The last few weeks have encountered the flagship cryptocurrency in a tireless uptrend, setting one year-to-date high after another. But to some analysts, the ongoing Bitcoin price rally has risks written all over it. One of them—a TradingView.
#1 MACD Bearish Crossover
Bitcoin MACD readings on its daily chart. He stressed a so-called MACD resistance.
However, this year witnessed both the cryptocurrency and its MACD breaking above the said upside ceilings. The analyst saw this as an overstretched scenario that amounted to Exponenrial aggressive downside correction. The next bearish factor in line is the growing divergence between the Bitcoin price and its daily trading volume.
The TradingView analyst cited the same catalyst behind his downside call, stating:. This is a bearish indicator, showing that the trading activity is supporting the elevating prices at a decreasing rate.
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Bitcoin Price-Volume Divergence. Bitcoin market outlook as of November 17, presented by MagicPoopCannon.
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