Bitcoin is trading just above $64,000 price level and is challenging its all time highs. Although price has provided some bearish divergence signals and warnings, bulls have managed to keep price inside the bullish short-term channel.

Blue line- bearish divergence

As we mentioned again in the past, the bearish RSI divergence signals are only warnings and not reversal signals. They warn us that the current trend is weakening. Traders should take them under serious consideration but they should not interpret the warning as reversal signals. In our last analysis we noted that for a reversal to be confirmed, price should break below $60,000 and exit the bullish channel. So far bulls respect the channel boundaries and remain in control of the trend.