BITCOIN Deep Dive On Daily Bars and RSI

The markets have been extremely flat and for the most part, not interesting. So, I wanted to take this opportunity to talk about a couple of things which I was observing while taking a look at the daily chart.

First, yes, we are in extreme consolidation and we've seen almost no movement in terms of price action and closes over the last few days. This is natural and a good thing. Volumes have died down, and we are awaiting another likely bear break which would be confirmed by a break and close below $3,425.

RSI has given up on the daily, and we haven't seen any signs of it making a higher trend upward. Because of this, it's very likely (even more) that we are probably going to experience a bear break. The complete lack of bull action has let the RSI slide down and normalize in a downward direction. If you blow up the daily RSI, you will see it's flat similar to the daily trading action, however, is still heading down. The last rally was still lower in comparrison to what we saw right before the break of $6,000. Since we're lower without any continuation and bounce, this makes it even more all the likely that a pullback is of greater likelihood.

I'm still sitting in all cash until I get a lot of confirmation that there's a bull move, or opportunity for an oversold bounce. Hope you all have had a great weekend!!!