BitcoinShort
its not over... yet. Possible collapse in BTC
Bitcoin on the weekly, with measuring RSI.
The red vertical lines show where the RSI has been rejected at the 70% zone- which is the euphoric bullish control zone.
In the past, every time that the RSI has attempted to break above this line and fail - there has been a reasonably long correction - often this is a late signal that the bull market is over.
The candle closes on Monday morning, and things are not over yet.
Bullish case:
The RSI moving average is still aiming up, which gives some hope. If we look back to august 2019 i have circled where this previously happened there the MA was above the 70 - there was a rejection, and the bear market started... But as it stands, if BTC recovers and breaks above the 70 I believe that the bull market continues...
Bearish case:
There is bearish divergence on the weekly, which has been bearish on all the previous times below (the down red arrow on the RSI)
Uncertainty in the market:
The FOMC is going happen today, and I wouldnt be suprised if it can save the bull market (for equities as well). But I do believe that a large move is imminent - and I have decided to err on the side of caution.
The red vertical lines show where the RSI has been rejected at the 70% zone- which is the euphoric bullish control zone.
In the past, every time that the RSI has attempted to break above this line and fail - there has been a reasonably long correction - often this is a late signal that the bull market is over.
The candle closes on Monday morning, and things are not over yet.
Bullish case:
The RSI moving average is still aiming up, which gives some hope. If we look back to august 2019 i have circled where this previously happened there the MA was above the 70 - there was a rejection, and the bear market started... But as it stands, if BTC recovers and breaks above the 70 I believe that the bull market continues...
Bearish case:
There is bearish divergence on the weekly, which has been bearish on all the previous times below (the down red arrow on the RSI)
Uncertainty in the market:
The FOMC is going happen today, and I wouldnt be suprised if it can save the bull market (for equities as well). But I do believe that a large move is imminent - and I have decided to err on the side of caution.
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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.