One Very Relevant Bitcoin Trend to FollowBitcoin Monthly TF Analysis
Historic RSI Trend
January 2, 2021
Eric Thies
Taking a look at the Bitcoin Monthly Chart, shown here as Brave New Coins BLX Index, it becomes incredibly clear why the 1M Trend is one of the primary indicators many should be tracking on a macro level.
With the price sitting at a lovely $30k, we are now reaching new highs that will soon bring new money, investors, and attention to the king of all cryptocurrencies. That said, such attention will also bring negative sentiment, perpetual condemning, and ignorant claims that question the currency as legitimate.
All things considered, this is ultimately just noise aimed at keeping retail traders sidelined while corporations, institutions, and potentially even government entities become fully invested with their share of the pie. As witnessed in 2017, businesses leaders like JPMorgan's Jamie Dimon have zero issue with condemning the crypto universe while the lower ranks of the bank actively purchase and invest into it.
Bitcoin Monthly RSI
As noted on the chart here, we have seen this trend before, and its almost too similar.
In each previous market cycle, the RSI on this Monthly TF has double topped in the 94-97 range, after a parabolic advance following the block halving event.
At cycle as well, monthly RSI crossed our current level of 82 just around the price of its prior ATH.
We are seeing the identical pattern in this current cycle, as of now on BTCUSD
In Summary
Watch the monthly RSI.It is currently 82 and should top out around 92 later this year in 2021
