mortonpeak

Long Term RSI for BTC is... same volatility, accelerated value

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
YOY, bitcoin preserves the same monthly RSI . Overselling, overbuying all looks the same. Same darn pattern. But the last months exhibit such dramatic price rises, you have to think that the core BTC buyer is committed to BTC . Why? They perceive the same structural weakness across economies, worldwide, and that BTC is an agreed store of value. My chart omits total volume , only price momentum as RSI . So what does that say about the BTC fundamentals? It suggests that similar, periodic price momentum exists indepent of value. Thus, a radical increase in price has the same price momentum as prior, more conservative price regimes. BTC is perceived among its core buyers as a safe reserve of value, and they will continue to buy it. Whose dollar matters the most in the BTC market? The core investor, who are exponentially richer now, than then. They will drive the market for the coin long and short term.
Comment: takeaway: long term bullish BTC
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