Looking at the price & stochastic RSI, we can see a situation that repeated itself back then in December 2017., and also now in June 2019.
we can see that the high of 20k signed an overbought on the stochastic RSI, the same happened on 24 june 2019.
Later, ob both cases, we went all the way down to oversold. after it we rallied up a bit& marked on the stochastic rsi a tiny hill that went back down
before even reaching to the 30 zone (oversold). afterwards, in both cases we printed on the chart a lower high, but on the stochastic a higher high.
then we went back down. here we stoppped printing on the chart, but we still can see what happened back then on 2018. on 2018 we rallied back up, created a lower high on chart and on the stochastic created a higher high. this situation couuld happen also as a new move, if price will repeat itself, also considering the fact that doing such a move may, we could make on the chart a lower high- what would perfectly match to the downwards consolidation/ falling wedge that we have on the weekly time frame, and then get rejected and go down. on 2018, after this lower high (on chart), we declined & broke below the descending triangle we had back then since the highs of 20k. this decline was 61.56%.
will history repeat itself?
we can see that the high of 20k signed an overbought on the stochastic RSI, the same happened on 24 june 2019.
Later, ob both cases, we went all the way down to oversold. after it we rallied up a bit& marked on the stochastic rsi a tiny hill that went back down
before even reaching to the 30 zone (oversold). afterwards, in both cases we printed on the chart a lower high, but on the stochastic a higher high.
then we went back down. here we stoppped printing on the chart, but we still can see what happened back then on 2018. on 2018 we rallied back up, created a lower high on chart and on the stochastic created a higher high. this situation couuld happen also as a new move, if price will repeat itself, also considering the fact that doing such a move may, we could make on the chart a lower high- what would perfectly match to the downwards consolidation/ falling wedge that we have on the weekly time frame, and then get rejected and go down. on 2018, after this lower high (on chart), we declined & broke below the descending triangle we had back then since the highs of 20k. this decline was 61.56%.
will history repeat itself?