Hey Binance Fam,
Let’s dive into the 3-day Bitcoin chart! We’re spotting an interesting pattern known as a "bearish divergence" on the RSI indicator.
What’s a bearish divergence?
Here’s a simple breakdown:
Price Action: Bitcoin’s price is climbing higher, making new peaks.
RSI Indicator: However, the RSI is forming lower highs, meaning it’s not matching the price momentum.
What does this mean for Bitcoin?
This divergence suggests the upward momentum may be weakening. While prices are rising, the RSI indicates a loss of strength, hinting at a possible correction or even a downtrend.
The outlook:
Our analysis points to a potential drop toward the 80k region, which aligns with a key Fibonacci level.
The silver lining:
This pullback could be part of a larger Elliott Wave pattern. After the correction, we might see a strong recovery as Bitcoin completes its final bullish wave.
When might this happen?
We expect the decline to begin now and possibly extend through mid-February.
A few reminders:
This is only an analysis, not financial advice.
Always do your own research and trade responsibly.
Let’s keep learning and growing together, Binance Fam! 🚀
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