BitcoinShort
its not over... yet. Possible collapse in BTC
Bitcoin on the weekly, with measuring RSI.
The red vertical lines show where the RSI has been rejected at the 70% zone- which is the euphoric bullish control zone.
In the past, every time that the RSI has attempted to break above this line and fail - there has been a reasonably long correction - often this is a late signal that the bull market is over.
The candle closes on Monday morning, and things are not over yet.
Bullish case:
The RSI moving average is still aiming up, which gives some hope. If we look back to august 2019 i have circled where this previously happened there the MA was above the 70 - there was a rejection, and the bear market started... But as it stands, if BTC recovers and breaks above the 70 I believe that the bull market continues...
Bearish case:
There is bearish divergence on the weekly, which has been bearish on all the previous times below (the down red arrow on the RSI)
Uncertainty in the market:
The FOMC is going happen today, and I wouldnt be suprised if it can save the bull market (for equities as well). But I do believe that a large move is imminent - and I have decided to err on the side of caution.
The red vertical lines show where the RSI has been rejected at the 70% zone- which is the euphoric bullish control zone.
In the past, every time that the RSI has attempted to break above this line and fail - there has been a reasonably long correction - often this is a late signal that the bull market is over.
The candle closes on Monday morning, and things are not over yet.
Bullish case:
The RSI moving average is still aiming up, which gives some hope. If we look back to august 2019 i have circled where this previously happened there the MA was above the 70 - there was a rejection, and the bear market started... But as it stands, if BTC recovers and breaks above the 70 I believe that the bull market continues...
Bearish case:
There is bearish divergence on the weekly, which has been bearish on all the previous times below (the down red arrow on the RSI)
Uncertainty in the market:
The FOMC is going happen today, and I wouldnt be suprised if it can save the bull market (for equities as well). But I do believe that a large move is imminent - and I have decided to err on the side of caution.
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Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.