UnknownUnicorn3272583

Bitcoin forecast 2018/2019 short and long opportunities

BITFINEX:BTCUSD   Bitcoin
RSI on the weekly still has not bottomed out. The current state is not a bull run, I believe, bitcoin will reject the 200-day simple MA yet again and begin its descent to somewhere in the range $5000 (best case scenario) and $3000. Once it will touch the lower trendline it will rebound, due to oversold conditions on the weekly chart, finally being able to cross the 50-day simple MA with the 200-day simple MA (by november the 200-day MA will come down drastically) to complete the golden cross and kick-start the new long-term bull run. $3000 is the 85% retraction similar to the the bear phase in 2014. It should not be a straight way down, each time bitcoin is oversold on the daily it will rebound and pull up. I believe, short around anywhere over $8k, then go long when RSI is oversold on 4-hour chart and stoch RSI on the daily chart is around 10 (oversold), short again when stoch RSI is oversold (close to 80) on the 4-hour chart.
Comment:
So far, so good. I am looking at the daily chart, the second leg of the dump seems to have begun. We are almost reaching the long-term trendline currently located around $6310. RSI is dangerously in the neutral zone now trending south, and this leaves space for a major move. At the moment I see 75% downward breakout of the descending triangle to the next support (horizontal line of the descending triangle located at $5850).
Comment:
Went to fiat at $8400 and starting to looking for a buy soon. Hopefully someone else followed my advice.
Comment:
I finally decided to buy back in today. RSI is way way oversold and there is a bullish divergence on the 4h chart.
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.