Chart of the Day - Wednesday, February 2nd, 2022

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 candles are color-coded to represent momentum as measured by RSI. There's been nothing bullish to say about Bitcoin since mid-November when price and momentum began to break down. As we know, Bitcoin thrives and dives off momentum. The most profitable trends occur when RSI is in a bullish range above 60 (white candles). Instead, RSI continues to be stuck in a bearish range below 50 (red candles). The path of least resistance for Bitcoin continues to be lower until momentum improves.