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The crypto market takes a nosedive with $4 billion shaved off; BCH down 8%

Previous analytic round-ups from the various traders and chartists of crypto twitter have revealed that sentiment circles around an imminent correction for Bitcoin. As it stands, the majority of these analysts remain unsure about when this correction is going to happen, or by how much we’ll retrace. However, a focus upon a particular technical indicator known as the relative strength index (RSI) may reveal more…

Today specifically many traders are advocating for a step down for bitcoin (BTC), using their various trading techniques as a quasi-crystal ball, with the exception of one trader, who appeared to use an actual crystal ball…

A few analysts highlight the aforementioned technical indicator - the relative strength index - which may be signaling bearish divergence.

The RSI measures the speed and change of movements in price. The RSI fluctuates between 0 and 100, with an asset considered oversold below a measure of 30 and overbought above 70.

One analyst, known as HornHairs points to Bitcoin’s RSI, comparing to historical bearish RSI divergence which was followed by a fairly significant dip, adding that BTC has reached a similar juncture.