BITCOIN A buy opportunity that it is unlikely we'll see again.

Sounds a bit bold but based on a combination of MA crosses and RSI action it is very likely to be true.

At the start of the previous Bull Cycle in 2016, following the market's final bottom, Bitcoin made two peaks. One before the Golden Cross (MA50 over MA200) and one after. During that time the RSI hit 90.00 on the first peak and made a Lower High on the next one. Eventually it hit the 42.00 - 37.00 region on the RSI which has been a Buy Zone throughout that Bull Market.

An similar pattern has emerged on the current Bull Cycle (2019). BTC has made two peaks one before the Golden Cross and one after. The RSI again hit 90.00 on the first peak and made a Lower High reading on the next one after the Golden Cross, despite this time being actually a Higher High on the candle action. The RSI is currently approaching the 42.00 - 37.00 Buy Zone.

Since all reading have followed the exact same pattern, I see no reason why the price action should complete the formation by making a bottom on the 42.00 - 37.00 RSI Buy Zone and start a new aggressive rise. Of course it needs to be said that in 2016, Bitcoin consolidated for around 4 months after making that RSI bottom, trading sideways around the MA50 until the new aggressive bull sequence took place. We should take that into account also. But generally it is very unlikely that we will get a much better chance to buy Bitcoin for the long term than the current price.

What do you think? Is this a price that will never come by again or are you waiting for a lower opportunity to buy? Hit the like button, subscribe and let me know on the comments section!



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