BTC/USD bearish divergence

٢٤ يناير ٢٠٢٠

After getting rejected at the key resistance level, bitcoin price down 9% in the past week. The rising wedge pattern suggests the target at around $7,700. There is also a very clear bearish divergence on a daily RSI. At the moment of writing Bitcoin is supported by a weekly moving average and 20-day moving average. Bitcoing is reaching 23.6% Fibonacci Retracement level, where the coin spent almost the entire month moving sideways.