Zoom out, BTC losing momentum

9 May 2021

Failing time and time again at the 58K-59K region along with bearish divergence on the RSI is showing lack of momentum for the bulls. MACD also had bearish cross on weekly two weeks ago. Two rising wedges in play with support at 47K & 43K. Bull market support band also floating around 47K (will close in a couple hours for a new candle). Need to flush out the paper hands before hitting higher highs and hitting a 100K-300K BTC, otherwise expect consolidation for weeks to come.