Bitcoin BTC was due for capitulation, if this pattern holds It will likely end the year above USD 8,000.
As described in my previous note on the S&P 500 there have been two major market corrections since the end of the Great Recession. They were periods of high volatility and a lot of repricing of stocks for 140 days or more. In both cases they started with: 1. A complete reset of the RSI ( Relative Strength Index below 20) 2. The S&P 500 holds below the 200 day...
No surprise here, easy $OSTK "bitcoin is dead" short profits have been made. Full reset of the RSI. Also probable double bottom in tech stocks happening today. $BTC not moving.
There have been two major market corrections since the end of the Great Recession. They were periods of high volatility and a lot of repricing of stocks for 140 days or more. In both cases they started with: 1. A complete reset of the RSI (Relative Strength Index below 20) 2. The S&P 500 holds below the 200 day MA 3. The 50bar EMA passes below the 100bar...
The resistance levels on each of the lower highs ($11500,$10000,$8400,$7400,$6800) as well as the support at $5800 and $6200 are rooted in nature. The sequence is first set up when Bitcoin first hits $7400 and subsequently bottoms at $5800. Those two levels remain critical. Daily candles above $7400 mean the bear market will likely end, and be followed by a new...