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DeFi Lava - Eruptions Newsletter 10-12-22

Bitcoin BTC has ranged between $18.8k and $20.1k with a week over week price change of -4.87%.

Price is currently testing the resistance that has held since the $69k top. The next 2 weekly candles are going to determine whether price will head into the recovery that we have been expecting, or make another leg down to $14k.

Below you can see the Relative Strength Index (RSI) and the On Balance Volume (OBV) for Bitcoin on the weekly timeframe. These indicators are used to gauge the trend strength of an asset.

Price making lower lows and the indicators making higher lows is called Regular Bullish Divergence, which potentially signals a coming trend reversal to the upside.

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