Hello guys!
I have been monitoring BTC prices lately, and managed to successfully determine a few price movements using the daily RSI.
I have 2 zones as example;
Zone 1: We can notice that if we draw the local triangle, we could easily anticipate the dumps to 6500 and the pumps to 6600. So if you were a bitmex trader, you would get 4-5 trades anticipated easily, as it bounces off the support and dumped of the RSI resistance.
Now, we could also anticipate the big drop to 6200, as the ASCENDING triangle would close on October 11 according to the triangle we drew, and ascending triangles are usually bearish.
Zone 2: This line has been a historical resistance, and once we break it in my opinion the bull run will begin. However, this data is telling us that we have one last drop.
This is speculation, but, in my opinion : The drop will go to 5800, and maybe see some capitulation at 5600, then a massive bull run would start.
There also the scenario that the bear market is over, as alts are bullish, but I don't really think so.
I have been monitoring BTC prices lately, and managed to successfully determine a few price movements using the daily RSI.
I have 2 zones as example;
Zone 1: We can notice that if we draw the local triangle, we could easily anticipate the dumps to 6500 and the pumps to 6600. So if you were a bitmex trader, you would get 4-5 trades anticipated easily, as it bounces off the support and dumped of the RSI resistance.
Now, we could also anticipate the big drop to 6200, as the ASCENDING triangle would close on October 11 according to the triangle we drew, and ascending triangles are usually bearish.
Zone 2: This line has been a historical resistance, and once we break it in my opinion the bull run will begin. However, this data is telling us that we have one last drop.
This is speculation, but, in my opinion : The drop will go to 5800, and maybe see some capitulation at 5600, then a massive bull run would start.
There also the scenario that the bear market is over, as alts are bullish, but I don't really think so.
Note
OK, my speculation scenario happened way later, but it still happened.I remain bullish for now, but I want to see the prices back above 6000 somehow. I don't know what the catalyst would be, BCH hash war or cboe, but it has to happen fast, because this price drop is BRUTAL and could be very well be bearish
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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.