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