Hello guys, I hope you are doing great.
** Most of analysis are focused on short time frames . I decided to check the weekly chart and it doesnt look bullish for BTC.**
so i will share here on of my telegram group post .this post is copied from cs team telegram chainnel with permission.
CS team opinion is
The first sign of any reversal starts with bullish divergances. These divergances can be found RSI, MACD, Histogram, Volume and so on. For me, the most accurate rate have divergances on RSI and Volume. Do we have bullish divergances on BTC? NO!
It is very clear, RSI is falling, price is falling, volume is falling! I was bullish on Sunday because it was looking that weekly candle will close nicely but it didnt happen. Price dropped from 6300 to 61xx and maybe $100 doesnt make any sense for you but for me it made big difference. Nice candle got screwed up and now it is not so bullish but neutral. Neutral candlestick in downtrend is mostly bearish sign so on long time frames I do not see bullish signs on BTC. it's my opinion accourding to my point of view .
The only hope is short term period if this week closes as green candlestick with nice formation. It would mean that next 1-3 weeks could be bullish.
*this btc update call is from CS team
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if you like my post comment down below and tell me whats your opinion bullish or bearish