The PI cycle didnt trigger at the top but looks eerily similar to last time at the bottom ! Not seen anyone else talking about it but isn’t it right under our noses ?
The stoch rsi is showing downward momentum on the 1w and 2w charts. Also, bitcoin is testing the support of the 200 ma for the 4th week on the trot and if this breaks that could be the release for further downside. We’d need to see a big bounce with volume soon to stop that playing out 🥸
The bounce from support at 60k is motivating the BTC bulls but on the shorter time frames there’s a perfect bear flag formation. Should this confirm with a breakdown, another low below 60k will be on the cards
@mdtrade Maybe, but on the shorter time frames there’s now a potential bear flag visible on the 1hr and 4hr. On the weekly chart the stock rsi is firmly locked on downward momentum. We also haven’t yet hit the technical target from the big bear flag breakdown so still downward potential.
@mdtrade The stoch RSi on the weekly chart is now showing established momentum to the downside, let us see if the weekly close is below or above 60k and then review.