21/09/16 BTCUSD - Very Bearish Outlook - by RT-Trading
Dear Traders,
First of all, thank you for your positive Feedback on our first post in terms of XAUUSD (Gold). My second analysis will be about BTC.
BTC is on everyones lips. But I think that the hype about the avoidable bull run will pass.
Technically, BTC doesn't look good at all. The price reacted exactly between the 50% and 60% Fibonacci levels as I expected. The volume decreased sharply, the divergence on the RSI became larger and larger. The strong sell-off last week was therefore only a matter of time. So what's next? I think that we will correct a little further, up to around the area I have marked, before the next wave of sales starts. I determined the minimum short targets using Fibonacci extensions. I have marked the relevant areas from 0.618-1.618 in gray for you. I am very confident that BTC will move there in the coming months. At the same time, these are ideal buying opportunities for those who have not yet been able to benefit from BTC.
What do you think of my idea? I am looking forward to your feedback!
Warm greetings,
Raffa
First of all, thank you for your positive Feedback on our first post in terms of XAUUSD (Gold). My second analysis will be about BTC.
BTC is on everyones lips. But I think that the hype about the avoidable bull run will pass.
Technically, BTC doesn't look good at all. The price reacted exactly between the 50% and 60% Fibonacci levels as I expected. The volume decreased sharply, the divergence on the RSI became larger and larger. The strong sell-off last week was therefore only a matter of time. So what's next? I think that we will correct a little further, up to around the area I have marked, before the next wave of sales starts. I determined the minimum short targets using Fibonacci extensions. I have marked the relevant areas from 0.618-1.618 in gray for you. I am very confident that BTC will move there in the coming months. At the same time, these are ideal buying opportunities for those who have not yet been able to benefit from BTC.
What do you think of my idea? I am looking forward to your feedback!
Warm greetings,
Raffa
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