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Historically bearish technical formations can cause problems for Bitcoin Bulls



Bitcoin's recent upward momentum has led to a massive shift in the overall mood of the crypto markets as craze gradually increases as more and more investors believe that the BTC's lows for 2018 are indeed a long-term low.

One of the fundamental indicators of Bitcoin is currently flashing for a bearish signal, which has been followed by large setbacks in the past, which could endanger BTC's recent price rise.

Bitcoin (BTC) climbs above $ 5,300 as the latest tether-based fear ]

At the time of writing, Bitcoin was trading at a current price of $ 5,310, nearly 1% above the daily low of $ 5,260.

Earlier this week, BTC fell on USD 5,600 news around the New York Procuratorate claiming that the controversial stable Toin and related cryptocurrency exchange had deceived Bitfinex investors and traders.

This message was sent instantly Bitcoin and the entire crypto market fell, but BTC found sizable support in the $ 5,200 region, which prevented the downturn and allowed the price to rise further.

This recent decline initially seemed to spur the upturn Bitcoin formed when it hit the $ 5,000 region earlier this month, but investors were obviously not too confused, as the impact of these effects was limited.

Moon Overlord, a popular cryptocurrency analyst on Twitter, commented on the lack of influence of the Bitfinex and tether-imbroglio markets on the markets had recently stated in a tweet:

"For all the riots and reactions of the $ The crypto community regarding the Bitfinex / Tether news is barely recognizable on the $ BTC chart.

The RSC of BTC signals that a repatriation is imminent

to the Tether News can signal both a fundamental strength and a growing maturity. The Bitcoin RSI could trigger a bearish signal, which has been followed by big backsliding in the past.

HornHairs, another popular cryptanalyst on Twitter, recently spoke about this bearish signal Tweet, pointing out that bearish RSI divergences on a two-day chart have almost always been followed by a sharp slump in the past five years.

"$ BTC #Bitcoin 2D RSI Bear Div Study: In the last 5 years There were only 5 reports of a bearish RSI divergence on the 2D chart. Today will be the 6th, the average decline after confirmation This previous div before a significant jump / swing was -44.25%, "he said in a recent tweet.

#Bitcoin 2D RSI Bear Div Study:

Over the past five years, there have only been 5 reports of a bearish RSI divergence on the 2D chart.

Today will be the 6th

The average drawdown after confirmation of the previous divisions before a significant outcome bounce / inversion was -44.25% pic.twitter.com/zXsddqrWyu

– HornHairs C (@CryptoHornHairs) April 26, 2019

As the quiet weekend trading session stops and a The new trading week begins, and the validity of this indicator as a bearish signal is likely to become more apparent when traders determine whether Bitcoin has enough buying pressure has to continue to rise.

  Selected image from Shutterstock. 




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