Aps3

Clear double-top reversal signals ~6500k target for BTCUSD

COINBASE:BTCUSD   Bitcoin
Very clear double-top coupled with the resistance line repulsing price back under 9k means the 1 week MACD is still in effect. 1W MACD is still overbought but nearing neutral. The Stochastic RSI on the week scale is oversold, but as a smart man once told me "stochastic RSI can stay overbought or sold for a looooooooong time". I still don't see this as (a). alarming, and (b). unexpected, given the meteoric rise to 20k a few months ago. Normal correction, wait for the bottom, watch the 1 week MACD, have your cash ready. 6500 is the next test on previously established support line for the upper half of the correction channel.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.