Hi everyone,
Quick update in line with our previous analysis, expecting a final washout on Bitcoin prior to a roaring Bull Run starting sometime this year.
Well, a bearish cross just formed on the Stochastic RSI. Historically, if you look at the chart, I've outlined how much of a corection Bitcoin tends to have when the Stoch.RSI falls from these levels. My expectation is an average fall of 38%, which coincides almost perfectly with the bear market lows in the $3,100 level region. That would give us a double bottom and "W" formation which we usually like to see at the end of bear markets.
This will need a few weeks to pan out; we'll know more in a couple of weeks time whether this is in fact a big 30-40% correction (as we see historically) or just a mere healthy few-% correction in BTC's current bull trend.
All top 25 alts will move in tangent with #Bitcoin for now.
Let's observe the charts and see the price action! Interesting times ahead...
Cheers,
Leb Crypto
Quick update in line with our previous analysis, expecting a final washout on Bitcoin prior to a roaring Bull Run starting sometime this year.
Well, a bearish cross just formed on the Stochastic RSI. Historically, if you look at the chart, I've outlined how much of a corection Bitcoin tends to have when the Stoch.RSI falls from these levels. My expectation is an average fall of 38%, which coincides almost perfectly with the bear market lows in the $3,100 level region. That would give us a double bottom and "W" formation which we usually like to see at the end of bear markets.
This will need a few weeks to pan out; we'll know more in a couple of weeks time whether this is in fact a big 30-40% correction (as we see historically) or just a mere healthy few-% correction in BTC's current bull trend.
All top 25 alts will move in tangent with #Bitcoin for now.
Let's observe the charts and see the price action! Interesting times ahead...
Cheers,
Leb Crypto
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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.