BTC - RSI in TROUBLE for SHORT TERM

Jul 4, 2024

Continuing this long standing analysis on Bitcoin since I first pointed out the danger of an M-Pattern forming:

The Weekly RSI has dropped under 50, which is bearish for the time being (until the RSI gets back above 50). However, this alone does NOT mean we're back in a bearish cycle. Watch the video to see the conditions.

Previously, we were discussing the likelihood of a 20% retracement:

To clarify - I still think it's likely for Bitcoin to see another ATH this year. But, as I pointed out in the fractal, it could be a multi-month playout.

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BTCUSDT

Jul 5, 2024

Trade active

-24% reached, and -30% will be exactly on the first support zone.