Hello Everyone!
Welcome back to a Friday Video Update from the Bitcoin Data Newsletter!
Today I’ll be talking about our short-term Bitcoin price action, as well as our post on X for the day on Weekly RSI Zones.
Enjoy!
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You can also view a live TradingView version of the Weekly RSI Zones that you can edit and make your own here.
Quick Summary
The Primary Trend for price action has both been lost, and retested as resistance
This reminds me of the April 2021 Cycle Top example where we saw something very similar, as I called for a top at 64k then
I think a correction of about 30% is perfectly reasonable given how much price has risen which would bring us to around 30k (29k - 32k) I will use data for a more precise measure closer to time
I believe it’s likely that the rejection from the trend continues based purely on simple TA, but also according to multiple data-based sources that I have been talking about
Volatility is reducing, and price has yet to decide a firm direction for the short-term
The Weekly RSI zones show us roughly where we can expect Bitcoin to bottom, top, and start the bull market, but in a leading indicator way which is not precise
These zones also show us that we have formed a likely short-term top from this point like we have seen in other previous cycle examples
The Bull Support zone now acts as a magnet for Weekly RSI, and it seems likely we would visit there at some point
I am waiting to see what comes of the ETF speculation on January 10th, but overall I value what data says more which is why I have stuck to my 45k mid-top call
