Last bullrun went from 300 dollars to 20.000 dollars in almost 2 years. Only reason that it pumped that high is due our dear sugar daddy BITFINEX. They printed shitload of tether and kept buying BTC's. In combination of the crazy ICO run that people invested millions in worthless and useless tokens that are almost all down 95%. When the pumping ended and the dumb...
When price wants to breakout from a major resistance. you need volume breakout to buy up and absorb all the bears and kill them. then continue to go up.
Look at volume. pathetic. that's not a legit breakout. longing this is pure gamble.
in some cases low volume breakout can be legit when price retraces back a little and consolidates near the resistance and keep...
First rule.
You don't long resistance and you don't short support.
Price at 50MA weekly - HEAVY RESISTANCE
Basic rule that support changes into resistance when it breaks. 5800 - 6000 clearly is the big resistance that held for many many months. Thus flipped into - HEAVY RESISTANCE
BTC loves the 61% and 78% fib retraces. ALL of the previous pumps above 6k were...
See history of BTC using BLX charts. Whenever it gets near the 55-57 RSI on weekly it dumps hardcore in bearmarket.
You can clearly see it is being consistent after 5 year.
Notice it always dumped first when it got near the RSI 55-57 before it tried to rally and end the bearmarket.
dont long this RSI. if your hand is itching to buy just wait for retrace then...
ichimoku literally 0 buy signals
1) Lagging span is below the price - NO BUY SIGNAL
2) NO TK crossover. so no trend change.
3) Getting near the thick big cloud. which will probably reject it hardcore.
Price still trading below the cloud and the future cloud is still massive RED.
Ichimoku weekly says DO NOT BUY YET. of course don't buy while piece of shit...
