I have noticed a pattern in the Bitcoin price chart for a while now. I was waiting to see if other analysts would spot it and share it, as I didn't want to influence anyone. However, as of now, it seems that no analyst has noticed it yet. $BTC
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I have been closely monitoring the market for a long time, hoping this pattern might change, but it hasn’t. Now, I can’t wait any longer, and I’d like to share it.
In the #Bitcoin price chart, we’ve been seeing higher peaks for the last month. These rising peaks suggest that the price is gaining upward momentum. #BTC
However, the RSI indicator is showing lower peaks despite the price rising. This situation is known as 'divergence' in technical analysis and is referred to as a negative (bearish) RSI divergence. When the price rises but the RSI falls, it typically indicates that the market is losing strength, increasing the likelihood of a correction or pullback in the short/medium term.
When negative RSI divergence occurs, the possibility of manipulation in price movements should not be ignored. That is, there could be manipulation in the market. Even if the price continues to rise, the RSI indicator not supporting this rise suggests that the uptrend may not be sustainable and could carry a significant risk of a drop.
Over the last month, Bitcoin’s price has risen from the 92K level to 102K. However, during this period, the RSI has dropped from 85 to 64. Additionally, Bitcoin has been attempting to break through the 102K resistance level for the last 10 days, but it has failed to achieve a sustained breakout above the 102K or even the 102.5K level.
I wanted to share this observation, but please remember: You should never act on a single data point. It’s essential to analyze the data comprehensively. This analysis does not mean "open a short position"; making decisions based on a single move can put you in a risky situation.
During this period, avoid using leverage, and always keep some cash balance in your portfolio. Caution always leads to success.
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