BTCUSD Bitcoin Potential Bearish Divergence on Monthly Timescale
Hey Guys, bitcoin has been doing great for the past couple months, making multi-year highs and gaining media attention once again, but i'm starting to become bearish on the long term for bitcoin,
Why you may ask???
it all has to do with the Monthly Timescale and the potential development of massive Bearish Divergence that could lead to the next bear market and another massive crash for bitcoin if it comes to fruition,
Now let me explain on how i came to this, i started paying attention to the rsi on bitcoin monthly timescale and noticed that back in December 2017 we went as high as 96 on the rsi, but as of November 2020 we are currently at 72 on the rsi, and my theory is that bitcoin could either double top at all time highs, or make a slightly higher high on price, while the rsi makes a lower high and then if confirmed would be a bearish signal, start a massive sell off and create the next bear market
Why you may ask???
it all has to do with the Monthly Timescale and the potential development of massive Bearish Divergence that could lead to the next bear market and another massive crash for bitcoin if it comes to fruition,
Now let me explain on how i came to this, i started paying attention to the rsi on bitcoin monthly timescale and noticed that back in December 2017 we went as high as 96 on the rsi, but as of November 2020 we are currently at 72 on the rsi, and my theory is that bitcoin could either double top at all time highs, or make a slightly higher high on price, while the rsi makes a lower high and then if confirmed would be a bearish signal, start a massive sell off and create the next bear market
