BTC Monthly RSI Heading Lower
In this chart of Bitcoin's monthly RSI we can see that it's heading lower toward a still upward trending level of support, but this indicates further downside this week to close the month / year for BTC.
We can see the important support / resistance levels for Bitcoin over the years, where the RSI has been rejected or acted as support, so any long-term bullish rally would have to 1st bounce off of the upward sloping lower RSI trendline but also break (and hold) above the key levels shown.
The fact that we're forming another major Head and Shoulders pattern (which I correctly pointed out and predicted lower price action back in early April) is setting up again, with a potential drop much lower.
I'll create a separate post about that soon, and possible price targets if that should play out.
We can see the important support / resistance levels for Bitcoin over the years, where the RSI has been rejected or acted as support, so any long-term bullish rally would have to 1st bounce off of the upward sloping lower RSI trendline but also break (and hold) above the key levels shown.
The fact that we're forming another major Head and Shoulders pattern (which I correctly pointed out and predicted lower price action back in early April) is setting up again, with a potential drop much lower.
I'll create a separate post about that soon, and possible price targets if that should play out.
25-year investor & trader, bought 1st BTC at $20
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
More information:
Moonstream Crypto: moonstream.io
M3 Active Trader: Moonstream.io/M3
Trading Signals: CryptoMastery.org/pro
Work With Me 1:1
moonstream.io/work-with-me
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.