UPDATE ON MY PREVIOUS BITCOIN ANALYSIS
The fact that a lot of analyst still believe #bitcoin will hit 100k this year due to the stock to flow model indicator and past price action still make me think it’s possible because personally I have an analysis which I did said I’m expecting #bitcoin to go even higher than 200k this year but all this assumption depend on this chart.
Just like I said before that we are currently having the same price action just like the 2013 bull market cycle top.
So what does bitcoin has to do to be able to hit 100k and above this year?
Answer
1. the RSI.
If you look at the RSI now you can see it’s currently pulling back up after hitting the 59 level ( the green line on the RSI chart)
which is a good sign, but there is nothing to be too excited about for now.
Why did I say so?
If you take a look at the 2013 bull market top, the RSI did pulled back up after hitting the 59 level but it never broke above 70 level which leads to another dump into a bear market.
2. the Stochastic RSI
Also we never had a cross over on the Stochastic RSI till the bottom of the bear market.
So if you take a look at this current price action you can see the Stochastic RSI is still going down despite we are currently having a green candle .
So for me to believe bitcoin is going to hit 100k this year we need 2 things to happen which are....
RSI above 70 level
Stochastic RSI crossover.
NOTE: the blue cycle on the chart signify the consolidation phase of 2013 bull cycle before the final push up to another ATH.
If you take a closer look at the RSI you can see the RSI pulled back up and went above the 70 level. It even went high as 90 which is the top red line on the RSI
So If those two things can happen only then I will be supper bullish again but until then I still Believe #bitcoin may not go above 60k again this year. So keep your eyes on the
RSI AND THE STOCHASTIC RSI.
Just like I said before that we are currently having the same price action just like the 2013 bull market cycle top.
So what does bitcoin has to do to be able to hit 100k and above this year?
Answer
1. the RSI.
If you look at the RSI now you can see it’s currently pulling back up after hitting the 59 level ( the green line on the RSI chart)
which is a good sign, but there is nothing to be too excited about for now.
Why did I say so?
If you take a look at the 2013 bull market top, the RSI did pulled back up after hitting the 59 level but it never broke above 70 level which leads to another dump into a bear market.
2. the Stochastic RSI
Also we never had a cross over on the Stochastic RSI till the bottom of the bear market.
So if you take a look at this current price action you can see the Stochastic RSI is still going down despite we are currently having a green candle .
So for me to believe bitcoin is going to hit 100k this year we need 2 things to happen which are....
RSI above 70 level
Stochastic RSI crossover.
NOTE: the blue cycle on the chart signify the consolidation phase of 2013 bull cycle before the final push up to another ATH.
If you take a closer look at the RSI you can see the RSI pulled back up and went above the 70 level. It even went high as 90 which is the top red line on the RSI
So If those two things can happen only then I will be supper bullish again but until then I still Believe #bitcoin may not go above 60k again this year. So keep your eyes on the
RSI AND THE STOCHASTIC RSI.
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