Bitcoin is currently trading around $29,500. Bitcoin made last week a new higher high around $31,000. The RSI did not follow price. The RSI formed a new lower high. There was a new bearish divergence in the RSI. Today Bitcoin is under pressure. Price is pulling back. Bitcoin technically remains in a bullish trend. Price continues making higher highs and higher lows. However the RSI bearish divergence increases chances of a deeper pull back. $27,900 is our next pull back target and maybe $25,000. Bulls need to be cautious.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- bearish RSI divergence
Bitcoin is currently trading around $29,500. Bitcoin made last week a new higher high around $31,000. The RSI did not follow price. The RSI formed a new lower high. There was a new bearish divergence in the RSI. Today Bitcoin is under pressure. Price is pulling back. Bitcoin technically remains in a bullish trend. Price continues making higher highs and higher lows. However the RSI bearish divergence increases chances of a deeper pull back. $27,900 is our next pull back target and maybe $25,000. Bulls need to be cautious.
The material has been provided by InstaForex Company – www.instaforex.com
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