Hi all, thanks for viewing.
BTC has been on a massive run. I took part in a small part of it, but sold waaay too early. Oh well.
So instead I have been watching for bearish signals. Despite recent bullishness, the bear market cannot yet be said to be over just yet. If you see my previous posts about ETH and BTC on how to confirm the end of the bear market, 2 out of three requirements have been met. The third is for price to decline and to set a higher low. I feel that is next, which will be good news for those (like me) that didn't get in on the ground floor.
Let's see. However, I have found that bearish RSI divergence on the daily scale is a very good signal of a coming correction. I look for RSI forming a declining trend and at least two touches on the trendline - here we have three, which should be enough to signal the reversal.
Let's see how it goes.
BTC has been on a massive run. I took part in a small part of it, but sold waaay too early. Oh well.
So instead I have been watching for bearish signals. Despite recent bullishness, the bear market cannot yet be said to be over just yet. If you see my previous posts about ETH and BTC on how to confirm the end of the bear market, 2 out of three requirements have been met. The third is for price to decline and to set a higher low. I feel that is next, which will be good news for those (like me) that didn't get in on the ground floor.
Let's see. However, I have found that bearish RSI divergence on the daily scale is a very good signal of a coming correction. I look for RSI forming a declining trend and at least two touches on the trendline - here we have three, which should be enough to signal the reversal.
Let's see how it goes.
Comment:
One last touch of the trend-line complete. Up-slping TL intact, down-sloping RSI TL also intact. Bear break all but confirmed in my opinion. All holders have a bit of a choice right now; hold and take the volatility or sell and potentially buy twice the BTC in a month or two... I am looking to the start of the previous bull-run for clues. After a long bear market in 2015 BTC did a strong up-swing, then declined more than 50% (between .50 and 0.618 fib levels - or about 40% before continuing on up - never to look back). I wonder if a similar scenario will unfold again.