BTC - Where We Going - part 2
Updated
Not going to re hash what I described in part 1 except to summarize that I believe bit will dip to 29k before uptrend.
Now looking at the 1d chart above, the first item to look at is the RSI which “V” @20.66, 22Jan. The last time RSI was at this level occurred mid May last year followed by about 2 months of down trend. The RSI also forms a clear Divergence, drawn with the 2 blue trend lines.
The next item to look at would be the MA’s. Not that I’m a great death cross type of guy, but regardless, the cross is a event in time. A similar event occurred again, June last summer same timeframe as the above RSI event. Comparing the two crosses, the June cross was followed by 31 days of down trend which is measured out on the chart then and from the present cross with yellow line/arrows.
Finally, just for giggles, I measured the price range from the the first ATH to the Low, which is approximately 52.9%. Using the same % I calculate a similar drop from the last ATH to approximately 31.8k.
My description of bit bouncing back up to the 50k area before dropping to
29K, looks incorrect now, but hey, we have a few days/weeks of down trend so a bounce is not out of the question.
However, bit may just wallow on down to 29 and be done with it.
My thoughts, not advice Oklah. Cheers
Now looking at the 1d chart above, the first item to look at is the RSI which “V” @20.66, 22Jan. The last time RSI was at this level occurred mid May last year followed by about 2 months of down trend. The RSI also forms a clear Divergence, drawn with the 2 blue trend lines.
The next item to look at would be the MA’s. Not that I’m a great death cross type of guy, but regardless, the cross is a event in time. A similar event occurred again, June last summer same timeframe as the above RSI event. Comparing the two crosses, the June cross was followed by 31 days of down trend which is measured out on the chart then and from the present cross with yellow line/arrows.
Finally, just for giggles, I measured the price range from the the first ATH to the Low, which is approximately 52.9%. Using the same % I calculate a similar drop from the last ATH to approximately 31.8k.
My description of bit bouncing back up to the 50k area before dropping to
29K, looks incorrect now, but hey, we have a few days/weeks of down trend so a bounce is not out of the question.However, bit may just wallow on down to 29 and be done with it.
My thoughts, not advice Oklah. Cheers
Comment
Post Fed announcement, I have no changes to my analysis. thanks
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