💰 BTC - global picture
Today will be the closing of the weekly candle on Bitcoin. This will be a situation on the global timeframe, which will affect the local periods of the chart as well. A very twofold situation will be formed here 🤷♂️.
First, a classic RSI divergence is formed on the highs of the chart. This is considered a serious bearish signal.
Secondly, a hint of a double top reversal pattern is formed. But in this pattern, the chart highs should still be decreasing, but here they are increasing.
This creates a situation similar to a trap for bears 🐻. A lot of people are watching the global chart and seeing these signals pointing down.
I wouldn't be in a hurry to short this picture yet, but the possibility of a local decline can't be ignored!
Today will be the closing of the weekly candle on Bitcoin. This will be a situation on the global timeframe, which will affect the local periods of the chart as well. A very twofold situation will be formed here 🤷♂️.
First, a classic RSI divergence is formed on the highs of the chart. This is considered a serious bearish signal.
Secondly, a hint of a double top reversal pattern is formed. But in this pattern, the chart highs should still be decreasing, but here they are increasing.
This creates a situation similar to a trap for bears 🐻. A lot of people are watching the global chart and seeing these signals pointing down.
I wouldn't be in a hurry to short this picture yet, but the possibility of a local decline can't be ignored!