If we look at the monthly and weekly RSI we can see that BTC is forming a bearish divergence... but what does this mean?
1) Bitcoin managed every time to reach 97 level on the monthly RSI at its ATH of every cycle. Even in the double top ATH cycles of 2013, both reached 97 level.
2) Bitcoin reached 97 level in May 2021 before crashing in May down to 30k.
3) So either Bitcoin is forming a bearish divergence on the monthly and weekly RSI and will fall this cycle without making double top ATH on the RSI. If this scenario plays out it'd be a first for bitcoin and will take many traders by surprise, or...
4) Bitcoin may have a lot of room to pump so high from here... yet. And this cycle will be lengthened and extended to more months into 2022.
1) Bitcoin managed every time to reach 97 level on the monthly RSI at its ATH of every cycle. Even in the double top ATH cycles of 2013, both reached 97 level.
2) Bitcoin reached 97 level in May 2021 before crashing in May down to 30k.
3) So either Bitcoin is forming a bearish divergence on the monthly and weekly RSI and will fall this cycle without making double top ATH on the RSI. If this scenario plays out it'd be a first for bitcoin and will take many traders by surprise, or...
4) Bitcoin may have a lot of room to pump so high from here... yet. And this cycle will be lengthened and extended to more months into 2022.
Unless you figure a way to make money while you sleep, you’ll work till you die.