This chart illustrates the danger and benefit of using oscillators. The RSI very clearly warned of weakness in November when the all time high was accompanied by a lower high in the RSI. However, if we look back to July - September, the RSI is showing us a similar signal while the market headed towards ATH.
In examining this, I noticed that BTCUSD always sets progressive all time highs when passing 65. If the price is at all time high but RSI dips back below 69, this is a divergence. Divergences are meaningful when the peak is above 65 but below 69, and below the previous ATH. Both times BTCUSD set an ATH then crashed, the RSI was in this condition. BTCUSD also bottomed assertively every time the RSI dips below 37.
The ghost of a head and shoulders has formed across this time range, but the RSI has dipped strongly below 37. If price moves towards 50k - 52K it will be following this bullish triangle of resisted highs and higher lows.
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Following these signals, we would have
Bought on 20 July, and sold on 23 August. Bought on 21 Sep, sold on 20 Oct. Bought 17 Dec, sold on ...