While bitcoin is posting weekly bearish divergence on the rsi.
Look at the rsi on the box on the left side inside that downsloping channel.
Compare to the rsi in the downsloping channel on the right side on the same box.
The patterns look identical to me.
Every mom and pop is bullish right now.
Every youtuber is guaranteeing you 100k.
The main stream media is telling you 200k or 300k is coming.
This is the moment where the shoeshine boys are giving stock advice right before a great depression like black swan event happens. At least that's what I think.
I believe we're doing a 1.618 fib extension down of wherever bitcoin tops at. Currently, the 1.618 is 7400$. This means I expect 7400$ BEFORE we go above 65k.
Anyways, good luck to everyone. I will stay in my 61.7k short and close at 55k. I'll wait to reshort again around 60k after 55k temporarily bounces.
I do not think this is a bull run. I could post 10 things right now why I think we go down. Can you post that many why we go up?
Are you out of your mind? Short all the way to 7400$? No, not possible. We might close a CME Futures gap, but not that low. Dont get me wrong though, Im also going short to 48 000$ To me thats more a realistic support. Then we can reclaim 68000$ and a slight pullback afterwards. Cheers, stay Crypto!
UnknownUnicorn4285265
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@philip7776, If we are in the same part of the market structure as the weekly RSI is suggesting, then it is possible we repeat the march 2020 covid crash. If we do in fact repeat the covid crash, that crash did a 1.618 fib extension down, exactly on the dot to 3900$.
So... if we repeat a covid crash... we repeat the 1.618 fib extension... right? Makes sense to me. But then again, i'm expecting the world to fall apart and no food to be in the grocery stores and no toys for christmas because the world ports are shut down and full lockdowns all winter...
I expect that nonsense to trickle over into the financial world.
meitshel
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Totally agree
TA-Cub
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I share your bearish attitude, but then again I felt that way at 29k and at the recent low of 41k. I would imagine your 10 reasons for it to drop were just as valid at those points as now, yet here we are at 61k. Wild stuff.
UnknownUnicorn4285265
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@TA-Cub I'll post some reasons here for you. were you in crypto when we were at 14k in 2019? the price that rejected us then was 10.5k.
A few days ago, rejection came at 63k.
10k +5% of 10k = 10.5k. 60k +5% of 60k = 63k.
I believe 60k is the rejection point same as 10k was in 2019. it just overshoots by 5% both times.
I've been casually in and out of crypto since like 2017, and only started learning about TA in the last several months. Appreciate your posts and the follow-up data points!