Bearish price action by Bitcoin on Monday May 8th, 2023.
May 8, 2023 9:22 pm
Blue lines- bearish RSI divergence
Green lines- triangle pattern
Bitcoin is trading around $27,400 as price is breaking out of the triangle pattern it was. Price is breaking below the lower triangle boundary. This is a short-term bearish signal. So far the daily candlestick is well below the lower triangle boundary. Next support level is at $26,970 area where we saw the April low. The bearish RSI divergence has warned us some time ago of the potential reversal in trend. The combination of the RSI bearish divergence with a triangle break out increases the chances of a move lower. Breaking below April low will confirm the short-term trend change. Price is vulnerable to a move towards $25,000.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- bearish RSI divergence
Green lines- triangle pattern
Bitcoin is trading around $27,400 as price is breaking out of the triangle pattern it was. Price is breaking below the lower triangle boundary. This is a short-term bearish signal. So far the daily candlestick is well below the lower triangle boundary. Next support level is at $26,970 area where we saw the April low. The bearish RSI divergence has warned us some time ago of the potential reversal in trend. The combination of the RSI bearish divergence with a triangle break out increases the chances of a move lower. Breaking below April low will confirm the short-term trend change. Price is vulnerable to a move towards $25,000.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: