— Rolando Santos (@TKPTrader) December 8, 2021
Today’s Chart of the Day was shared by Rolando Santos (@TKPTrader). It’s a daily candlestick chart of Bitcoin over the past 16 months. The candlesticks are color-coded according to momentum, as measured by RSI. We highlighted this chart from Rolando three weeks ago, explaining that caution was warranted as long as RSI was below 50. Not much has changed in regards to momentum, as Rolando points out that RSI is still well below 50. Bitcoin lives and dies by momentum. As you can see, the most profitable trends occur when RSI is above 50 (white/green candles) which is not the case right now. It’s tough to want to be a buyer here until momentum improves.