A look at BTC on a higher timeframe from an RSI viewpoint.
3 Day Chart - RSI Settings (length = 21, MA = 21).
Things are getting interesting! We have broken the RSI Downtrend (green) but are also sitting right at the previous broken support. (red line - previous break downs in red crosses)
This line has been major RSI support since 2019.
We currently have some hidden bearish divergence and have hit the 0.618 of the previous move down, meaning it's likely we're due for a retrace here.
Using the broken RSI trendline as our support, we need to hold 19500 to have a bullish run. (Green line on chart - This also lines up with the 0.782 so could be a deep retracement)
In regards to future resistance, breaking up through the red line will have us in the all clear and the next line of major resistance on the RSI is 25,900 on the 1 Week Chart ✌🏼
3 Day Chart - RSI Settings (length = 21, MA = 21).
Things are getting interesting! We have broken the RSI Downtrend (green) but are also sitting right at the previous broken support. (red line - previous break downs in red crosses)
This line has been major RSI support since 2019.
We currently have some hidden bearish divergence and have hit the 0.618 of the previous move down, meaning it's likely we're due for a retrace here.
Using the broken RSI trendline as our support, we need to hold 19500 to have a bullish run. (Green line on chart - This also lines up with the 0.782 so could be a deep retracement)
In regards to future resistance, breaking up through the red line will have us in the all clear and the next line of major resistance on the RSI is 25,900 on the 1 Week Chart ✌🏼