What is it? This is the BTCUSD weekly chart from the Bitstamp exchange + RSI Indicator.
What does it show?
The price crossing below current cycle support trendline always coincides with the RSI being oversold (<30). These both indicate a new market cycle has begun. The price has not yet crossed through so a new market cycle has not yet begun.
Will price go up or down short term is anyone's guess, but looking at momentum on the weekly and monthly charts, it is definitely down.
Comments down below to open discussion and thank you for reading.
Great, thanks ! Even if it would not play out we need to se this perspective to recognoze all scenarios for risk management. You got one more follower :-)
fifty2kph
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@stephanberglund, thanks for stopping by.
credington
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Conditions are different this time though. Institutional plays!