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RSI has been showing a compression of momentum during the last 12 months as ETC was forming a flat correction pattern (expanding flat).
A breakout in RSI will confirm the end of the correction and a induce a trend continuation.
BTC breaking down, out of the current range defined by the two converging trend lines .
Forecast is a prolonged downtrend like in 2014 (Binance-CEO agrees)
Long consolidation around mid of 2017 rally at 4200. (Gaps in Volume Profile need to be filled)
New uptrend in 2020 when first institutional money arrives (Novogratz: it might take 18 months until instis get...
Expecting a last market upturn towards June - barely above the last high - trapping more immature bulls before turning around into a slide down to new lows till August.
Only afterwards a new uptrend has a chance to fully play out towards end of the year.
Demonstrated on the EOS/USD
Potential growth by 20-30x from bottom (8.5) to top (170-300)
in continued absence...
1. Market consolidating bellow 200 D MA
2. Hidden bearish divergence on RSI
3. Market structure predisposed for ABC correction
ABC TARGET: 3,333 - 4,200
SUGGEST TO BE FLAT NOW,
BUILD SHORTS LATER IF WE DROP OUT OF CURRENT RANGE