BTC Weekly to possibly identify a longer term bear market
BTCUSD - 1W Analysis
I've been studying the weekly chart of BTC with the RSI and found out something interesting, I guess.
It seems that a break up or break down of the ~42 RSI level on the weekly chart triggered a new bull- or bear market. In 2014, this level seemed to be the trigger to confirm a longer term bear market. The bear market continued untill this RSI level was cleared and held support.
Currently, BTC is hovering around this RSI level and this level was already tested once.
Of course there are no guarantees that this will happen again, but this could again be the trigger to confirm a longer term bear market or, possibly, the continuation of a much larger bull run.
Let me know what you think!
I've been studying the weekly chart of BTC with the RSI and found out something interesting, I guess.
It seems that a break up or break down of the ~42 RSI level on the weekly chart triggered a new bull- or bear market. In 2014, this level seemed to be the trigger to confirm a longer term bear market. The bear market continued untill this RSI level was cleared and held support.
Currently, BTC is hovering around this RSI level and this level was already tested once.
Of course there are no guarantees that this will happen again, but this could again be the trigger to confirm a longer term bear market or, possibly, the continuation of a much larger bull run.
Let me know what you think!
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