Wanted to take the time and point out what may not be the most obvious aspect of the BTC RSI right now - Ive noticed a growing 'beginner' follow base so if If unfamiliar with the concept, I suggest looking at investopedia or other online resources to familiarize yourself.
Looking at this 3d chart shown I have 4 indicators on the chart - MGv6 PRO (visit my website, www.marketgod.trade), Log-based BBands (better for crypto volatility), Keltner channels, and RSI. The candles are heikin ashi candles, which I prefer for how effective they are for visually identifying trends in price movement.
While the majority of the media/coverage on the matter is looking at the clear bear-divergence RSI set-up, few are strategizing on what it means, based off of what we already know. Illustrated on the RSI chart, you'll see the in 2018, the RSI was boxed into a tight range that boucned price back and forth until our breakdown to the current trend low in November. That said, this motion downward broke the RSI trend and eventually gave the bulls the momentum the needed to continue onward, get back into the previous RSI box, and now rocket out of it at a rate that any would notice as bearish.
The main point being, there is a new RSI trend, and we are in the top range of it. According to several sources and studies we've all seen around, RSI trends to the bearish side tend to stay below 60(ish) while rsi in bulltrends stay above. The result we see here is now we've got price knocking on the door of a major resistance, and knowing that LTC broke its resistance before consolidation above what is now support, I cannot see BTC getting rejected here. infact, even if it is rejected, I would expect the ralley in the low-mid 4's be similar to the Buy surge we saw in 2015, inwhich BTC went 4x-5x in the span of a month.
Gameplan:
IF BTC breaks $6.2k first try - Ride to $6.7k / until Mgod gives sell signal. Rebuying at $6k region at the newly found (refound i guess) support.
IF BTC doesnt break $6,2k first try - laddering buys $5.7k, $5.3k, $5.1k and $4.6k. Will sell my truck and trade for more at any level below that.
All in relation to my longterm plan, from Aptil, which is linked here.
Looking at this 3d chart shown I have 4 indicators on the chart - MGv6 PRO (visit my website, www.marketgod.trade), Log-based BBands (better for crypto volatility), Keltner channels, and RSI. The candles are heikin ashi candles, which I prefer for how effective they are for visually identifying trends in price movement.
While the majority of the media/coverage on the matter is looking at the clear bear-divergence RSI set-up, few are strategizing on what it means, based off of what we already know. Illustrated on the RSI chart, you'll see the in 2018, the RSI was boxed into a tight range that boucned price back and forth until our breakdown to the current trend low in November. That said, this motion downward broke the RSI trend and eventually gave the bulls the momentum the needed to continue onward, get back into the previous RSI box, and now rocket out of it at a rate that any would notice as bearish.
The main point being, there is a new RSI trend, and we are in the top range of it. According to several sources and studies we've all seen around, RSI trends to the bearish side tend to stay below 60(ish) while rsi in bulltrends stay above. The result we see here is now we've got price knocking on the door of a major resistance, and knowing that LTC broke its resistance before consolidation above what is now support, I cannot see BTC getting rejected here. infact, even if it is rejected, I would expect the ralley in the low-mid 4's be similar to the Buy surge we saw in 2015, inwhich BTC went 4x-5x in the span of a month.
Gameplan:
IF BTC breaks $6.2k first try - Ride to $6.7k / until Mgod gives sell signal. Rebuying at $6k region at the newly found (refound i guess) support.
IF BTC doesnt break $6,2k first try - laddering buys $5.7k, $5.3k, $5.1k and $4.6k. Will sell my truck and trade for more at any level below that.
All in relation to my longterm plan, from Aptil, which is linked here.
Eric Thies
