BTC BREAKOUT RSI SPECULATION

6 Dis 2021

BTCUSDT


ORANGE LINES: WEEKLY OPEN CLOSE(OC) TREND LINE
YELLOW LINE: DAILY OC TREND LINE
RED LINE: BEARISH DIVERGENCE (BED)
GREEN LINE: BULLISH DIVERGENCE (BUD)
SQUIGLY IN THE BACK: EMA 20 50 100 200




At the top at 65k in April BTC had BED at the peaks, following that also at the September and November runs, whenever market was nearing a local top we had BED. And subsequently creating support zones when we drop and have bullish divergences. Perhaps only to swing back and forth in this giant Ascending Triangle. Which is a continuation pattern that might take BTC to its next macro ATH target.

Scenario wise there are a few key things that might help this to play out. For Instance the most recent bullish divergence could be the push that pulls us back over 69k. However the excitement would be short lived as BTC could take a plunge right back from 70-71K if the RSI rises too quickly and forms another BED.

Nearing the tip of the Ascending Triangle BTC could drop below the trend line to liquidate some open interest however it is common for BTC to break back into triangle and then breakout right at the end or even sometimes after.