As per analysis: 
Update on this chart that forecasted the drop. If you see my Binance BTC chart you will see both line up with each other's analysis yet they are 2 different types of TA and timeframes.
Now the drop has happened the % we forecast of the minimum 25% is not hit yet. This chart shows in yellow the current amount of % in drop BTC has made so far. The orange is the minimum as per history.
You will see on this chart there are now coloured circles around some candles. These are the times when Bitcoin was in a similar late period of a bull market and the RSI white line went under the yellow RSI line.(not the yellow trendline at 50.21 , the actual moving RSI yellow line).
The price drops are shown for these inside the circles, except for covid crash (red circle).
There are date ranges shown which are from the bottom of these price drops to the top of the bull run. I have put similar date ranges at current bottom and the larger of the 2 goes to mid November which would line up with a normal ending to bull run, making right now similar to the pink circled area.
The red circle is the covid crash and if you look at RSI this is the only time in a bull run that the yellow moving RSI line is on a downward slope. Every other time it is sloping down, we are in a bear market. Now look at the current situation, it is a downward sloping line. This is a slight concern.
Now we wait to see what unfolds on the lower timeframe analysis after this recent drop and check other indicators for a bear market confirmation. For now, we must assume we are still in a bull market, unless there are more signs of a bear market showing.
If still in bull run then these prices are a gift on altcoins. The issue is whether BTC wants to close the gap at 77k area which could potentially trigger the bear market to follow, depending on how long it is down at that price.
If this 3week RSI reclaims the yellow moving RSI line then we know the bull run will continue.
Update on this chart that forecasted the drop. If you see my Binance BTC chart you will see both line up with each other's analysis yet they are 2 different types of TA and timeframes.
Now the drop has happened the % we forecast of the minimum 25% is not hit yet. This chart shows in yellow the current amount of % in drop BTC has made so far. The orange is the minimum as per history.
You will see on this chart there are now coloured circles around some candles. These are the times when Bitcoin was in a similar late period of a bull market and the RSI white line went under the yellow RSI line.(not the yellow trendline at 50.21 , the actual moving RSI yellow line).
The price drops are shown for these inside the circles, except for covid crash (red circle).
There are date ranges shown which are from the bottom of these price drops to the top of the bull run. I have put similar date ranges at current bottom and the larger of the 2 goes to mid November which would line up with a normal ending to bull run, making right now similar to the pink circled area.
The red circle is the covid crash and if you look at RSI this is the only time in a bull run that the yellow moving RSI line is on a downward slope. Every other time it is sloping down, we are in a bear market. Now look at the current situation, it is a downward sloping line. This is a slight concern.
Now we wait to see what unfolds on the lower timeframe analysis after this recent drop and check other indicators for a bear market confirmation. For now, we must assume we are still in a bull market, unless there are more signs of a bear market showing.
If still in bull run then these prices are a gift on altcoins. The issue is whether BTC wants to close the gap at 77k area which could potentially trigger the bear market to follow, depending on how long it is down at that price.
If this 3week RSI reclaims the yellow moving RSI line then we know the bull run will continue.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.