This is my RSI perspective for the timeframes Weekly and Monthly. I try not to attach too much value to these types of views, as they say little about price and divergence between RSI and price can go on for a long time.
Monthly:
Looking at monthly RSI i see a H&S where the right shoulder is confirmed and RSI is close to hitting the 2009 rising trend support. I think RSI will make a bounce here, making it a nice level for looking for a long position. Since monthly is not there yet, i will be biased short until it finds support there. I also think it's non-trivial to notice the long wicks on the monthly candlesticks indicating a lot of selling pressure around 12000. I will be more biased to short when the rising trend support since 2009 breaks and i will adjust my long/short position sizes accordingly. Until then i think we're still in a bull market and i will short this market with much caution.
Weekly:
Looking at weekly RSI i'm seeing support slowly break below 47.5. I expect next week to be pivotal, where RSI will either completely fall through to the yellow area around 40.0 or bounce up to the broken rising support line to make it's way down from there. Considering it already seems to crack i'm biased short and will look for any opportunity to go short.
Monthly:
Looking at monthly RSI i see a H&S where the right shoulder is confirmed and RSI is close to hitting the 2009 rising trend support. I think RSI will make a bounce here, making it a nice level for looking for a long position. Since monthly is not there yet, i will be biased short until it finds support there. I also think it's non-trivial to notice the long wicks on the monthly candlesticks indicating a lot of selling pressure around 12000. I will be more biased to short when the rising trend support since 2009 breaks and i will adjust my long/short position sizes accordingly. Until then i think we're still in a bull market and i will short this market with much caution.
Weekly:
Looking at weekly RSI i'm seeing support slowly break below 47.5. I expect next week to be pivotal, where RSI will either completely fall through to the yellow area around 40.0 or bounce up to the broken rising support line to make it's way down from there. Considering it already seems to crack i'm biased short and will look for any opportunity to go short.
