Mr. Anderson
Mr. Anderson 3 minutes reading from Bitcoin

Bitcoin Bulls Complete Full Hard Correction on the Weekly Scale

BTC RSI Weekly

Bitcoin managed to complete its typical CryptoWinter Full reset on the Weekly Scale RSI

RSI Weekly hit 25 in revisiting a previous top that carried a reading of 90 on the weekly scale at that time

We can see some Bull Divs have shown up recently as well

BTC Weekly

Of course, we have seen this before with Bitcoin as it has made a habit out of resetting 90+ to sub-30 on the weekly scale

BTC Weekly

The previous two occurrences have been perfect bottoms. We will need time to find out if the third opportunity nets us the same precision

BTC Weekly

However, these resets are what allow us to dream of far bigger numbers as HTF RSI resets are most common in Big Accumulation phases

The Weekly TF will take months to show its hand

We can dive into the Daily for some clues

Typically, we will see momentum before price which signifies the ongoing "attempt"

However, each attempt has been rejected at/near RSI-60, displaying the Bear's control of the Range

We have seen these RSI rising bottom formations in which the Bulls struggled to take back "some" control until breaking that RSI-60 level

Bulls currently need that initial Daily scale break of 60 on-close to apply some real pressure to the Bears and set some traps of their own

This post is based on this twitter thread.

Comments

Please login to comment.
Mr. Anderson Mr. Anderson
read at 2 minutes

0 0 0
BEARBIGS BEARBIGS
read at 34 minutes

0 0 0