InvestingScope

Bitcoin: Caution required. Possible reversal signal.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The last 2+ weeks have been perfect for Bitcoin and as we predicted on this Adam and Eve formation https://www.tradingview.com/chart/BTCUSD..., it found strong support above 3,300 and broke above the Resistance on 1D ( RSI = 74.500, MACD = 122.00). Not only was the Resistance broken but the price also broke above the 50DMA, 100DMA and 200WEMA.

However, the very same pattern occurred in 2015 after that bear market's made its January low. After the price broke above the Triangle and the Ichimoku Cloud , it reversed and tested again the point of its rise before dropping even slightly further and consolidate.

A similar scenario can take place now as the Ichimoku cloud is squeezed, the 50DMA, 100DMA prepare to get crossed and the RSI is getting overbought.

This indicates that buyers should approach this with caution and book some amount of the profits made in the past +2 weeks. There should be more opportunites to buy again lower.






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We warned on 21.02.19 about an upcoming correction. Here is a quick view of the current situation and the manual what to do next.
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@WBM_Team, Thanks for sharing.
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WBM_Team InvestingScope
@InvestingScope, thank you for your analysis.
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I agree, This is how I'm looking at it. BTCUSD H4 Update, Z down? Checkout the idea detail's and update's for the complete picture.
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@Boon2, Thanks for sharing.
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Hey guys I made this drop call far earlier before it happen just as I made the call for the rise. wow!!!!!, its correction time let enjoy it guys

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@weslad, Nicely done Wes. We actually saw this 1 - 2 hours before the drop. The 30M candles we looking for a break out lower.
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weslad InvestingScope
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@investa, Good work, thanks for sharing.
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