Hello Everyone!
In this week’s Friday Video Update, I’ll be talking about my Monthly RSI post from X, alongside Weekly RSI Zones and 20-week EMA support.
As some indicators go overextended, some show plenty of room for growth in the bigger picture.
If you’d like even more frequent videos and loads of other benefits, check out Premium! You can learn all about what it offers right here.
Quick Summary
Price continues to consolidate under ATHs which has shifted the sentiment to fear
Our current downside period seems long, but during 2023 price went sideways for over 6 months dwarfing our 1 1/2 months or less of downside
The Monthly RSI says that two primary tops should form above the overbought area (70)
First tops have come at a value of 90 or more, but this is diminishing over time
We should still expect the first top to be greater than our move to a just 77 value
This move is comparable to March 2017 which did something similar before correcting with a move to 79
BitTime says that our cycles are similar month to month when they alternate, so it makes sense that we would compare to that time frame
The Weekly RSI has formed its first of two usual tops in the cycle top zone
The hope is that more highs are formed below the zone to give time before reentering to form the cycle top (for higher prices)
2017 made its first Weekly RSI cycle top hit in June, slightly after our current date
The 20 Week EMA should offer strong support in the event of any further correction, especially since price is not parabolic
This MA is currently priced around $55,600
Price looks fine for the future with some patience, and I am confident this cycle still has plenty of room for growth
A Drop of Patience