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18.11.201900:17 Forex Analysis & Reviews: Bitcoin still sliding down the trend line

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Bitcoin is sliding lower making lower lows and lower highs. Price is still above the downward sloping trend line resistance that was broken, but there is no sign of an upward reversal. However we keep a close eye to the RSI that provides us with some bullish clues.

Red line - major resistance trend line

Black line - bullish divergence and RSI support

Bitcoin vs USD is sliding lower after the big spike back at the end of October. Price moved above $9,000 but is now moving below $8,600 again. However the RSI tells a different story. The RSI is not making new lows. The RSI has just reached its support trend line. What happens now?Usually we see a move higher. So I'm a expecting a rally in BTCUSD and to at least break above the first important short-term resistance at $8,840. Next important resistance is at $9,560. Breaking above this level will most probably push prices towards $11,000. Support is strong around $8,500 and I'm bullish here looking for a move higher.

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