As we can see the plunge to 5.5k to 5k has left many people in despair and its frustrating even for a HODLER like me. However what we must remember that now we have fallen 75% from ATH which is an average bear market for crypto and claims that crypto is dead is rubbish. Its pretty clear that blockchain is here to stay which is highlighted by the approval of the swiss crypto etf and high adoption rates by even mainstream banks such as JPmorgan which was against it. The reality is that we are still in the early adoption stage for crypto as an asset class as its just 10 years old. Remember bull markets provide great oppurtunities to make money in the short term but bear markets test your mental resolve and discipline and will reward you in the long run. So even if your positions are down by 30-40% hold on to it and add if you have spare cash.
Anyways getting back to bitcoin and the charts I havent done anything very fancy i have just taken a long term analysis for RSI. As we can see the RSI has only been lower in 2015 where it touched 25 and we had a massive structural bull market from there on. Right now our long term RSI sits at 36 which means we may fall a little more to 4200-4400 but this looks like the last wave of capitulation which is not just forcing weak hands out but even forcing out slightly stronger hands that our now giving up. Once we reach those RSI levels of 25 we can be sure to run up again. Not sure about a Christmas rally, but given that the bear market has endured for the last 10 months I see a new bull market in the offing.
I am currently holding xrp and eos, looking to buy ltc once it reaches 30-33. Happy trading Guys!
Again a very new person to TA so feel free to leave comments and constructive criticism
Anyways getting back to bitcoin and the charts I havent done anything very fancy i have just taken a long term analysis for RSI. As we can see the RSI has only been lower in 2015 where it touched 25 and we had a massive structural bull market from there on. Right now our long term RSI sits at 36 which means we may fall a little more to 4200-4400 but this looks like the last wave of capitulation which is not just forcing weak hands out but even forcing out slightly stronger hands that our now giving up. Once we reach those RSI levels of 25 we can be sure to run up again. Not sure about a Christmas rally, but given that the bear market has endured for the last 10 months I see a new bull market in the offing.
I am currently holding xrp and eos, looking to buy ltc once it reaches 30-33. Happy trading Guys!
Again a very new person to TA so feel free to leave comments and constructive criticism
