As you can see, Bitcoin remains in a downtrend. There is no certainty of a bull-market break out, specially since 2019 already had a 359% bull-run. This rally is based on the closing weekly candle.
Also, the RSI is basically that of what we saw in Nov 2018 when Bitcoin fell to $3,000 so this is something to watch.
Now we need to observe further behavior - at the moment, the 40% level on the RSI indicator corresponds to the level of 7000+ on the price chart, and in 2018 it corresponded to the level of 6000 usd, which is also a bullish sign, and this indicator is also ahead of the game advancing - if we break the level of 40% on the indicator and fix below, then we will need to look for a convenient entry point to the short.
At the moment, I am still inclined to believe that after a short-term exit to the top, we will test the level of 6000 and even go lower to collect stops, but this will stop falling and BTC will either go to a wide side to gain a large position, or immediately rush up above 10000.
WorldEconomics
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@F-M-J, Target reached, now lets see if it stays the course. Although there is a bit of a worry since it just had a double-top.
At the moment, I am still inclined to believe that after a short-term exit to the top, we will test the level of 6000 and even go lower to collect stops, but this will stop falling and BTC will either go to a wide side to gain a large position, or immediately rush up above 10000.