Hello hello beautiful person!
The divergence in RSI and other indicators have present for some time, but the FOMO in DEFI has been an amazing rally; combined with an above normal public awareness in internet and Televisions.
We are seeing a correction now, but the question is: how strong, and is this the one I have been anticipating?
The chart
Conclusion
There is too many moving parts in this economy now that is mixing with BTC, and makes it close to impossible to make any safe`ish TA predictions.
The world are seeing a spike in the number of infections as predicted, and larger companies have reported negative financial reports as predicted.
It is unknown how the nations governments will react and how the sentiment of the market will respond.
The overall notion I have is that BTC will increase as well as adoption, but I am not convinced it will happen this year as many others believe.
It all depends on how much the nations governments around the world can and will do in order to try and protect the bubble, because we will see more negative numbers or stagnation on balance sheets (on many of today large cap companies) this year and next year.
If nations are "all in" to protect the bubble, I believe we will not see the "real" rally of BTC until next year (inflation from fiat included), but we will see a good increase in price this year.
The good price increase, I would reason as a trend along with gold. Insecurities in the market and investor hedge in BTC, and precious metal.
The divergence in RSI and other indicators have present for some time, but the FOMO in DEFI has been an amazing rally; combined with an above normal public awareness in internet and Televisions.
We are seeing a correction now, but the question is: how strong, and is this the one I have been anticipating?
The chart
- The chart is in Heikin Ashi, NOT price candle
- RSI is showing divergence
- Stochastic is showing divergence
- CCI is also having divergence, but most importantly has not crossed to negative area (but in price candle chart it has)
- Nearest strong support is EURO 9526, which we will hit if the correction is of any noticeable strength. If it is not hit, I believe that the hype will continue until previously suggested month.
- Strongest support is area around EURO 8338 - 8000, which is a combined highest volume price level and previously tested support line.
Conclusion
There is too many moving parts in this economy now that is mixing with BTC, and makes it close to impossible to make any safe`ish TA predictions.
The world are seeing a spike in the number of infections as predicted, and larger companies have reported negative financial reports as predicted.
It is unknown how the nations governments will react and how the sentiment of the market will respond.
The overall notion I have is that BTC will increase as well as adoption, but I am not convinced it will happen this year as many others believe.
It all depends on how much the nations governments around the world can and will do in order to try and protect the bubble, because we will see more negative numbers or stagnation on balance sheets (on many of today large cap companies) this year and next year.
If nations are "all in" to protect the bubble, I believe we will not see the "real" rally of BTC until next year (inflation from fiat included), but we will see a good increase in price this year.
The good price increase, I would reason as a trend along with gold. Insecurities in the market and investor hedge in BTC, and precious metal.