Chinese New Year - massive dump is most probably scenario !!!
RSI is hitting the upper line, which never failed in BTC history to predict imminent crashing event.
On the other hand, talking about fundamental analysis, Chinese New Year event is going to happen in two weeks.
Historically, every January, BTC has had great price rise movements (5-10%) between 3th-7th January and massive DUMPS a few days later as you can check it out here:
1. 2015 (14 January) - Dump from 320$ to 150$, which is -50%
2. 2016 (16 January) - Dump from $460$ to $360$, which is -20%
3. 2017 (11 January) - Dump from $1120 to $770, which is -35%
4. 2018 (16 January) - Dump from 17500$ to $9700, which is -45%
5. 2019 (10 January) - Dump from 4000$ to $3500, which is -15%
6. 2020 (?)
Why this happens? Because Chinese New Year, which is like western Xmas seasonal sell off, but much bigger. This massive dumps happens 10-15 days before Chinese New Year date.
In 3-7 days we will see how much % BTC will drop . My best is 30% = $5,000, reaching out the bottom at early Spring ($3,000) right before long trend reversal.
On the other hand, talking about fundamental analysis, Chinese New Year event is going to happen in two weeks.
Historically, every January, BTC has had great price rise movements (5-10%) between 3th-7th January and massive DUMPS a few days later as you can check it out here:
1. 2015 (14 January) - Dump from 320$ to 150$, which is -50%
2. 2016 (16 January) - Dump from $460$ to $360$, which is -20%
3. 2017 (11 January) - Dump from $1120 to $770, which is -35%
4. 2018 (16 January) - Dump from 17500$ to $9700, which is -45%
5. 2019 (10 January) - Dump from 4000$ to $3500, which is -15%
6. 2020 (?)
Why this happens? Because Chinese New Year, which is like western Xmas seasonal sell off, but much bigger. This massive dumps happens 10-15 days before Chinese New Year date.
In 3-7 days we will see how much % BTC will drop . My best is 30% = $5,000, reaching out the bottom at early Spring ($3,000) right before long trend reversal.
Comment:
This mid January Drop happens because it's Chinese New Year
Comment:
RSI increased +10 points in last 24h.
RSI is at its higest peak since 26 June 2019, the day which BTC reached 2019 ATH (14k).
Massive crash is not a probably scenario, is imminent scenario.
RSI is at its higest peak since 26 June 2019, the day which BTC reached 2019 ATH (14k).
Massive crash is not a probably scenario, is imminent scenario.