Hey DC freak, first off I want to say thank you, I have consistently been impressed by your charting and TA as I've been a fan of your page since December. While many people on this site come and go, you have always posted meaningful, clearly thought-out charts, and I appreciate it. I wanted to ask about Bitcoin's RSI, specifically the bullish and bearish divergences visible on your chart. I think its clear that bitcoin's price volatility is slowing down,(with the MACD flattening since the big drop) and there will be a significant move sometime soon, but why do you call for a drop? I know typically descending triangles end with a price fall, but the crypto market seems to defy that quite a lot. Plus with the HL's thats BTC has printed lately, and the squeezing of the RSI, it looks as if we could be going up. Just looking for some possible insight, thanks.
manjotsbajwa
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@AaNnDdRrOo55, Those are all valid points and I agree on your observation. Even rsi says we are heading upward. I'm curious to see what happens.
manjotsbajwa
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@manjotsbajwa, A lot of people think we are going to 4500-5000 and on the other hand 7k+ who knows. What do you think
MrRenev
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@AaNnDdRrOo55, The crypto market never defied anything. Some ridiculous drawing on a chart is not the main reason for DCFreak point of view afaik.
Just BTC doing what it always has done in its short existance and what everything has always done.
Basically we are ending complacency now, soon, maybe there is a pump before, probably not, and what comes after complacency? Anxiety, accompanied by a drop in price.
I do not see any divergence at the time being. On daily chart i mean. All just boring down and down. It all kept getting more boring and tighter for the past 8 months.
The calm before the storm...