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Blue lines- bearish divergence signs
Red lines- support trend lines
Bitcoin is trading around $36,900. On Friday Bitcoin formed a new intraday high but bulls failed to keep price above $38,000. As we mentioned on Friday, the new higher high was followed by a bearish divergence in the RSI, signalling a weakening up trend. Bitcoin is under pressure today but still above the short-term red upward sloping support trend line. Short-term support is found at $36,400. Bulls do not want to see price break below this support.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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