BitInfo12
Long

BTC: 60 Day Cycle & Bearish Divergence // Short Term Pull Back

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
BTC has been on fire. The weekly RSI is at levels not seen since the December 2017 $20k top. This is an idea based on the BTC 60-day cycle. The RSI is showing Bearish Divergence, which could signal that buyers of BTC are becoming exhausted at these levels. Based on the 60-day cycle and the bearish divergence, there is a possibility that BTC will pull back to previous support and resistance zones. The resistance zone I am watching is the $6,000 - $5,800 zone.

Of course, BTC is wildly unpredictable and it could continue on its tremendous Bullish run and find higher highs as it charges on.

Either way, my strategy is to HODL, and if given the opportunity - BUY THE DIP.

Comments

Divergences are the norm with parabolic moves like we've seen. RSI has been basically worthless.
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BitInfo12 six19trading
@six19trading, I agree it is "the norm" after a parabolic move. I don't agree it is "worthless". It is still an important signal showing buyers running out of steam and decreasing in volume a.k.a. trend reversal.
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