BITCOIN Staging the final phase before the bull market
Despite the fact that Bitcoin has (most likely) reached a bottom, the bear market hasn't officially ended. Although traders call the current phase the "Accumulation/ Distribution" stage, it is still an extension, even though the final one, of the bear market.
So where does the confirmation of the new bull market comes?
I tried to pinpoint this using the Mayer Multiple and the RSI.
The Mayer Multiple is trading between 0.50 and 1.05 and is approaching the first break out from that range. I have timed this around 01 July 2019 with the final break out that will never enter this range again estimated around 07 October 2019.
The RSI is currently testing 42.500 and should attempt a strong break out around 03 June 2019 and a test of that level as a support around 16 Sept 2019. If it rebounds then we have the final buy confirmation before the Bull Market begins.
These 4 buy signals combined make a Buy Zone of 03 June - 07 ctober 2019. Interestingly enough that is where the MMAR completes its bearish zone.
My short term perspective:
So where does the confirmation of the new bull market comes?
I tried to pinpoint this using the Mayer Multiple and the RSI.
The Mayer Multiple is trading between 0.50 and 1.05 and is approaching the first break out from that range. I have timed this around 01 July 2019 with the final break out that will never enter this range again estimated around 07 October 2019.
The RSI is currently testing 42.500 and should attempt a strong break out around 03 June 2019 and a test of that level as a support around 16 Sept 2019. If it rebounds then we have the final buy confirmation before the Bull Market begins.
These 4 buy signals combined make a Buy Zone of 03 June - 07 ctober 2019. Interestingly enough that is where the MMAR completes its bearish zone.
My short term perspective:
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