Bitcoin Situation as I see it.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Pretty self explanatory. Massive over head resistance from thick red line, however we are oversold on RSI and hit and bounced a bit from lower wick weekly trend line (thin bottom blue line). At this point I think highest probability is a decent bounce off this trend line to midway or if lucky slightly below the over head thick red line before continuing down to test $3,000 at the potential lower wick weekly green trend line (chartreuse thumbs up area). We are also in top percentage of 78 Fib retracement zone, whatever that means.

That shit doesn't hold and we are going to see $1,900 levels (next thick horizontal red line), then possible $1,300 levels (next thick horizontal red line) before we have a chance of breaking the thick diagonal red trend line sometime next spring for some potential massive upside because no more speculators left to sell and lightning network will have more exposure/users and adoption.... or we go sideways until supply gets cut in half giving many plenty of time to accumulate. Both decent scenarios depending on your perspective.

This is not trading or investment advise, just observations.


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