If you've only followed me for the past 18-24 months, you've only known me as an outspoken bull.

I've even been called a permabull!

But I was defensive entering 2022 & quickly became outright bearish (short-term).

Objective analysis is my forte.

So I can't ignore this...

Bitcoin has formed a bearish RSI divergence with weekly candles at all-time highs for the first time since November of 2021.

To be clear, we also saw a small bearish RSI divergence in June 2023 (which resulted in a -22% decline), but this wasn't when price was trading at all-time highs.

For the past 18 months, the weekly RSI has had a floor at ~44.5 and it's currently trading at 65.6. If this is the start of a larger pullback, then the implication is that the RSI has quite a bit more room to fall and could therefore result in the typical -25% to -35% decline that commonly occurs during bull markets.

This is something to monitor.

This is something to be aware of.

This is not, for me, a justification to sell my BTC.

Part of being an objective analyst is analyzing a bunch of different data and then coming to the weight of the evidence to produce a conclusion.

Right now, the weight of the evidence still suggests that we're in a bull market.

Right now, the weight of the evidence could suggest that $BTC has a more downside left in the tank before it can continue to grind higher again and make new ATHs.

As always, I think that patience & adaptability will be key.

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