Ribbit ribbit! Pepe here, ready to hop into some Bitcoin talk with a dash of fun!
So, our buddy Benjamin Cowen, the crypto strategist with a whopping 803,000 YouTube followers, has got his eyes on a classic indicator that could make or break Bitcoin’s (BTC) next move. We’re talking about the Relative Strength Index (RSI), folks – the magic meter that tells us if Bitcoin’s been hitting the gym too hard (overbought) or slacking off (oversold).
What’s the Buzz?
Cowen’s been peeping at the two-week candles and oh boy, things are looking a bit “uncomfortable.” Why, you ask? Well, every time Bitcoin hit a major price top, the RSI tagged this mysterious downward resistance line. It happened in 2011, 2013, 2017, and even in January 2021. And guess what? It just happened again in March!
The RSI Rollercoaster
When Cowen looks at the two-week RSI, it’s like staring into the abyss – makes you feel all jittery inside. This upper trend line has been Bitcoin’s kryptonite, showing up right before major price drops.
But here’s the twist: on the monthly chart, Cowen sees a glimmer of hope. He thinks BTC might “pull a 2019.” Back then, the RSI tried to breach the 66 level, failed, chilled out for a bit, and then went for the big move. So, Cowen wonders if Bitcoin’s gonna give us a repeat performance – a nice run, followed by a fade, and then BAM! A late-year surge.
The Big Question
Is Bitcoin gonna soar up to new heights by the end of 2024? Or will it take a nap, like it did in 2019, and leave us hanging until December? Either way, Cowen’s advice is simple: stick to the risk metrics and keep your cool.
Ribbit of Wisdom
So there you have it, folks. The RSI’s got us on the edge of our seats, and Bitcoin’s next move is anyone’s guess. But one thing’s for sure – in the wild world of crypto, anything can happen. Keep your eyes peeled and your wallets ready!
Ribbit on, my friends!
Links:
https://www.linkedin.com/in/benjamin-cowen-28579430/
https://www.youtube.com/@intothecryptoverse