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Blue lines- bearish RSI divergence
Red lines- support trend lines
Green lines- Fibonacci retracement levels
Bitcoin is trading around $36,530. Short-term trend remains bullish as price continues making higher highs and higher lows. The RSI has already provided us with some warning signs. The RSI is providing bearish divergence signals as it is making lower highs. So far price is respecting both upward sloping support trend lines. First support is found at $35,910. As long as we trade above this level, we can see new highs for Bitcoin. The bearish RSI divergence suggests that the chances for a pull back have increased. Minimum pull back expectation is the 38% Fibonacci retracement level at $33,030. At current levels we prefer to be neutral if not bearish Bitcoin.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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