - although not to fast; that is always dangerous - but I am suspecting a double top might be forming. Technical indicators possibly show divergence, as the volume in current recovery is not on par with the volume pushing to original climb. I used the 4hr chart here, but the daily chart shows this divergence much stronger even. I suspect BTC might be going to take a dive back into it's rising channel (which it is currently exceeding) and perhaps even seek the bottom of this channel, around $5500
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Might be nothing, but a rising wedge is forming towards former heights...Note
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Bitcoin seems relentless! Despite that, I am still reading divergence in all indicators. Less and less buyers are pushing this price, and soon we will see a tipping point I think. So far, Bitcoin is still trading within its steep channel, so the current growth is not exceptional either, despite it breaking old record heights.Note
Bitcoin is relentless! Feels like a false alarm. Or at least, an alarm way too early! Because the same divergence is still showing on the 4hr chartsThis is not the kind of scenario where I'd go short, but I will be ready in case a correction occurs.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.