Bitcoin: Monthly Chart - MACD, RSI, MFI
Hello friends, today you can review the technical analysis idea on a 1M linear scale chart for Bitcoin (BTCUSD).
The chart shows the Bitcoin price with the MACD, RSI and MFI along with the Volume. MACD just had a bearish cross, only the 3rd one in BTC history. This is in line with the RSI falling below a multi-year support trend line (now resistance). Also, MFI shows money is flowing out of Bitcoin which is in line with the declining volume. I am not confident of the price meeting a new all time high anytime soon. I drew a Danger Zone support line on the price chart for anyone to start placing some early limit orders. Be careful trading long as there may be many bull traps ahead.
Lastly, since early November 2021, I have been warning people of BTC and crypto market in general price drop. Crypto Twitter and YouTube influencers have money to make so they will keep pushing for higher price indications but be careful who you listen to. November 30, 2021 closing price was $56,987.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
The chart shows the Bitcoin price with the MACD, RSI and MFI along with the Volume. MACD just had a bearish cross, only the 3rd one in BTC history. This is in line with the RSI falling below a multi-year support trend line (now resistance). Also, MFI shows money is flowing out of Bitcoin which is in line with the declining volume. I am not confident of the price meeting a new all time high anytime soon. I drew a Danger Zone support line on the price chart for anyone to start placing some early limit orders. Be careful trading long as there may be many bull traps ahead.
Lastly, since early November 2021, I have been warning people of BTC and crypto market in general price drop. Crypto Twitter and YouTube influencers have money to make so they will keep pushing for higher price indications but be careful who you listen to. November 30, 2021 closing price was $56,987.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
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