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
= 99.+. These numbers tell us about the very bearish situation
, 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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