It is time to update the crypto charts as I spotted a strong alert in two major coins for you.
It is ironic that the signal comes from the same indicator that accurately predicted the rally of Bitcoin last November when the price was around $16k.
Indeed, the main coin has rallied for whopping 52% after the signal topping slightly above $25k. The previous peak of August 2022 at this level unexpectedly acted as a strong barrier that the price couldn’t overcome.
In my recent update last month I warned that “the bullish impulse should not fade until it touches the moving average around $27k to convince the trading community”.
Unfortunately for bulls, the rally has faded below the target. However, the majority of readers did not see this rally as a sign of a global market reversal.
This time, the same RSI indicator doesn’t confirm the most recent peak on the price chart as it shows a lower top. This is called a Bearish Divergence. Continue reading "Alert In Two Major Cryptocurrencies"