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Bitcoin: Nothing to be Bullish about!

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
It has been a while since I commented about BTC , but here is a simple yet powerful Fortnightly chart.

Ive been bearish since 7th September when I ended my long due to the 10EMA closing below the 20EMA on my 2daySystem which I began my Short.

As you can see I have highlighted the Stochastic RSI along with the previous 2 times where it was similar and what the outcome was.

The fortnight beginning 18th December ended the Bull-run showing the stochastic crossed down before the price closed under the Super trend, which resulted in a 76% drop.

19 August 2019 was the next one resulting in a 60% drop, again similar to the previous. But this time the close under the Super Trend found the bottom.... or has it?

On the 17th August Bitcoin was rejected by the same Supertrend and has fallen ever since resulting on the 14th of September fortnight the Stochastic dropping down. I did expect this fortnight which ends on the 11th of October to be bullish , but after last night Bitmex news I am not sure as now the shorter time frames point down.

I had Ignored a buy Signal on the daily timeframe on the 25th of September as I didnt like the way BTC was moving up, low volume rising wedge . But as a result the price now would have been a sell as it has closed below the 20Day moving average.

I am thinking will see a bottom sometime Mid October, You'll have 36 hours to buy the dip.








Comments

Thanks for the update
+1 Reply
I see 10600 reasons to be bearish or bullish. :D
+1 Reply
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