as most of us know or can easily find out/ validate the btc weekly chart and its relation to the 21 period ema has been the most simple yet accurate indication wether BTC is in a bull mkt as it bounces off it as support or the end of a bull mkt is near as it loses support on teh 21ema and fails to recapture it.. conversely it works in opposite ways with the bear mkts...
anyways if you look at the weekly RSI youll see that at roughly 50ish if u draw a line youll notice it is touched and reversed numerous times from both ways... ex) V shaped or A shaped reactions where the apex hits the 50 line...
after drawing this and seeing it so clearly i couldnt help but backtest and what has held to be true going back to
'15 n prly earlier (didnt feel need to check further back). during a bull mkt there is massive correlation with BTC weekly candles that pull back touching the 21 ema n bouncing AND the rsi V shaped with its apex on the 50ish line... damn near every time..
conversly in a bear mkt when the candle tries to go up thru the 21 ema but gets rejected the rsi is making a A shaped reversal with the apex at the 50 line
these correlations hold true until the 21ema as support is broken and bear mkt starts n vis versa..
well today btc threw down a almost 10k daily candle (high to low) and on the weekly candle that meant TOUCHING THE 21 EMA and wouldnt ya know it the Rsi is sloped down right about at the 50 line...
given all we know about this bull mkt its hard to believe we put in this bull mkt's top so IMO its more likely we see a bounce in order to prevent a minimum couple month btc correction.
not sayyibg thats not possible as the monthly chart looks top ish + vol been falling off month to month along wis rsi as price climbed indicating bear divergence and the curve on the weekly chart plotted from recent cycle tops shows resistance being in the mid 60k region..
time will tell.
if ya found this useful drop a like/comment if i see im providing something to yall ill start posting more
my spelling is dogshit.. i rush / idc no point of telling me
anyways if you look at the weekly RSI youll see that at roughly 50ish if u draw a line youll notice it is touched and reversed numerous times from both ways... ex) V shaped or A shaped reactions where the apex hits the 50 line...
after drawing this and seeing it so clearly i couldnt help but backtest and what has held to be true going back to
'15 n prly earlier (didnt feel need to check further back). during a bull mkt there is massive correlation with BTC weekly candles that pull back touching the 21 ema n bouncing AND the rsi V shaped with its apex on the 50ish line... damn near every time..
conversly in a bear mkt when the candle tries to go up thru the 21 ema but gets rejected the rsi is making a A shaped reversal with the apex at the 50 line
these correlations hold true until the 21ema as support is broken and bear mkt starts n vis versa..
well today btc threw down a almost 10k daily candle (high to low) and on the weekly candle that meant TOUCHING THE 21 EMA and wouldnt ya know it the Rsi is sloped down right about at the 50 line...
given all we know about this bull mkt its hard to believe we put in this bull mkt's top so IMO its more likely we see a bounce in order to prevent a minimum couple month btc correction.
not sayyibg thats not possible as the monthly chart looks top ish + vol been falling off month to month along wis rsi as price climbed indicating bear divergence and the curve on the weekly chart plotted from recent cycle tops shows resistance being in the mid 60k region..
time will tell.
if ya found this useful drop a like/comment if i see im providing something to yall ill start posting more
my spelling is dogshit.. i rush / idc no point of telling me