This one is really interesting. Not only did we cross again the 40 mark on the daily RSI (repeating wave pattern), but also we bounced off the 6k support line which not many people had expected. Market always finds a way around the opinions of the masses. This time I want to show you, how a parabolic reversal back to ATH could look like. Its matched with the news of and some ETFs that will be approved or denied. A possible scenario is the alt reversal to previous median prices during september to november, then when Bakkt opens the door for many institutions as Starbucks and Microsoft for example (already signed a deal) I expect BTC to take the turn around and leaving alts behind for once again, like many times this year.
This is just some though play I had lately while observing other similar crashes of cryptomarkets. We have approx a 2x to 3x speed increase cause of more volume and media attention than any other market crash. This means, faster dumps.. but also faster recovery.
Let me know what you guys are thinking. Tomorrow is the first ETF decision.. (which is only a tracker ETF tho, nothing too important and should be approved in my opinion, cause there are many tracker products already in place).
For people who are not sure how to handle those difficult times, but are already in coins, why not tether up some % of your folio? Then either buy in again while its going up, or wait till bottom out and accumulate if you still believe in the project.
Cheers
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It seems like the breakout of the bear trend since jan (red line) was followed by a increasing positive volume
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We reached 60 on the RSI. And now?.. shorts are getting liquidated and we are still falling? it seems that the resistance at 7130 was too strong... retrace back to 6700 levels possible!
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We are on track so far.. expect resistance at 7550 levels and 7900$
it seems like we will be above 6k on the 22. september if there is no bloody weekend ahead and that would mean a positive close on my mid term target for september (called about 4 weeks ago)
New target for october 14. is 6400+.. if we follow this trajectory and confirm this target too.. i deffo see a bottom out at around 6k in 2018 with slow recovery and new ATHs in early 2019!
Trade active
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Small breakout after hitting that tasty 50 daily ma line... lets see if the target of 6400 for the 14. october holds up
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View on the YTD chart
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adjusted the parabolic trend line target 6300 on the 18. oct
price makes lower highs and rsi higher lows at the same time its an indicator for me outbreak coming soon not just a small one we will see.. i see it deffo doing something before november