Blue lines- bearish RSI divergence
Red line- support trend line
Green lines- Fibonacci retracement levels
Bitcoin is trading around $36,100. In previous posts when price was making new highs around $38,000, we warned traders that a pull back is justified and expected as the RSI is providing bearish divergence signs. Yesterday Bitcoin was under pressure and most probably has finished its upward move. Recent price action suggests that a break below $34,670 would confirm that a top is in. Bitcoin is expected to make a pull back at least towards the 38% Fibonacci retracement at $33,000 if not lower.At this point we are neutral if not bearish for the near term.
