BillCharison

BITCOIN, Mid-Term View According to Oscillators

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Today I want to talk about Bitcoin in a global view, for this case I took 1 week chart. First of all, I want you to pay attention to the Oscillators, they are completely overbought, RSI = 78.+, Stoch . RSI = 99.+. These numbers tell us about the very bearish situation on Bitcoin , however, there is still some place for growth, so $BTC has a few chances for another push upward. BUT, to make the situation more clear, let's consider the price behaviour in the same situations before. In 2012 - 2013 there was a strong bullrun on Bitcoin , before the one there was another bullrun, but it was weaker. Both cases have the same finish - candle killer and a fall of the price. In both situations, oscillators were the same, Stoch . RSI bumped into the roof, RSI rapidly went into the overbought zone and fell by the end of the cycle. Now let's take a look at the end of 2016 and the beginning of 2017, the situation is the same. And now.. nowadays.. there is the same situation, again.

What should we expect?
You don't have to sell your Bitcoin now, it only means that you have big chances of buying $BTC at the previous lowest levels if you didn't do this. The price can go upward to $10000 - $11000, but in any case, it will come back to the $4000 - $6000 zone. If you want to open a mid-term position now, you should consider SHORT, but not LONG. Entry zone for a SHORT position is $9000 - $11000. BUT, I advise you to just wait until $BTC falls and open a LONG-TERM LONG position with targets in the $10000 - $20000+ zone.

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@BillCharison How did you get a zoomed in picture of the RSI and apply it to the chart like that?
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although I don't believe in curves on a log chart ... I do agree;

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1000 points Bitcoin range, get ready to trade between $9,000 and $8,000. Ascending triangle forming -> bullish sign

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Very interesting perspective. We are short and this just gave me more confidence, thanks man!
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I saw similar comparison on the monthly, wild ride coming...?
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as a scenario. As long as everything goes ...
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thx. I agree with your chart. maybe also interesting.

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