BTC did not go up to 12k for the first leading diagonal like I initially predicted but got stopped at 10k. The timing for all the FUD coming out was impeccable to stop the upward momentum for a correction. After watching the movement down, I still stay very bullish. The RSI levels have dipped to very low levels for 4hr and below but the price has dipped only 17% so far. In the past when the 4hr rsi dipped to such levels, price dipped well below 20% and even 30% in matter of days. Now there is still plenty of room for daily rsi to drop but I believe we will bounce around this level to keep it from dropping too low and by the lack of volume in this sell off the daily rsi levels should hold. In the short term I am confident we will see about a 10% bounce and we can revisit which direction it will go from there. It would actually be very healthy for BTC to drop again to around 7.8k levels to test the .618fib level before making the move up, but with the conference coming up next week, some good news may break us out of this correction early and start the wave 3 of this massive movement. The main question during all this is how the Alts will move during this time. Seems like many alts had a huge sell spike in price with low volume and already recovering much better than BTC. Most alts hit a respectable fib level but many has some room to go down to hit a significant level. I can definitely see one more flush down but the smart thing to do at these prices is to HODL if profit has not been taken already. The downside isn't much more and upside is much too great to take profit or losses for most Alts. ALSO, the global marketcap for all of crypto seems to be drawing out a inverse head and shoulder pattern and aiming for previous ATH within couple months if it plays out.
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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.