#BTC Downside move may be coming
Updated
With the #BTC volatility at all time lows we know a big move is likely coming. The Weekly chart is showing Overbought stochastic topped out and moving down, and MACD heading for a possible Bearish cross over. Astrological factors also include an unfavorable Saturn conjunct BTC inception Jupiter July 1-15, Mars approaching an unfavorable square to BTC Sun July 20-21 and a possible unfavorable New Moon opposing Saturn. These technical and astological factors seem to indicate that a big downside move is much more likely than a bullish break out.
Note
One of the reasons I think the weekly is so bearish right now is that Weekly Stochastic has only given an over bought reading two previous times since the ATH in DEC 2017, so this current overbought reading is very relatively rare and seems to indicate it will have to reset lower, possibly much lower before a new rally. Especially given the confluence with MACD and declining Volume. I am expecting at least a 10% move down, possibly as much as 20%. We can't rule out a break out to the upside, but given these technicals and the worsening Pandemic, a rally here would be much more of a surprise than a break down.
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.