Brace yourselves, Bitcoin bulls! After a blistering 40% rally in just a month, the crypto kingpin might be gearing up for a much-needed breather. Here's why:
1. Bearish Divergence: This is like a red flag for traders. While Bitcoin is making higher highs, key indicators like RSI are forming lower highs. This mismatch signals potential weakness.
2. Bollinger Band Breakout: Bitcoin has ventured outside the Bollinger Bands, a rare occurrence. Historically, 95% of price action happens within these bands, suggesting a pullback is due.
3. Hanging Man Candle: This ominous candle formation hints at buyer exhaustion. It's like a warning sign that the bulls might be losing steam.
What about Altcoins? 🤔
It's a mixed bag for altcoins. Overbought tokens like XRP, Dogecoin, and XLM might join Bitcoin on its downward journey. However, a select few could benefit from the increased liquidity.
Can Bitcoin Keep Rising? 📈
Sure, anything is possible in the wild world of crypto. But based on the current technical analysis, a correction seems more likely than a continuation of the recent rally.
Stay tuned for more updates!
Disclaimer: This is not financial advice. Always do your own research before making any investment decisions.
Let me know if you have any other questions!