rkothwala
Long

BTC dump is coming in next weeks

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In last few weeks, we see a clear channel for BTC in between 200 EMA ( upper limit ) and 200 MA ( lower limit ) as per weekly chart. In this bear market, we still don't see any catalyst to attract high volume . This is a bad sign for crypto market. RSI is also high as of now and it's nearing oversold area. This is similar to where BTC stuck around $6xxx range for many weeks and BTC dropped much. I think same thing will happen again in upcoming weeks. We will see new lower values like $2600 or even $1800.
Comment: Correction: **** RSI is also high as of now and it's nearing overbought area
Trade active: Interesting days to watch upper line. BTC is touching 200 EMA of weekly line.
Trade active: This is still valid. BTC is not moving much.

Comments

Interesting opinion....
Reply
rkothwala ThumbSkin
@ThumbSkin, Let's see. Small dump happened on monday.
Reply
Yo dude, your RSI is configured on two days. Might want to check that about before making any conclusions
Reply
dklug8 potadahead
@potadahead, The parameter specifies the number of given intervals, in this case the 2(weeks) equals 14(days).
+2 Reply
@dklug8, yeah you're right. Two weeks* Now you have to ask yourself if this interval is appropriate or oversensitive to gauge RSI purposes
Reply
rkothwala potadahead
@potadahead, I'm a big fan of aleysio rastani and follow his rule on RSI as per https://www.youtube.com/watch?v=eKbIzK_svyU
Reply
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