Rashad

Bitcoin Enters Epic Rally Resistance Zone

BITSTAMP:BTCUSD   Bitcoin / Dollar
I not saying this rally is over. Bitcoin could easily double due to exuberance, however momentum is currently reaching levels typically only seen during the most Epic Bitcoin Rallies. I went head and drew horizontal lines at each peak. RSI was 94 when Bitcoin was pushing 1000, it is currently 90.

500 will be a Major psychological resistance for this rally, and it will test the limits of exuberance and greed.

If your not currently long I would not recommend going long, additionally, I would not short either because when momentum is this high it is hard to call resistance.

Since this move is well beyond 3 standard deviations, I am going to avoid calling a peak. I will leave it up to you whether or not you want to sell your current position.
where do you see good support at??tks
Reply
Rashad scottzman
If Bitcoin makes a sustained move below 370, I'll say that this rally might be over. Clearly 500 is a strong resistance point, and 365 gave support overnight. This volatility is attracting attention, I'd look to buy (ideally) between 370-390. However it looks like the upward momentum is losing some strength, proceed with caution. If you interested in Bitcoin as a long term investment, then I think right now is a good time to buy. If there is a correction of this rally, I believe Bitcoin will find hard support at 300.
Reply
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out