Ravich000

BTC bearish scenario

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BITSTAMP:BTCUSD   Bitcoin
I shared Bullish scenario for BTC yesterday. But then despite the chart pattern looking good (potential Inverse Head and Shoulder) we shouldn't ignore some very obvious bearish indicators we have on the very same 4h chart. At this point we are observing Triple Bearish Divergence on MACD (consecutive higher highs in price on lower levels of positive momentum), bearish divergence on RIS and a rejection at a strong historical support/resistance level - all implying reversal to the downside. Spinning top indecision candle on the monthly chart might be an early warning sign too although daily and weekly charts look neutral (maybe even with some bullish bias).
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