BTC healthy correction?
Hello guys,
Let's look at the longterm view. Here I use a combination of indicators to assess possible reversals. I use the KST which is a combination of 4 ROC (rate of change), 2 short term, one intermediate and one longterm. Also in combination with other two ROC, one short term and one Intermediate. Lastly i use a 20MA and 10MA. As you can see it has been very precise at spotting tops.So when we have a bearish cross of price on 10MA, A bearish cross in the KST and a break below the 0 level in the ROCs that is a strong signal a bear market (intermediate and long term) started. So right now BTC has broke down the 10 MA and the two rocs have crossed the 0. However the KST is still in an uptrend and the 20 MA has not been completely violated. So if you ask me, as per now I do not think we are starting a bear market, this was a strong shakeout driven from different macro reasons. Saying that I am really cautions and I will heavily preserve my capital.
So I want to see BTC to resume the trend with strength by breaking strongly above 53k and 59k.
Let's look at the longterm view. Here I use a combination of indicators to assess possible reversals. I use the KST which is a combination of 4 ROC (rate of change), 2 short term, one intermediate and one longterm. Also in combination with other two ROC, one short term and one Intermediate. Lastly i use a 20MA and 10MA. As you can see it has been very precise at spotting tops.So when we have a bearish cross of price on 10MA, A bearish cross in the KST and a break below the 0 level in the ROCs that is a strong signal a bear market (intermediate and long term) started. So right now BTC has broke down the 10 MA and the two rocs have crossed the 0. However the KST is still in an uptrend and the 20 MA has not been completely violated. So if you ask me, as per now I do not think we are starting a bear market, this was a strong shakeout driven from different macro reasons. Saying that I am really cautions and I will heavily preserve my capital.
So I want to see BTC to resume the trend with strength by breaking strongly above 53k and 59k.
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