This is a quick analysis on BTC PA but from an RSI perspective . BTC is clearly oversold condition. I leaning yours a range before a nice sell off but for continuation of the bull-run. RSI historically has maintain above .60 level and has touched that level several times during the bull-runs in the past . As I am writing this post , got an alert that USDT was minted in the TRON network, 150 million USDT . So lets see what occurs but this is my analysis .Some traders think 20-24k new highs before the sell off. I am not sure. I leaning tours a range than sell off but as bias as I want to be with this idea , I think BTC pump soon , this minting of tether could confirm this option.
Two things I see on how RSI will reset to 60-64 level , I am bias tours option 1.
Option 1 : BTC pukes from the range . Pumps a bit and pukes to 12-15k . 12k is the origins of zone that led to 2020 highs . In HTF is a flip S/R zone 12k . Also PA 101 , it must return at some point to this origins source of the break out . And it’s a critical critical zone . It dumps and rsi has to revisit 64-60 zone by puking blood bath
Option 2: BTC ranges Between 2 price zone 16-18k while rsi goes down to 64-60 zone . While BTC ranges Alts go crazy.
Now this pump which seems like it will occurs and my bias will be destroy is because if I treat BTC like Sh*T coin PA 101 (image ) once this key level is gain quickly when it does a rounded retest etc or not , price continue upwards . The recovery was quickly so based on the way I look at sh*t coins it states that a range ( based was created LTF then sold off , it got bought up fast ! Means price will continue to go higher )
But a break below 17700 kiss it good bye to near territory of 12k having said this , as much as I want to be bearish for sell off so I can get DOT cheaper , seems like it will rally higher.Than sell off . But max pain is now in my opinion sell it off now because there is so many bullish set ups in HTF ultimate pain now .
So the moral of the story is im Neutral leaning bearish for a range than sell off . But one thing is Certain Rsi says it must reach level 60-64 a must before continuation. So If BTC ranges between two levels RSI will go downward but not PA no so much or it sells of right away along with RSI till those levels.
It has to retest 12k or near it. In my opinion or near it . PA 101
