Above the RSI (high) 90% there were major tops and long corrections. Major tops were 6,5 and 3 times higher than the 20-week MA. Local tops were about 1.6 to 2 times higher than the 20MA.
We are now 2X above the 20MA.
Togheter with use and adoption bitcoin needs new markets.
New markets are catalists of bull phases. This was the case between 2017 and 2018 after three years of ranging volume. From 2018 untill now there was a new volume range.
News let think that new markets and a new expansion phase are...
Between 5 November 18:00 and 7 November 18:00 there was an automatic rally of the altcoins. Automatic rally is to see as a physiologic correction on the BTC pair and a way to identify projects with bigger trading potential.
Best performer was link with 20% gain against bitcoin.
Tezos and ADA followed with 15% gain.
EOS was the worst performer with just 8% gain...
The principal factor for bitcoin value is its use. Active addresses are increasing and approaching the top of the bubble of end 2017.
The TAAR by cryptorhythms is the ratio between volume transacted and active addresses.
As you can see the TAAR (in a logarithmic scale) fit the price of bitcoin well.
During the bubbles there is an abnormal increase of volume...
I see a strong price action. A correction to the 250 dollars area is in my opinion nothing bad and to consider as a retest of the upper bottom range.
If it hold another week in this price range we have a 3 Month break out with target 700 dollars.