Find a vein... for our last injection of hopium
We are currently hovering above prior long-term resistance turned support (2015-2016 bear market) on the RSI...
Looking at monthly closes and RSI prints back then compared to now we can see a certain pattern had formed then and is about to form right now.
The bear market was officially confirmed to be over following the double bottom which coalesced with a LL in price and a HL on the RSI on the monthly charts - this is what is known as bullish divergence which indicates a reversal in current price patterns. Right now, based on where price is (mid 6500), we are holding a HL in price and a LL on the RSI on the monthly chart which is known as a hidden bullish divergence, or more simply, continuation. This indicates, IF BTC were to hold above 6388.86, we will have confirmed a bullish continuation print based on the RSI (note: this specific price point is in relation to the BLX chart and may be slightly different on your exchange of choice).
To compound the significance of this timing even further, tomorrow/today (wherever you live, I'm referring to Sunday the 30th), is the weekly and monthly close. Tomorrow also marks the end of the third quarter of the year. As everyone else has already mentioned, BTC's strongest quarter is quarter four, based on historical trends. The CME futures contracts have also expired. Based on everything, it seems reasonable for tomorrow to be packed with crazy volatility, especially towards the daily UTC close.
Roll up your sleeves and find a vein because we've got one last drop of hopium left to inject...
Looking at monthly closes and RSI prints back then compared to now we can see a certain pattern had formed then and is about to form right now.
The bear market was officially confirmed to be over following the double bottom which coalesced with a LL in price and a HL on the RSI on the monthly charts - this is what is known as bullish divergence which indicates a reversal in current price patterns. Right now, based on where price is (mid 6500), we are holding a HL in price and a LL on the RSI on the monthly chart which is known as a hidden bullish divergence, or more simply, continuation. This indicates, IF BTC were to hold above 6388.86, we will have confirmed a bullish continuation print based on the RSI (note: this specific price point is in relation to the BLX chart and may be slightly different on your exchange of choice).
To compound the significance of this timing even further, tomorrow/today (wherever you live, I'm referring to Sunday the 30th), is the weekly and monthly close. Tomorrow also marks the end of the third quarter of the year. As everyone else has already mentioned, BTC's strongest quarter is quarter four, based on historical trends. The CME futures contracts have also expired. Based on everything, it seems reasonable for tomorrow to be packed with crazy volatility, especially towards the daily UTC close.
Roll up your sleeves and find a vein because we've got one last drop of hopium left to inject...