Looking at the weekly RSI may be interesting. we can identify one similar situation in Jul 2013 and we're in the middle.
The main difference is the down move from this week which actually just confirms lot of other analysis we seem to be at the key levels. If we look at the RSI channel marked with blue lines - it is reflecting the hockey growth from the last 3 years. Of course it is unsustainable - thats how we ended now. We can even see the RSI was reflecting slightly the center of that channel however we’re in a pretty unknown area. in 2013 the price recovered from the point we’re currently in. IN the very moment of writing this I can see that price level of 9330 gives us W1 RSI exactly just over 50 - may this be a key level for the weekly close?
* All the presented ideas are my personal opinion and are not supposed to be trading advice. Also I consider myself amateur in terms of TA. I would love though to read comments from you and learn from them. *
BTCUSD
The main difference is the down move from this week which actually just confirms lot of other analysis we seem to be at the key levels. If we look at the RSI channel marked with blue lines - it is reflecting the hockey growth from the last 3 years. Of course it is unsustainable - thats how we ended now. We can even see the RSI was reflecting slightly the center of that channel however we’re in a pretty unknown area. in 2013 the price recovered from the point we’re currently in. IN the very moment of writing this I can see that price level of 9330 gives us W1 RSI exactly just over 50 - may this be a key level for the weekly close?
* All the presented ideas are my personal opinion and are not supposed to be trading advice. Also I consider myself amateur in terms of TA. I would love though to read comments from you and learn from them. *
BTCUSD
Comment:
the UTC daily bar just closed at exactly 9300 which is also 23.6% fib for the 6k dip and the ATH. Actually the daily RSI is also worth having a look.
Comment:
to be more precise on the initial idea - my expectations are that the price will either fall down and the downtrend will continue toward at least double bottom at 6k OR after bouncing back to sub 12k will finally gain momentum to continue uptrend.
in other words I consider the idea to be completely failed when after significant bounce to over 11k it will go back to the downtrend without any mtgox-ish events.
in other words I consider the idea to be completely failed when after significant bounce to over 11k it will go back to the downtrend without any mtgox-ish events.
Comment:
one more thing worth noting is that both 2013 and 2018 downsides are in some way related to the Mt gox :)
www.reddit.com/r/Bit...2013_and_2018_crash/
still 3 days to week close...
www.reddit.com/r/Bit...2013_and_2018_crash/
still 3 days to week close...