Blue lines- bearish RSI divergence
Bitcoin is trading around $29,277. Technically trend remains bullish but as we mentioned in previous posts, price is vulnerable to a move lower. The bearish RSI divergence suggests that the up trend is weakening and a reversal is imminent. Today price is under pressure again forming new lower lows relative to the previous two trading sessions. Price tried to move higher yesterday but the bounce was short lived. With the RSI turning lower from overbought conditions, we believe it is more probable to see Bitcoin trade closer to $25,000 over the coming days.