RSI might suggest we are going DOWN!!
Hello everyone :)
Today i'll show you what i think thebitcoin's RSI tells us about the upcoming month in BTCUSD compared to the last multi-year bull cycle in 2017.
2017 bull cycle
1) 53.5 is a very strong weekly support line, we can see that it never got below this level during the whole cycle in 2017, everytime bitcoin's RSI hit that support line, it suggested us that the short term correction is over and bitcoin is ready for the next move.
Once bitcoin's RSI broke below it, it was the bad news bears.
During the whole cycle bitcoin's RSI buttomed in approx. 57.47 (7 touches).
2) RSI tend to top in approx. 85.32 (7 touches), and each time RSI toped, we had an approx. 33.85% correction which took us approx. 24.5 days to fill.
2020
1) we can clearly see a first touch in the 53.5 support line which successfully acted as support, which indicated us that bitcoin is starting a new bull cycle.
2) RSI suggest that bitcoin is a exhausted and needs a correction.
2) topping at 89.9 will probably lead to an approx. 33.85% correction in approx. 24.5 days (18.1.21), which will bring BTCUSD to 16537.5.
Hope you guys are ready to grab some cheap BTC soon :)
Today i'll show you what i think thebitcoin's RSI tells us about the upcoming month in BTCUSD compared to the last multi-year bull cycle in 2017.
2017 bull cycle
1) 53.5 is a very strong weekly support line, we can see that it never got below this level during the whole cycle in 2017, everytime bitcoin's RSI hit that support line, it suggested us that the short term correction is over and bitcoin is ready for the next move.
Once bitcoin's RSI broke below it, it was the bad news bears.
During the whole cycle bitcoin's RSI buttomed in approx. 57.47 (7 touches).
2) RSI tend to top in approx. 85.32 (7 touches), and each time RSI toped, we had an approx. 33.85% correction which took us approx. 24.5 days to fill.
2020
1) we can clearly see a first touch in the 53.5 support line which successfully acted as support, which indicated us that bitcoin is starting a new bull cycle.
2) RSI suggest that bitcoin is a exhausted and needs a correction.
2) topping at 89.9 will probably lead to an approx. 33.85% correction in approx. 24.5 days (18.1.21), which will bring BTCUSD to 16537.5.
Hope you guys are ready to grab some cheap BTC soon :)
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