Hello folks, the Bitcoin weekly close is here, and this week's close was at $48.3k. Is it positive? Maybe.
There's no doubt that BTC performed quite well by remaining consistent with the rally since September 2023. With the current price at $48.1k, BTC might touch the $50k range within this week, but we also need to consider the negative parameters. As I mentioned earlier, on a weekly timeframe, once BTC makes this jump, the RSI will lose its momentum and eventually form a bearish divergence. Well, we can see it happening; the RSI is forming a bearish divergence whereas the price is increasing. This rejection may take place from the current price level or possibly after we see BTC in the $50k range, but eventually, a correction/rejection will follow.
I was expecting a daily close in the $50k range for better confirmation, but BTC struggled at $48k. Anyways, more updates on BTC and the market as it unveils the next chapter. Trade safely.
Regards,
Team Dexter
There's no doubt that BTC performed quite well by remaining consistent with the rally since September 2023. With the current price at $48.1k, BTC might touch the $50k range within this week, but we also need to consider the negative parameters. As I mentioned earlier, on a weekly timeframe, once BTC makes this jump, the RSI will lose its momentum and eventually form a bearish divergence. Well, we can see it happening; the RSI is forming a bearish divergence whereas the price is increasing. This rejection may take place from the current price level or possibly after we see BTC in the $50k range, but eventually, a correction/rejection will follow.
I was expecting a daily close in the $50k range for better confirmation, but BTC struggled at $48k. Anyways, more updates on BTC and the market as it unveils the next chapter. Trade safely.
Regards,
Team Dexter
Points to remember:
The
The RSI is still forming a bearish divergence pattern.
The weekly close is still 4 days away, so anything can happen.
Be prepared!