BTC recovery looks imminent now.

2021년 6월 20일

Recovery is imminent now. The reason for this is the RSI graph that you see at the bottom of the image. RSI is in a downtrend since early January this year. So, that is a very good indicator. A good indicator is something which has been holding for a very long time, in this case, 6 months. But now, it is more probable to break that upper resistance line than ever. So the thing with trendlines is that every time the graph hits a trendline, it either makes a higher high(in the case of a lower support trendline) or a lower low(in the case of an upper resistance trendline). And the chances of breaking that trendline increases when it retraces back to that trendline without making a higher high or a lower low. Here, in this case, we can see that RSI had already made the bottom(around 20 during mid-May. So, for the downtrend to hold, it needs to go below 20 which is very unlikely. And it has currently acquired an upward momentum in the last 2 days and the next time it goes near that upper line, it is very likely to break.

So, I believe 30k is the bottom for now. But if in the very rare case, if it goes below 28-29k, it might go to 20k( looks like that from H&S), and that might also mean daily RSI trying to make a lower low.

NFA. Goodluck.

2021년 7월 4일

노트

Daily RSI has just broken out of the 7-month long downtrend today. That's a good bullish sign. But we need a few more green daily candles for confirmation. Also, weekly candle made a hammer last week. That's also another bullish signal. So I believe that next time the price tests the 40k-43k region, there is a better chance of breaking out than earlier.