BTC Weekly Historical RSI S/R Level
Admittedly I'm not thrilled about the potential MACD cross incoming, but I see many levels of support below on the price and on the indicators. No doubt this is an intimidating situation, but so was the dump below $10k right before we broke $12K and shot straight to $40K. If you look closely at the RSI we see an S/R level that has historically held as support or resistance since 2016, we're quickly approaching that level and we have a good chance it will serve as a support level due to many traders watching the same level. If we move on to the price, we have yet to make a lower low, and this could lead to more hidden bullish divergence if we manage to hold the weekly 21EMA just below. Now if we peak below to the Stochastic RSI, we'll see it's making a new low for the year, it's been buried at the bottom and that is a good sign we "might" be creating a bottom soon. Until we push much lower and negate all of these bullish indications, we have no reason to be worried just yet.
Remember, be patient, stay level-headed, non-biased, and ahead of the crowd.
Admittedly I'm not thrilled about the potential MACD cross incoming, but I see many levels of support below on the price and on the indicators. No doubt this is an intimidating situation, but so was the dump below $10k right before we broke $12K and shot straight to $40K. If you look closely at the RSI we see an S/R level that has historically held as support or resistance since 2016, we're quickly approaching that level and we have a good chance it will serve as a support level due to many traders watching the same level. If we move on to the price, we have yet to make a lower low, and this could lead to more hidden bullish divergence if we manage to hold the weekly 21EMA just below. Now if we peak below to the Stochastic RSI, we'll see it's making a new low for the year, it's been buried at the bottom and that is a good sign we "might" be creating a bottom soon. Until we push much lower and negate all of these bullish indications, we have no reason to be worried just yet.
Remember, be patient, stay level-headed, non-biased, and ahead of the crowd.
Comment:
BTC Update - Don't forget about this chart guys, I really think we're setting up for a big move again similar to back in Sep 2020, the last time we touched the 21EMA. We could go sideways for a while here, possibly even sweep the lows again, but overall I think this looks like a "Launch Pad" for BTC. Once this accumulation/consolidation has finished and it starts moving, I think we'll see $100K and possibly beyond fairly quickly.
