Sups! Noob alert, first chart ever.
Just reading up on RSI indicators, and based on the last 12 months, BTC behaves fairly predictably when the RSI is showing clear signs of overbuying or overselling.
We are currently heading towards being way oversold on the RSI, and we've developed a clear falling wedge over the last 3-4 weeks, so assuming volume can pick up, the reversal may be around the corner.
I'm not ready to call a bottom, having just bounced off 7.5xx, I feel we need to go back down to 6.8xx-7.2xx before we're truly oversold and a bull run can get started.
Re: Twitter banning ads FUD. Who cares? Those scammy ICO ads all over Twitter and Facebook were not helping the market at all, by bringing in Grannies at the ATH, and making people buy into shitcoins. No more ads? Good. The real news will come from G20, where I feel we will see reasonable regulation that will legitamise the market to serious investors, but not so much regulation that they crush it, as now WallStreet money is in crypto, they won't allow it. That coupled with the RSI and falling wedge pattern, I reckon the bulls will be back in charge by the end of March.
Noob out. Holla any feedback on why my chart sucks below.
Peace!
Just reading up on RSI indicators, and based on the last 12 months, BTC behaves fairly predictably when the RSI is showing clear signs of overbuying or overselling.
We are currently heading towards being way oversold on the RSI, and we've developed a clear falling wedge over the last 3-4 weeks, so assuming volume can pick up, the reversal may be around the corner.
I'm not ready to call a bottom, having just bounced off 7.5xx, I feel we need to go back down to 6.8xx-7.2xx before we're truly oversold and a bull run can get started.
Re: Twitter banning ads FUD. Who cares? Those scammy ICO ads all over Twitter and Facebook were not helping the market at all, by bringing in Grannies at the ATH, and making people buy into shitcoins. No more ads? Good. The real news will come from G20, where I feel we will see reasonable regulation that will legitamise the market to serious investors, but not so much regulation that they crush it, as now WallStreet money is in crypto, they won't allow it. That coupled with the RSI and falling wedge pattern, I reckon the bulls will be back in charge by the end of March.
Noob out. Holla any feedback on why my chart sucks below.
Peace!
Comment:
As you can see my original analysis is still good, and we should consolidate around 6.8xx-7.2xx before setting up for a bullrun.
"I feel we need to go back down to 6.8xx-7.2xx before we're truly oversold and a bull run can get started." - 12 days ago. The Noob Prophet speaks the truth!
"I feel we need to go back down to 6.8xx-7.2xx before we're truly oversold and a bull run can get started." - 12 days ago. The Noob Prophet speaks the truth!
Assuming there's no mega-FUD from G20 over the next day or two, we might not even need to hit 7.2xx before the bull run.
Too early to tell if this is a bull trap, and with the heavy manipulation clearly going on, we should wait for more confirmation before declaring the full reversal.
Cautiously optimistic, but I thought the correction was over once we got up over 10k, so what do I know!
PS: Such a noob I posted this update as a comment!