Bitcoin to 100k - RSI weekly analysis
RSI weekly
Zooming out again, we can see that the last time the RSI dipped below 50 on the weekly RSI was back towards the end of 2014. What followed was a rather prolonged bear market which lasted all the way up to the end of 2015 (over a year downtrend). When the RSI passed back across the 50 RSI on the weekly, well, we all know what happened then, a bull run which took us all the way up to 20k.
This is obviously all pure speculation, however, if Bitcoin does follow a similar cycle as it did towards the end of 2014, then we could be going as low as 3k this year. But, what will hopefully follow after the RSI crosses back above 50 will be a bull run like none seen before :)
There was a lot of talk (back in Jan) about price not dipping below the 50 RSI for over 2 years, so it was very unlikely to do so. Well we have now crossed below the 50 RSI (on the weekly chart) and things could continue to decline for the next 6 months or so before there is a proper reversal. I just wanted to put this up now as a record of my thoughts more than anything, obviously, like i've already said, this is pure speculation and i'm not some kind of mystic that can predict the future...! I just like drawing lines on charts :)
Please upvote and comment :) 
SmilingLlama 
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SmilingLlama does not provide investment advice, and nothing in his guides or any articles or communications from SmilingLlama should be taken as such, everything is for entertainment purposes. SmilingLlama recommends you seek financial advise from a certified financial advisor before making any investment decisions
Hi, great post, have followed you. What do you think of the current state of the Bitcoin market?
Hi thanks. I think there is still a lot of uncertainty, lots of price manipulation, and plenty of FUD by the media. On the flip side, the technology is getting ever stronger, companies are growing and maturing (think of Lisk for one example), and the general direction of the market is moving in the right direction, just at a slower (more sensible) pace than it did in 2017. For traders though, i believe we may see this overall general downtrend continue for months before we see a proper market reversal - just look at the price volume on any of the charts, it just isn't really there like it was in 2017. But, this is crypto, things could turn bullish in an instant, and then all the rockets and moon memes will be out in force again! :)