ðĨ Bullish Divergence On Bitcoin's Weekly Chart
"A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market againâoften a bullish divergence marks the end of a downtrend." -- Investopedia
When looking at the BTC chart of the last year or so, one can clearly see a down trend in price. The same was the case for the RSI until July last year.
During the latest capitulation in November we made new lows on the price, but on on the RSI. Wanted to wait a couple of weeks with making this analysis because we could've easily made new lows in the first few weeks after the initial drop early November.
In my view, this bullish divergence is a bullish signal. Keep in mind that we can still make new lows in case we get some very bad news hitting the markets, but this bullish divergence is, for now, a point for the bulls.
When looking at the BTC chart of the last year or so, one can clearly see a down trend in price. The same was the case for the RSI until July last year.
During the latest capitulation in November we made new lows on the price, but on on the RSI. Wanted to wait a couple of weeks with making this analysis because we could've easily made new lows in the first few weeks after the initial drop early November.
In my view, this bullish divergence is a bullish signal. Keep in mind that we can still make new lows in case we get some very bad news hitting the markets, but this bullish divergence is, for now, a point for the bulls.
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