Extrapolation of Bitcoin's Monthly Price Action and RSI
Here I've superimposed the RSI indicator over the price action in this chart and extrapolated RSI and price action into the future. I don't have a crystal ball and this will undoubtedly be wrong in some way but IF we are to have a good old fashioned Bitcoin Bull Run then it could end up being three upward-trending legs and then a blow-off top. I've drawn boxes around the earliest to latest we might see the tops.
I always go into the future with ideas about it. No one could've predicted the 2019 rally and so 2020 and 2021 will most likely look different than in the past. But I know what to look for in a bull market and I know what my confirmations are. If 2019 was the first leg of a new bull rally then it makes sense that the RSI would spike upwards. If we get another leg then it's further confirmation. It's possible that this is the case because despite being wildly larger than any previous leg 1, it still followed the same basic fractal. Look at my previous analysis to see how I called the bottom.
I like to have a plan so when things change they're changing FROM something I've created as a reference point for my thinking. I think the future is going to be similar to previous cycles in some ways but also very different in others.
I know many analysts don't care for this type of extrapolation. I don't trade on this type of speculation, I look for specific patterns that have developed and then I strike. But this gives me a roadmap that BTC will follow or deviate from and that's good information to have at hand. Don't want to miss the forest for the trees.
Peace, Love, & Crypto,
B166ER
I always go into the future with ideas about it. No one could've predicted the 2019 rally and so 2020 and 2021 will most likely look different than in the past. But I know what to look for in a bull market and I know what my confirmations are. If 2019 was the first leg of a new bull rally then it makes sense that the RSI would spike upwards. If we get another leg then it's further confirmation. It's possible that this is the case because despite being wildly larger than any previous leg 1, it still followed the same basic fractal. Look at my previous analysis to see how I called the bottom.
I like to have a plan so when things change they're changing FROM something I've created as a reference point for my thinking. I think the future is going to be similar to previous cycles in some ways but also very different in others.
I know many analysts don't care for this type of extrapolation. I don't trade on this type of speculation, I look for specific patterns that have developed and then I strike. But this gives me a roadmap that BTC will follow or deviate from and that's good information to have at hand. Don't want to miss the forest for the trees.
Peace, Love, & Crypto,
B166ER
"You didn't come here to make a choice, you've already made it. You're here to try to understand why you made it."
―The Oracle
―The Oracle
