For the first time in years, we have witnessed a diversion in Bitcoin's RSI, which could possibly mean a huge reversal in BTC's price. Here is my point of view about this:
This is the RSI Multi-Length, which is a type of RSI that varies its length. For simplicity's sake. I’ll be referring those as just RSIs, because they behave as an RSI, just a bit different.
As you can see, Bitcoin's RSI is currently diverging, which possibly means a huge reversal is about to happen. The last time this has ever happened on a downtrend was in late 2018 - early 2019:
Bitcoin's price skyrocketed after this divergence, which likely means it’s happening again. Now onto the candlesticks:
As you can see, the trend is currently weakening, and that’s why it caused the 3 months of ranging market. When it broke downwards, it hit a new lower low, but this time even weaker than before. You can even see the volume weakening over time. Because of the RSI Divergence, Bitcoin has so much potential to explode and pump to the moon. You can even see that at the end of the 2018 crash, there was a lot of ranging.
In conclusion, we might see a reversal in BTC's trend, and finally prove that Bitcoin is not going to zero. As a final side note: Even the rainbow chart says Bitcoin is super undervalued.
This is not financial advice, and you are free to give your opinion about my research and do your own. Thank you for reading this study.
:)
This is the RSI Multi-Length, which is a type of RSI that varies its length. For simplicity's sake. I’ll be referring those as just RSIs, because they behave as an RSI, just a bit different.
As you can see, Bitcoin's RSI is currently diverging, which possibly means a huge reversal is about to happen. The last time this has ever happened on a downtrend was in late 2018 - early 2019:
Bitcoin's price skyrocketed after this divergence, which likely means it’s happening again. Now onto the candlesticks:
As you can see, the trend is currently weakening, and that’s why it caused the 3 months of ranging market. When it broke downwards, it hit a new lower low, but this time even weaker than before. You can even see the volume weakening over time. Because of the RSI Divergence, Bitcoin has so much potential to explode and pump to the moon. You can even see that at the end of the 2018 crash, there was a lot of ranging.
In conclusion, we might see a reversal in BTC's trend, and finally prove that Bitcoin is not going to zero. As a final side note: Even the rainbow chart says Bitcoin is super undervalued.
This is not financial advice, and you are free to give your opinion about my research and do your own. Thank you for reading this study.
:)