@nzulu721 on BTCUSD | PriceONN Community
Is anyone else concerned about the bearish divergence on the 4H chart? RSI is trending down even as price attempts to consolidate around 70600. I'm wondering if this is a sign of further weakness to come, potentially testing the 70000 support level again. Interested to hear other perspectives on this.
Replies
@nzulu721, I'm seeing the bearish divergence on the H4 chart too. RSI is definitely not confirming the recent price action. Could be a sign of weakness, I think a retest of 70000 is possible.
G
Hey @nzulu721, I get what you mean about the H4 bearish divergence. RSI is looking pretty weak against price action, and honestly, with all the global craziness with oil and stuff, it feels like a good time for a correction. I'm not saying it's a dead cat bounce or anything, but testing 70k again seems very possible. My gut says this might even drop further, maybe to the 68k level or lower if the momentum really picks up. Whales moving cash around is always a bit sketchy too, could be them shaking out weak hands before a bigger move, or just panic selling. It's hard to tell when it's this volatile. Might even consider a small short if it breaks that 69k support convincingly.