🅱️ Bitcoin Short-Term (4H TF RSI)

Bitcoin's 4H RSI hit its highest level since early December 2023...

This is pretty interesting since the 4H RSI has been producing lower highs since late October 2023, so we have the highest reading in a little more than two months —now reaching "overbought" levels.

Each time the RSI entered overbought levels Bitcoin was trading at new highs and a continuation of the bullish trend followed.

👉 Here we are seeing for the first time the RSI entering the overbought zone yet Bitcoin trading within a lower high (vs 11-Jan). This can lead to the RSI producing a long-term lower high (February 2024 vs October 2023) and the resumption of the bearish move started mid-January.

This is just one signal and needs confirmation, it also needs to be considered in a broader market context to be of value.

Thank you for reading.

Namaste.

Trade closed: stop reached:

New high hit. The bears lose the upper-hand.