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SoloTraderAU
Dec 6, 2017 1:17 PM

61% gain in 13 days. It maybe a sign for Short. Short

Bitcoin / U.S. dollarBitstamp

Description

CAUTION: This analysis is using log scale.

BTCUSD is now 12738.60 when I publish this post.
This time I compare ADX and RSI indicators.
When RSI hit 91 on 2017-05-11, ADX line tended to make a hook, indicated that the uptrend would discontinue.
When RSI hit 81 on 2017-08-14, ADX line tended to make a hook, indicated that the uptrend would discontinue.

You may notice the relationships between RSI and the price actions in this currency pair.

I also use the forecast function on this graph.
In August, BTC had a big leap of 61.4% in 13 days. Would this be a sign for us to take some profit near 13000 before it pulls back?
Comments
cardan6006
thank you.I hope you are right and bitcoin descend, it's so tiring ((
MovingWater
i agree

Albert89
The newbies are fueling the fire. The smaller exchanges are all jammed up further more there is not enough liquidity for shorts.
ExcitingTechnology
Hmmm... good point. Didn't see the RSI peaking.
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