micmuc
Long

RSI signals: big rally ahead

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Many seem to think that the current high RSI is unsustainable, however they forget that in a short period of high RSI one may miss out on a lot of gains.

In fact, every time RSI broke 82 in Bitcoin's recent history, a rally always followed that took us at least an additional 43% higher within a matter of weeks.

Those rallies took us to temporary tops after which corrections followed, but only once that correction took us lower than the start of the respective rally. (This was only the case for the correction for December 2013's top.) So despite that it might feel counterintuitive given the rally we already just witnessed, the current moment seems one to go long.
I'd like to see a retest of lows before a move higher

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micmuc meredas
@meredas

Timing is the main challenge with swing trading, as always. I don't think a rally to 8000 is so unlikely and if so, we might well only retrace to 6000ish.
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meredas micmuc
@micmuc, we are now in 3 wave of the last 5impulse waves...
Be careful!
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