There is a lot of excitement about
BTCUSD
as the halving is now less than 7 days and 1,000 blocks away!
However, I'm still looking at one more price dump that needs to happen. There is a bearish divergence occurring with LH on the RSI and HH on the price. You can see it happening twice on the price chart as the RSI continues to make LH and LL and price has two patterns of HH and HL. For some reason the Bulls have really been successful in keeping the daily RSI in the overbought range >70 since Friday, and preventing a correction after that big plump. At the start of Monday the RSI actually dipped below 70 and it looked like the price was going to dump. (Went to about ~$8500) But it did not close below 70 and now has since been making a "step down" patter on the RSI (as you can see on the chart). I really think these price "pumps" we are seeing these past few days are not "natural growth" as they say. If you look at the history of the RSI it has never stayed in the overbought region as long as is now. The BB is starting to consolidate and the candlesticks do not appear to be breaking out of the BB.
The $BTCUSD weekly RSI also showed RSI 70 resistance and is now moving down/sideways as well.
So I'm waiting for a dump until the RSI can correct comfortably below the 70, as we see bullish patterns again on the RSI. My guess is we are going to test the ~$7900 Support as this is the current 100 & 200 day SMA. The question is will this happen before or after the halving? Historically there is a dump following the halving so maybe $BTC will stay overbought until after the halving. My previous thinking was that we would see a correction dump, followed by a bull rally leading up to the halving and a dump right after. But now I think it could be either way.
**Very new to this, I would appreciate any constructive criticism and alternate viewpoints**
BTCUSD
as the halving is now less than 7 days and 1,000 blocks away! However, I'm still looking at one more price dump that needs to happen. There is a bearish divergence occurring with LH on the RSI and HH on the price. You can see it happening twice on the price chart as the RSI continues to make LH and LL and price has two patterns of HH and HL. For some reason the Bulls have really been successful in keeping the daily RSI in the overbought range >70 since Friday, and preventing a correction after that big plump. At the start of Monday the RSI actually dipped below 70 and it looked like the price was going to dump. (Went to about ~$8500) But it did not close below 70 and now has since been making a "step down" patter on the RSI (as you can see on the chart). I really think these price "pumps" we are seeing these past few days are not "natural growth" as they say. If you look at the history of the RSI it has never stayed in the overbought region as long as is now. The BB is starting to consolidate and the candlesticks do not appear to be breaking out of the BB.
The $BTCUSD weekly RSI also showed RSI 70 resistance and is now moving down/sideways as well.
So I'm waiting for a dump until the RSI can correct comfortably below the 70, as we see bullish patterns again on the RSI. My guess is we are going to test the ~$7900 Support as this is the current 100 & 200 day SMA. The question is will this happen before or after the halving? Historically there is a dump following the halving so maybe $BTC will stay overbought until after the halving. My previous thinking was that we would see a correction dump, followed by a bull rally leading up to the halving and a dump right after. But now I think it could be either way.
**Very new to this, I would appreciate any constructive criticism and alternate viewpoints**