It appears as though Bitcoin is forming an inverted Head & Shoulders inside of a more macro Ascending Triangle.
The RSI is displaying a divergence from the price as well, you can notice there seems to be a sloping line of resistance on the RSI forming a descending triangle pattern.
Bearish divergences signify potential downtrends when prices rally to a new high while the oscillator refuses to reach a new peak. In this situation, bulls are losing their grip on the market, prices are rising only as a result of inertia, and the bears are ready to take control again.
The RSI is displaying a divergence from the price as well, you can notice there seems to be a sloping line of resistance on the RSI forming a descending triangle pattern.
Bearish divergences signify potential downtrends when prices rally to a new high while the oscillator refuses to reach a new peak. In this situation, bulls are losing their grip on the market, prices are rising only as a result of inertia, and the bears are ready to take control again.
