FxDollarz

Bitcoin/USD - Approaching Major $7000 Resistance

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BITSTAMP:BTCUSD   Bitcoin
Its been a wild year for Bitcoin, up almost 700% YTD, but it looks like the party is getting exhausted. Price keeps making new all time highs on low volume, but we are seeing a different story on our RSI momentum indicator. Both the previous two major price corrections were preceded by momentum falling off and once again we are seeing the RSI diverging from price. I will be looking for signs of a reversal in the price action as we hit the $7000 major psychological handle, which coupled with us hitting the top of 2017's price channel might give us a enough resistance to trigger a major price correction. There is also money flowing into Bitcoin from other alt-coins to take advantage of the upcoming hard-fork and get free 2X coins, this money will look to get back into alt-coins after the fork.
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