It's very simple, there is a bearish divergence forming! Halving coming very soon, price struggling to get past the current resistance area. Let's see.
In my opinion there is a very bullish scenario starting to form for BTC. Let's look at the signals that are visible on the weekly chart:
1- Stochastic RSI has been in a very low area the last few months and is now starting to turn upwards
2- 13-weekly EMA is almost crossing the 26-weekly EMA
3- BTC's price is touching a trendline that has been valid since 2016....
ETH is currently in a bull flag that is holding up very neatly. BTC is in a similar bull flag that is also holding up perfectly. We can see on the smaller time frames that ETH is really eager to break out on the upside. Everytime BTC goes up a little ETH goes up way more. The ETH bull flag has an upward trend whereas the BTC flag has a flat trend. (I don't how how...
I see some people drawing a downward channel on the daily chart saying that BTC will soon go into a big drop towards the bottom of that channel. However, if I draw the same downward channel I see that we already have a breakout. Moreover, the RSI is very low and the MACD shows increasing momentum. Only the volume action does not look very strong. What do you think?
