Bearish Signs Flashing in Crypto Market as Bitcoin Tests Daily Cloud
Bitcoin's price took out another support level on Tuesday but closed back within its daily Cloud. This distinction is important for traders, as it suggests that the bearish case is not yet confirmed.
The source notes that Bitcoin's Relative Strength Index (RSI) remains below support and On Balance Volume (OBV) is bearish. However, a close below the Cloud is required to confirm the bearish case.
Ethereum weakened after tagging its Fast line, but has not yet shown the weekly bearish-engulfing evidence being monitored on BTC. The source does not view this as a good fresh entry.