BTC the coming weeks
Looking at the 4 hour RSI you can see the 9 day orange RSI resistance line.
You can also see that its about to rollover to the dark side within a corrective running flat formation
This means we are likely heading down for another ABC to the previous all time low.
A bounce at the 7300 double bottom is to be expected but expect the selling to soon continue when the market realizes what might be at play.
You could argue that this is bad for BTC. However life can be simple and what we probably need right now is BTC being less expensive so the media can hype it again possibly calling it cheap and the bubble is over thereby launching the next hype cycle and influx of new money
You can also see that its about to rollover to the dark side within a corrective running flat formation
This means we are likely heading down for another ABC to the previous all time low.
A bounce at the 7300 double bottom is to be expected but expect the selling to soon continue when the market realizes what might be at play.
You could argue that this is bad for BTC. However life can be simple and what we probably need right now is BTC being less expensive so the media can hype it again possibly calling it cheap and the bubble is over thereby launching the next hype cycle and influx of new money
Note
Ripple has the R3 court case in New York hanging over its head regarding 4 billion xrp units. (they are now spreading news about donations to schools)Eth has EOS taking advantage of their position who can dump on it at will whenever whilst it is a competitor
BTC and BCash have Mt Gox Japanese Courts ready to dump a truck load at will. Oh right but they'll wait for now
good news is nowhere to be found on the horizon. China has a large stake in BTC and this upsets the US government. It is unlikely that a US bank took over Circle that holds an exchange is merely a coincidence.
Banks scared shitless are blocking credit and debit cards.
Crypto is here to stay no doubt about it but it is not going to happen overnight without a fight left or right.
Note
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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.