BITCOIN Medium term pull back to accumulate more buyers.
The 1D Channel Up broke yesterday, slightly to the downside. Since the December bottom similar Channel Up pattern have been broke twice. Once it was a bearish break out the other was a sideways break out (which gave way to the April 2nd aggressive jump).
The RSI was too high (and I have pointed the importance of that on previous posts) and since the 88.300 High it has been descending in a similar manner that it ascended just before the December bottom. The destination seems to be the Harmonization Zone just around the 50.000 mark (I give some probability to the 20.000 extreme, see the symmetry on the RSI chart to understand why).
The MACD has also confirmed a bearish break out since the Jan 12 mark.
So where can all the above lead Bitcoin's price to?
Based on those factors the Accumulation Zone is within 4160 - 3330. So if the 4780 1D Support breaks, there are considerable chances of chained selling towards that zone.
* Again I am stating the obvious here as a long term BTC investor. My goal is to find the next buy entry not a sell target for shorting, and that is why I call it "Accumulation Zone". The zone that will again accumulate capital/ new buyers. Shorting BTC outside its bear cycle is extremely dangerous and that cycle came to an end with the December 2018 bottom. Even though the new bull market hasn't officially started yet, it is still better to buy the pull backs than short the highs unless you take profit quickly.
So do you think the RSI and MACD on this Channel Up break out are accurate metrics? Are you expecting a bearish or sideways break out?
As usual, hit me with your views on the comments section!
Complementary material for this post:
The RSI was too high (and I have pointed the importance of that on previous posts) and since the 88.300 High it has been descending in a similar manner that it ascended just before the December bottom. The destination seems to be the Harmonization Zone just around the 50.000 mark (I give some probability to the 20.000 extreme, see the symmetry on the RSI chart to understand why).
The MACD has also confirmed a bearish break out since the Jan 12 mark.
So where can all the above lead Bitcoin's price to?
Based on those factors the Accumulation Zone is within 4160 - 3330. So if the 4780 1D Support breaks, there are considerable chances of chained selling towards that zone.
* Again I am stating the obvious here as a long term BTC investor. My goal is to find the next buy entry not a sell target for shorting, and that is why I call it "Accumulation Zone". The zone that will again accumulate capital/ new buyers. Shorting BTC outside its bear cycle is extremely dangerous and that cycle came to an end with the December 2018 bottom. Even though the new bull market hasn't officially started yet, it is still better to buy the pull backs than short the highs unless you take profit quickly.
So do you think the RSI and MACD on this Channel Up break out are accurate metrics? Are you expecting a bearish or sideways break out?
As usual, hit me with your views on the comments section!
Complementary material for this post:
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