BTC is following the old pattern is way too oversold on the Monthly candle. The last time we saw a monthly candle dip below to the low 20s on the RSI was in 2018.
This is significant because a lot of people are calling for shorts to 12k, however comparing this is each 6-8 month bear-bull cycle in the past for up to 4 years, the exact same reversal scenario is scene when the RSI hits the bottom so hard and then flips bullish for a few months.
In addition, this is at the Fib level 1 (which is extremely volatile).
In conclusion, BTC is going to shoot up really quickly, but be rejected by the old support line that's drawn, and it will actually act as a resistance line. What's even worse is it will use the Fib levels are resistance. For the next few months it may be bullish, but overall it's still trending down for the next year.
This chart is bullish for the next few months coming. Good time to buy and hold and sell on the top as shown in purple on the chart.
This is significant because a lot of people are calling for shorts to 12k, however comparing this is each 6-8 month bear-bull cycle in the past for up to 4 years, the exact same reversal scenario is scene when the RSI hits the bottom so hard and then flips bullish for a few months.
In addition, this is at the Fib level 1 (which is extremely volatile).
In conclusion, BTC is going to shoot up really quickly, but be rejected by the old support line that's drawn, and it will actually act as a resistance line. What's even worse is it will use the Fib levels are resistance. For the next few months it may be bullish, but overall it's still trending down for the next year.
This chart is bullish for the next few months coming. Good time to buy and hold and sell on the top as shown in purple on the chart.
