We have an interesting setup on bitcoin, even if it’s a bit riskier than what we typically like to trade.
It respects most of our conditions, even if such conditions have formed within a few candles. What we’d like to see instead, is a bit longer price action on which the conditions form and get verified.
Anyway, the conditions are:
- To have a divergence between the price and the RSI Exhaustion
- To have the RSI Exhaustion bearish exhausted
- To have a confirmed top
Unfortunately, the price looks like being above a major support, however, such support should soon turn back into a resistance.
This view is also confirmed by the fact that the price has just completed a 1-2-3 upward movement and so it should move lower from the current level.