Weekly RSI - Reversal at the end of December
Greetings Readers -
I just joined the Technical Analysis aspect of the market in the 3rd quarter of this year, and after a couple of bullseye analysis, including the short of BTC from it's ATH (which pissed some of my friends that are in the game longer than me), I decided to start sharing my analysis with the public.
Non of this is any trading or investment advice.
I don't know how this "Publish Idea" system works, so bear with me. Get it..?
____________________
Technical Analysis:
While everyone is going crazy because of BTC, and seem to have forgotten the past few months, I decided to 'ZOOM OUT'.
Weekly RSI shows that BTC was overbought for a long time.
And if we know anything about RSI Analysis, is that when overbought, it has to go back down.
Or the volume and Bull pressure has to be high enough for it to reach 100 RSI like it did early this year. But clearly the pressure on Q4 wasn't remotely close to Q1.
This meant that RSI had to come back down and prepare for the next reversal.
If we zoom out to the Weekly Chart, it looks clear as day. We are about to hit the reversal point of RSI.
ATH $69000 - RSI 80
Current Price $49000 - RSI 37
Expected Reversal $45000/$40000 - RSI 35 / RSI 25
____________________
Personal Opinion:
I rather have a deep RSI reversal, instead of fake-out reversal like in April 19.
A deep reversal would make me more hopeful for a long run, and healthier for the altcoins.
It's about to enter a wide support area also, which gives me more hope for a reversal.
It's going to be at the start of 2022. People will want to believe that BTC will shoot to the moon like it did in Q1 of this year, meaning that experienced AND unexperienced investors would invest in BTC, specially from their EOY bonus.
And lastly, we all know 70% of all BTC is locked, meaning that the whales DO control this market. I believe they will push a heavy reversal early in January, letting the hype do the rest.
Thank you and any feedback is welcome!
I just joined the Technical Analysis aspect of the market in the 3rd quarter of this year, and after a couple of bullseye analysis, including the short of BTC from it's ATH (which pissed some of my friends that are in the game longer than me), I decided to start sharing my analysis with the public.
Non of this is any trading or investment advice.
I don't know how this "Publish Idea" system works, so bear with me. Get it..?
____________________
Technical Analysis:
While everyone is going crazy because of BTC, and seem to have forgotten the past few months, I decided to 'ZOOM OUT'.
Weekly RSI shows that BTC was overbought for a long time.
And if we know anything about RSI Analysis, is that when overbought, it has to go back down.
Or the volume and Bull pressure has to be high enough for it to reach 100 RSI like it did early this year. But clearly the pressure on Q4 wasn't remotely close to Q1.
This meant that RSI had to come back down and prepare for the next reversal.
If we zoom out to the Weekly Chart, it looks clear as day. We are about to hit the reversal point of RSI.
ATH $69000 - RSI 80
Current Price $49000 - RSI 37
Expected Reversal $45000/$40000 - RSI 35 / RSI 25
____________________
Personal Opinion:
I rather have a deep RSI reversal, instead of fake-out reversal like in April 19.
A deep reversal would make me more hopeful for a long run, and healthier for the altcoins.
It's about to enter a wide support area also, which gives me more hope for a reversal.
It's going to be at the start of 2022. People will want to believe that BTC will shoot to the moon like it did in Q1 of this year, meaning that experienced AND unexperienced investors would invest in BTC, specially from their EOY bonus.
And lastly, we all know 70% of all BTC is locked, meaning that the whales DO control this market. I believe they will push a heavy reversal early in January, letting the hype do the rest.
Thank you and any feedback is welcome!
Disclaimer
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