Looking at the daily chart on Coinbase. Various significant resistance and support levels of note.
If we look at the last time the RSI was at this level the price rose 7% which would take us almost exactly to that previous resistance/support line in green. Human behavior repeats. We are creatures of habit. Markets don't change because they are representations of human reaction. It doesn't matter what the technology or product is because markets are only reflections of human emotions and we really haven't changed much. Greed, fear, envy, anger, depression, elation, despair, disbelief, these are the elements that drive markets.
Sure crypto markets being open 24 hours a day 7 days a week makes a difference, yes the advancement of automated trading droids and whatnot changes things, but guess who programs those robots (for now), ding ding dong the answer is humans and we pretty much stay the fucking same.
So anyways... magic crypto 8ball says BTC likely to correct before another impulsive wave up, thus completing the impulsive wave, before a larger correction occurs. Sub 6k seems very possible. Will that be capitulation leading to a reversal of major trend? I dunno. Honestly. And anyone who says that they know for sure is a dang garned liar. (pardon my french)
Ugod bless,
Satori Nakamoto (the idiot formerly known as Peyote Manning)
If we look at the last time the RSI was at this level the price rose 7% which would take us almost exactly to that previous resistance/support line in green. Human behavior repeats. We are creatures of habit. Markets don't change because they are representations of human reaction. It doesn't matter what the technology or product is because markets are only reflections of human emotions and we really haven't changed much. Greed, fear, envy, anger, depression, elation, despair, disbelief, these are the elements that drive markets.
Sure crypto markets being open 24 hours a day 7 days a week makes a difference, yes the advancement of automated trading droids and whatnot changes things, but guess who programs those robots (for now), ding ding dong the answer is humans and we pretty much stay the fucking same.
So anyways... magic crypto 8ball says BTC likely to correct before another impulsive wave up, thus completing the impulsive wave, before a larger correction occurs. Sub 6k seems very possible. Will that be capitulation leading to a reversal of major trend? I dunno. Honestly. And anyone who says that they know for sure is a dang garned liar. (pardon my french)
Ugod bless,
Satori Nakamoto (the idiot formerly known as Peyote Manning)