Technical Analysis on Bitcoin: Indicators Scream for a Correction. Can Bitcoin Continue to Defy Them?

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Today bitcoin peaked it’s head just above the descending resistance line that’s been in place since mid February.

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While nearly every analyst has been calling for a correction these past few days, bitcoin bulls have impressively held their ground. Volume has increased, as has FOMO. People are wondering if this is the bull run we’ve all been waiting for...and they don’t want to miss the boat. This is what’s been preventing a larger pull back.

Looking at the 4 hour MACD, RSI and Stock RSI, they're all showing bearish divergence. In other words, they’re all screaming for a correction.

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Does that mean price is defiantly going to drop? No. This is a battle between technical analysis and FOMO. We’re going to find out soon enough which one will win.

In today’s video analysis, I discuss all this and MUCH more. If you’re not watching my videos, you’re only getting half the story.

If you’re viewing this on a site other than Steemit, and you don’t see the below video, navigate to Steemit in order to watch.

Video Analysis:

BIAS:
Short Term: Neutral
Longterm: Very Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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by Workin2005