Patience is key.
There's something interesting to notice.
Everytime we're having a BTC bounce towards a LOWER HIGH, people all of a sudden become euphoric & , claiming the bear market is over.
There is no reason to be at all.
Old supports are turned into new resistances.
Right now, BTC is doing nothing but confirming a new resistance around 7.400$ - 7.500$, which used to be a key .
count indicates that we are moving within WAVE 5, heading towards 5.500$.
Because it has been confirmed multiple times as a key .
In addition to that, we got a divergence on the 4H Chart, nothing happy about that.
Voulume is decreasing.
I'm using the current bounce to add new short positions.
Have a nice day & happy trading!
Should be fixed now:
Hope you didn't fomo into this sucker's rally.
New Idea coming soon.
Technically, I don't believe you would be able to make a valid comparison in this example anyways. The length used on your RSI indicator is 14. Meaning you can only accurately compare strength between the current candle and the 13 candles prior. If you wanted to make a comparison further back you would need to modify the length or view it at a different time scale where the two comparison points fall within the length used.
Hey, thanks for finding and sharing this! You're definitely correct when it comes to the geometry of it, but I'm not sure that the timeframe is correct for accurate comparison. I've marked what I see in this attached chart.
You can see there is a regular bullish div. from 2 to 3 (green) and 2 to 5 (purple). A hidden bearish div. from 1 to 4 (red) and a small hidden bearish div from 4 to 6 (orange) and no divergences from 6 to 7 (yellow). But I don't believe you can compare 1 to 7 and accurately call it a hidden bearish divergence because of the length you have the oscillator set to (14). I believe that data is too far in the past and you'd need to confirm it using a greater timeframe or change the length of the oscillator.
Are there certain RSI Settings you can recommend?