BTC
Updated
1Y
RSI is trending down and almost oversold.
MFI is trending down.
5Y
RSI is overbought.
MFI is trending up, but in an longer downtrend.
ALL
RSI is almost oversold.
MFI is trending down.
Notable Dates:
2011 about 95% correction from top.
2013 about 84% correction from top.
2017 about 84% correction from top.
A Wycoff Distribution appeared before the most recent drop.
Prediction: I think we can see about a 95% drop from the top around 64,000. That would make the bottom around 3,000, but I think it could overextend. I believe we will see a very deep recession, maybe a depression in the economy and that would make this Bitcoins first experience through one. So I think a greater than 95% correction is possible in this event. Ultimately falling around 1,200 on a support from the start of a run back in March 2017. This is a long term call (longer than a year).
For my educational purpose, not to be used as financial advice.
RSI is trending down and almost oversold.
MFI is trending down.
5Y
RSI is overbought.
MFI is trending up, but in an longer downtrend.
ALL
RSI is almost oversold.
MFI is trending down.
Notable Dates:
2011 about 95% correction from top.
2013 about 84% correction from top.
2017 about 84% correction from top.
A Wycoff Distribution appeared before the most recent drop.
Prediction: I think we can see about a 95% drop from the top around 64,000. That would make the bottom around 3,000, but I think it could overextend. I believe we will see a very deep recession, maybe a depression in the economy and that would make this Bitcoins first experience through one. So I think a greater than 95% correction is possible in this event. Ultimately falling around 1,200 on a support from the start of a run back in March 2017. This is a long term call (longer than a year).
For my educational purpose, not to be used as financial advice.
Note
Volume is super low right now.Note
More downside coming. 5Y RSI is overbought.Note
We have evergrande bankruptcycnn.com/2023/08/17/business/evergrande-files-for-bankruptcy/index.html
And an address buying $3 trillion (118,000 btc)
x.com/rovercrc/status/1693892455785955587?s=46&t=R0ivzMnZs2uEIgO9fs-S4Q
Conflicting articles, but we may be looking at a bottom.
Note
Stoch RSI on the 5 year and ALL timeframe haven’t reversed yet. Until it does it may fall a bit or hold low while RSI plays out.Note
Stoch RSI on all timeframes is looking bearish. A correction is coming.
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