BTC bearish cross - Day 1 (weekly)
Updated
Yes! The overbought situation and bullishness is starting to subside. As we were planning, price started to move down, although we were waiting to see if a last push up to 5.5 or 5.6k. Some were calling higher but the stoch indicated overbought, and it was showing overbought for over 14 days. Our bull push upward move went right into this resistance, as well as the resistance on the monthly.
On the weekly chart, the Stoch RSI has been pressed up against the top (100 percent) meaning we will eventually have to start reversing momentum downward, and now we've seen our first leg down (5000).
Now since the Stoch RSI on the weekly deals in terms of many days, this downward momentum will have to play out somehow over the next few weeks. With demand for Bitcoin all over the world increasing, institutional money, easier to use software, it's probable to burn down into oversold territory without the price going down as far.
On the weekly chart, the Stoch RSI has been pressed up against the top (100 percent) meaning we will eventually have to start reversing momentum downward, and now we've seen our first leg down (5000).
Now since the Stoch RSI on the weekly deals in terms of many days, this downward momentum will have to play out somehow over the next few weeks. With demand for Bitcoin all over the world increasing, institutional money, easier to use software, it's probable to burn down into oversold territory without the price going down as far.
Trade active
Buying all the way down to 4400, and if it goes further, then we're lucky!Note
after 2 days the weekly Stoch still looks the same.Note
Day 7 of Bearish CrossNote
Day 16 of Bearish CrossNote
Day 26 of Bearish Cross - Week just closed.
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.