If you needed any more convincing that bitcoin was primed for lift off, here's yet another positive indicator...
One thing all bitcoin bull markets have had in common is an RSI over 60 on the weekly chart.
Well, guess where the RSI is right now?
I'll give you a hint...
It's just getting over 60.
This may not sound like that big of a deal, but it is only the second time this has happened since the end of 2017...
Check it out:
(Source:
)https://twitter.com/100trillionUSD/status/1260963890973814789/photo/1
- 100trillionUSD
When looking at it in that context, it starts to carry a lot more weight.
Another check mark in the bitcoin bull market camp...
Not only does the RSI tend to go over 60 when bitcoin is in a bull market on the weekly, but it also tends to happen around the halving events.
If you look back at the above chart and see how it traded during the last major bull market, which by the way, looked like this:
(Source:
)https://twitter.com/henry_popescu/status/1260993932353249281
- henry_popescu
You will see that the RSI first crossed over 60 during the period shortly after the halving as well... (The previous halving was in July of 2016 for some context)
Which looks very much like what we are seeing again right now.
Hmm... coincidence?
I think not!
Time to rock and roll...
Fast forward to today and we have a halving event in our rear view mirror, an RSI that is just now crossing over 60 on the weekly chart for only the second time in the last 2.5 years...
Two things that historically have preceded massive moves up in the price of bitcoin.
I'm not sure about you, but from everything I have studied and looked at over the years says that we have everything in place for a massive bull market.
Literally things have played out almost exactly as we would have expected thus far, it's been pretty amazing really.
Now we just need one more dip so ol Doc can get his trading money back in there... :)
Stay informed my friends.
-Doc