BTC Cup & Handle - Macro Trends
Updated
BTC Thesis:
- Bear Trend is nearing 3 year range (1000+ day range)\
- RSI After Quick Dump: In the Low 30s nearing 20s - Historically this is a hot spot for a quick pump
- Speed and Force of Dump: Anytime the market rips down 20-30% off an RSI not in the oversold range (70+) are typically liquidity events and not top signs
- BTC ETF: ETF was just started to be pitched to private investors really opening the door for institutions to onboard customers into the fund. I think this presented an opportunity to drop the market quickly and give big money a better entry
- Cup and Handle: We have formed a really nice cup and handle on the 1D
Note
Examples of RSI Hot Spots:
2020 Bottom : RSI 17 - Flash Drop 7k -> 4k
2021: RSI 20 - Flash Drop 60k - 30k
2022 Bottom : RSI 26 - Flash Drop 21k -> 16k
2023 Bottom: RSI 20 - Flash Drop 29K - 25k
2024 Bottom: RSI 28 - Flash Drop 69k - 50k
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.