BTCUSD: Consistent Historic New Market Cycle Indications
This much I know is true.
What is it?
This is the BTCUSD weekly chart from the Bitstamp exchange + RSI Indicator.
What does it show?
Will price go up or down short term is anyone's guess, but looking at momentum on the weekly and monthly charts, it is definitely down.
Comments down below to open discussion and thank you for reading.
What is it?
This is the BTCUSD weekly chart from the Bitstamp exchange + RSI Indicator.
What does it show?
- The price crossing below current cycle support trendline always coincides with the RSI being oversold (<30).
These both indicate a new market cycle has begun.
The price has not yet crossed through so a new market cycle has not yet begun.
Will price go up or down short term is anyone's guess, but looking at momentum on the weekly and monthly charts, it is definitely down.
Comments down below to open discussion and thank you for reading.
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