What up Crypto fam! I just wanted to share my idea that BTC may be showing signs of a reversal based on confluence of a few technical indicators on the Monthly and Weekly charts.
Let me know if you have any comments or critiques!
This idea is pure speculation and not financial advice.
Orange – Monthly RSI 14 Close: At the top of each previous bull run you see some type of bearish divergence before price enters an extended downtrend. The end of each downtrend concludes with a consolidation period below the midline (50).
Purple – Price is currently testing major uptrend support established by Jan 2015 lows and March 2020 lows.
Blue – Info Line: Shows the length of the previous and current consolidation periods.
Orange – Weekly RSI 14 Close: We are starting to see signs of bullish convergence with price making lower lows while RSI makes higher lows. This is a possible indication that momentum to the downside is slowing.
Green – Weekly Volume: Shows above average at monthly uptrend support. This aligns with RSI showing that buyers are coming in, slowing momentum to the downside.
RSI 14 close on the daily chart also shows bullish convergence.
Let me know if you have any comments or critiques!
This idea is pure speculation and not financial advice.
Orange – Monthly RSI 14 Close: At the top of each previous bull run you see some type of bearish divergence before price enters an extended downtrend. The end of each downtrend concludes with a consolidation period below the midline (50).
Purple – Price is currently testing major uptrend support established by Jan 2015 lows and March 2020 lows.
Blue – Info Line: Shows the length of the previous and current consolidation periods.
Orange – Weekly RSI 14 Close: We are starting to see signs of bullish convergence with price making lower lows while RSI makes higher lows. This is a possible indication that momentum to the downside is slowing.
Green – Weekly Volume: Shows above average at monthly uptrend support. This aligns with RSI showing that buyers are coming in, slowing momentum to the downside.
RSI 14 close on the daily chart also shows bullish convergence.
