In this video, I give my observations on this current Bitcoin market cycle. Nothing earth shattering, just my observations of some of Bitcoin's price action since the bear market bottom in November 2022.
The big question on most people's mind right now is: Has Bitcoin peaked for this market cycle?
This is what I am trying to determine, as I am sure many others are as well.
While looking for possible end of market cycle patterns and reviewing longer term time frames, I found a pattern on the Stochastic RSI (which I mispronounced in the video!) 😂
Looking at the Stochastic RSI indicator on the monthly time frame, you can see that about two months after each market cycle peak the indicator drops below the 20 level. In all of Bitcoin's price history, there isn't one instance when the Stochastic indicator on the monthly time frame drops below 20 that the price of Bitcoin recovered to push to a higher market cycle peak. In every instance it cemented the previous peak as the market cycle peak. Even though the drop below the 20 level lags well behind the peak, I believe that it can be useful in determining if the cycle peak has been hit or if there is more bull market yet to come.
The big question on most people's mind right now is: Has Bitcoin peaked for this market cycle?
This is what I am trying to determine, as I am sure many others are as well.
While looking for possible end of market cycle patterns and reviewing longer term time frames, I found a pattern on the Stochastic RSI (which I mispronounced in the video!) 😂
Looking at the Stochastic RSI indicator on the monthly time frame, you can see that about two months after each market cycle peak the indicator drops below the 20 level. In all of Bitcoin's price history, there isn't one instance when the Stochastic indicator on the monthly time frame drops below 20 that the price of Bitcoin recovered to push to a higher market cycle peak. In every instance it cemented the previous peak as the market cycle peak. Even though the drop below the 20 level lags well behind the peak, I believe that it can be useful in determining if the cycle peak has been hit or if there is more bull market yet to come.
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.
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.