Bitcoin continues to push to the upside, powered by massive inflows into the spot ETFs. It’s beautiful to see the fundamentals that were expected playing out in real time.
You may remember the little blue circle on RSI from a few months ago. As I pointed out then, when RSI gets overbought on the weekly chart, that is a massively bullish signal - not the time to look for pullback. You can look on the left of the chart and see the last time it was oversold in 2020, when price was around $11,000 - before it went to $65,000.
We are squarely in the power zone here, and can stay or a very long time.
$52,100 is currently the main resistance, after we broke through $48,420. Above that, there’s a big zone around $57,000.
Enjoy this ride.
You may remember the little blue circle on RSI from a few months ago. As I pointed out then, when RSI gets overbought on the weekly chart, that is a massively bullish signal - not the time to look for pullback. You can look on the left of the chart and see the last time it was oversold in 2020, when price was around $11,000 - before it went to $65,000.
We are squarely in the power zone here, and can stay or a very long time.
$52,100 is currently the main resistance, after we broke through $48,420. Above that, there’s a big zone around $57,000.
Enjoy this ride.
scott.melker@texaswestcapital.com