🅱️ Bitcoin | RSI

Bitcoin's daily RSI peaked 25-October 2023, which is 80 days ago.
Not even with the really strong high volume and new high did the RSI move higher... Which is a signal of weakness as this implies a bearish divergence.

Divergences tend to show up preceding a change of trend.

We can also appreciate the RSI moving below 50 coming out of a major high, an event that has not happened since June 2023.

These signals support lower prices.

EMA50 is still working as support yet it has been challenged twice in less than ten days.
This level being challenged once coming out of a new high means that a correction is about to show up... The second challenge is the confirmation so, prepare for the drop.

The main move short-term should send BTCUSD towards the 37,000 to 39,000 price range but be aware... This is a major correction that is just starting to develop and the last one until the next All-Time High is hit in 2025.

The fact that this is the last correction before the major, full-blown bull-market, means that market players will take this opportunity to sell as much as they want. Once the selling is done and over, we will see a very strong uptrend marked by higher highs and higher lows. Consider 25,000 to 20,000 as the major reversal range just to start.

I have much more data, information, signals to show you but I will share these in new/different trade ideas to avoid any confusion.

Thanks a lot for your amazing and continued support.

Namaste.

Comment:

The more often a support or resistance level is challenged, the weaker it becomes.

Here you see EMA50 being challenged once more as support, the third time in a short period of time.

This type of action never happens before a rise in price, it tends to happen before a retrace or correction takes place.

We will continue to monitor the charts closely...

Thanks a lot for your support.

Comment:

Bitcoin's daily RSI lost the 0.618 Fib. retracement level as support, a major support.

Trading below 50, this opens the door for much lower on this indicator and thus the potential for much lower prices.