$BTC Technical Analyst at Monthly Time Frame:

Based only on the chart (BTCUSDT 1M timeframe, monthly candles), here's the technical picture in simple language.

Current Situation: Bearish in the short term, still bullish in the long term.

The biggest thing I see:

Price peaked around 122k Current price is around 62k That's roughly a 50% correction RSI is around 42, not oversold yet Price is now sitting directly on a major horizontal support zone

This is a critical area.

What the Indicators Are Saying

1. RSI = 42 (Weak Momentum)

The RSI panel shows:

RSI=42.15RSI=42.15RSI=42.15

Interpretation:

Above 70 = overheated Around 50 = neutral Below 30 = panic selling

Current RSI at 42 means:

✅ Not oversold

❌ Momentum still favors sellers

There is still room for BTC to fall before reaching a true capitulation zone.

2. Multiple Bearish RSI Divergences Worked Perfectly

I see several red "BEAR" signals near the top.

That means:

Price kept making higher highs RSI made lower highs

This is classic bearish divergence.

The indicator warned of weakness months before the decline.

Result:

122k → 62k crash.

The divergence already played out successfully.

3. Price Sitting on Major Support

The purple horizontal level is around:

60k-62k

This level has historical importance.

Currently:

Monthly candle is testing it Buyers are trying to defend it

This is probably the most important level on the entire chart.

Bollinger Bands Analysis

Price has moved from:

Upper Band (euphoria) Back toward the middle area

When BTC falls from the upper monthly Bollinger Band, it often enters a long consolidation period.

Examples:

2021 top 2022 bear market Current correction

The bands are still expanding, meaning volatility remains high.

The Moving Averages

I see:

Fast MA already rolled over Medium MA flattening Long-term MA (green) still rising

This means:

Long-term trend:

Bullish

Intermediate trend:

Neutral to bearish

Short-term trend:

Bearish.

~to be continue at comment section: