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Viewpoint: Multiple Bitcoin Technical Indicators Suggest Short-Term Top Is In
BlockBeats News, August 29th, according to analyst @ali_charts, multiple Bitcoin technical indicators indicate that a short-term top is in:
1. RSI Divergence: Despite the price continuously hitting new highs, the RSI keeps hitting new lows. This divergence is similar to the trend from April to November 2021, indicating the end of this cycle.
2. Bearish MACD Cross: This week, the MACD has turned bearish, aligning with the price drop and enhancing the downside risk.
3. MVRV Momentum: The Bitcoin MVRV momentum indicator has recently experienced a "death cross," suggesting that the macro momentum will reverse from positive to negative. Historically, this has been a reliable signal of a cyclical top.
Key Support Levels: $108,700 is the current significant level to watch. If the weekly closing price drops below this level, it will confirm a deeper trend shift. Further down, $104,500, the initial on-chain accumulation support. $97,000, a major historical demand zone. $60,000, if the trend fully unwinds, this will be the ultimate strong support.
@ali_charts stated that bullish reasons require two key validations:
$108,700 as a support level.
MVRV momentum indicator showing the golden cross once again.
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