After days of inaction, Bitcoin (BTC) bears have finally shown their hand. In the past 24 hours, the leading cryptocurrency has shed around 2%, falling from a multi-day high of around $7,950 to $7,725 as of the time of writing this. While some are sure that Bitcoin will hold its ground, especially seeing that the asset has stabilized around $7,700 and losses are being contained, some are wary of a further decline.
In a recent tweet, an analyst going by the moniker of “RJ Killmex” noted that Bitcoin’s three-day chart is currently showing harrowing signs. RJ explains that Bitcoin is currently looking like it did at December’s $3,200 bottom but mirrored, or inverse rather. As seen below, Bitcoin is currently seeing a bearish divergence on its Relative Strength Index (RSI), marked by higher prices and a downtrend in the trend indicator. What’s more, the Moving Average Convergence Divergence (MACD) is about to flip red and cross below equilibrium.