Bitcoin is on the edge of collapse!

Hello, everyone!

Yes, this is just the bright heading, of course collapse on the Bitcoin will not be in February 2023. Now I anticipate just a correction to allow us to enter the long trade.

On the 4h BTCUSDT chart we can see a lot of bearish signals and if it will continue climbing it would be really weird. The most bearish factor is the double bearish divergence on the Relative Strength Index RSI. We could choose any oscillator and all of them are showing the same. Divergence is the sign of the completion of the wave 5 and BTC should show us the correction soon.

Another one important thing is the trendline support breakdown. I am not keen on trendlines, but this time it looks valid. Moreover the price was unable to reach the trendline resistance and bears took control before. The combination of these factors is enough for me to make the bearish forecast for the next week.

In general, I suppose bullish rally is not over and we have to see another one leg up above $25k before the true collapse. The potential buy zone is still $20500, there we have to watch out carefully on long trade setups.

Best regards, Ivan

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