I've been bearish on Bitcoin since 22500USD. Now that the price is breaking through structure, I'm convinced that Bitcoin has reached its local high.
Why is the top in? The price went up for 34 days, which on average is half of a whole Bitcoin daily cycle. If we're lucky, the top will fall in the right half of the cycle, but this is too early to tell. We must wait until the end of February.
Secondly, we're seeing a daily bearish divergence on the rsi. This also happened at the first top at 65k.
Lastly, If you zoom into the hourly chart, youi'll notice that Bitcoin broke out of its rising channel, which is the structure i talked about in the first paragraph.
Why is the top in? The price went up for 34 days, which on average is half of a whole Bitcoin daily cycle. If we're lucky, the top will fall in the right half of the cycle, but this is too early to tell. We must wait until the end of February.
Secondly, we're seeing a daily bearish divergence on the rsi. This also happened at the first top at 65k.
Lastly, If you zoom into the hourly chart, youi'll notice that Bitcoin broke out of its rising channel, which is the structure i talked about in the first paragraph.