possible reverse in sight

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
297 7 5
1), I forgot to include RSI . it will be in oversold ranges soon. at 550 it will be defently oversold

around 550 we have also:
2) the very important 50% fib line
3) a very strong suport (blue crosses)
4) soon erverybody will be bearish ; strong signal that it turns lol (this is not too serious, but think of it: when all short and midtermers are bearish , it means everybody sold - means noone left to sell)
5) on Huobi, which, let's face it, is the boss in this market, the 50% fib is at 3450....under 3450 we have thousand of bids until 3400. atm 3400 has 7k coins to sell

the rest is not meant to be accurate; i don't believe in target predictions.
but, after the reversal in a)
in b) will have a lot of restistence (pink crosses) + the 50% fib from the downtrend + 600 as psycological resistance
this could be or broken and rally goes on up to d); where we can expect more restistance
or the reversal turns out beiing only a correction of the downtrend bringing us to c again, which would make the support very weak in comparision with now and could lead to a deep fall.
we hit b) and for me it looks like we are going c)
Also... rsi wants to go to 24 as per previous sell offs
capoeira SunnyBTC
thing is that many things come together here.
Thoughts? (check comments too)
capoeira SunnyBTC
will coment there
daily just closed at RSI 29
description added
+1 Reply
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