![Bitcoin Can be the Digital Property for the Middle Class Says Michael Saylor and Reveleas Reasons why BTC is a Good Investment](https://captainaltcoin.com/wp-content/uploads/2023/06/P2P-Review-2023-06-30T104348.749.png)
Experienced investors often find comfort and clues in certain patterns and tools that have proven useful over time. One such tool, which has been consistently reliable yet sometimes ignored, is the Monthly Relative Strength Index (RSI).
According to an analysis on TradingView, the monthly RSI has been steadily following a long-term pattern that moves up and down, offering an interesting look into the possible predictability of Bitcoin’s price changes.
What you'll learn 👉
Smart Moves for Long-Term Investors
Big investors and long-term holders have been using this up-and-down pattern to smartly choose when to enter and exit the market. It’s important to remember that sometimes the most effective strategies are also the simplest.
![](https://captainaltcoin.com/wp-content/uploads/2023/10/image-339-1024x412.png)
Here’s the summary of the strategy:
- Buy Bitcoin when the monthly RSI hits the bottom green area.
- Sell Bitcoin when the monthly RSI reaches the top red area.
Looking at past data, this strategy works well. If you had followed this method in the last few years, you would have bought Bitcoin at about $3k, sold it at around $60k, and bought it again at about $17k!
Bitcoin (BTC) Technical Outlook
Bitcoin, a popular cryptocurrency, has been bouncing between two price levels: $25K and $28K. The $28K price is acting like a wall, stopping Bitcoin from growing past it, just like it did in September. Now, we’re watching to see two possible things: 1) if Bitcoin can break through that $28K wall and start going up again, maybe reaching $30K, or 2) if it falls back down near $25K, which might be a good time to buy in again.
![](https://captainaltcoin.com/wp-content/uploads/2023/10/image-340-1024x573.png)
Source: altFINS – Start using it today
What’s the Trend?
Right now, it’s a bit of a mixed bag. In the medium term, the trend is neutral, meaning it’s pretty stable. But if we look at the short and long term, it’s in a downtrend
Watching the Momentum
Right now, it’s giving us mixed signals. The MACD line is below the signal line, which usually means the price might go down, but the RSI is around 50, which usually means things are neutral. Also, we’re keeping an eye on certain “support” and “resistance” zones (prices where Bitcoin tends to bounce up or down) which are $25K and $28K respectively, with a few others to watch if things change.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.