$BTC put in a local bottom. The bottom will be in hindsight just as The top was in hindsight.
$BTC
Let's make a bullish case:
RSI just hit a reading of 82 on the daily chart. This is ultra bullish, not typical of a fake out right before a big drop.
Recent big price drops we've seen RSI reach as high as 65-70 levels prior to dropping, similar to big drops in 2022.
Coming out of the 2022 bottom:
Bullish divergence ->
RSI reached 88 January 14th ->
Price pumped 50% from buy signal to top wick ->
Took 30 days for trending dots to catch-up ->
Price retraced -33% and then pumped again
Cautions remain as posted earlier.
Make a macro higher high above $82,000 and in hindsight that will have been The bottom. Below it and it's another lower high.
$BTC
Let's make a bullish case:
RSI just hit a reading of 82 on the daily chart. This is ultra bullish, not typical of a fake out right before a big drop.
Recent big price drops we've seen RSI reach as high as 65-70 levels prior to dropping, similar to big drops in 2022.
Coming out of the 2022 bottom:
Bullish divergence ->
RSI reached 88 January 14th ->
Price pumped 50% from buy signal to top wick ->
Took 30 days for trending dots to catch-up ->
Price retraced -33% and then pumped again
Cautions remain as posted earlier.
Make a macro higher high above $82,000 and in hindsight that will have been The bottom. Below it and it's another lower high.