Updated

Bitcoin: Possible Drop Before Rise

Hello Traders, I'm going to keep this chart simple. I, along with many others, have been paying close attention to the breakouts we have been having with BTC recently. Short term, we have broken out of the triangle and now testing 40k, which seems very bullish.

I personally think a lot of the time, we overanalyze and create repeating patterns that on a larger scale don't mean as much and are harder to predict. I think when you look at this chart you will see what I mean.

It's possible we see a complete break out at this moment on the RSI after a year and 6-month downtrend but I think more than likely we see one more drop before squeezing out officially.

Let me know your thoughts

Note

This is still a likely scenario. The only thing that leaves me more optimistic than I probably should be is the RSI has developed the strongest bullish trend we have seen since September 2020. It genuinely MIGHT break that bearish resistance even after the brutal day we have had today.

Note

I would say at this point we most certainly are still in the same trend with the RSI and we are headed for another substantial move down.

NoOneWhoIsSomeone

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.

NoOneWhoIsSomeone