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BTCUSD: Amazing Rainbow Cycles tell you where to Buy & Sell.
Bitcoin is vastly overbought on its 1D technical outlook (RSI = 85.391, MACD = 5410.00, ADX = 45.265) as the recent weekly rally since the U.S. elections has pushed it past 90,000. Even the 1W timeframe got overbought (RSI = 74.244). However that overbought state has no impact on the current trend as during Bull Cycles and especially when the final 12 month parabolic rally begins, BTC tends to stay massively overbought for a very long period of time.
On this chart you see how the Bitcoin Rainbow Wave and Bands indicators (by Leoum) are applied with key pressure (both buy and sell) zones among Cycles that can even project future price action. This is a very powerful tool for those who want to plan their entries and exits on a long term scale.
Right now BTC is past the Yellow Zone where buying was suggested before the parabolic rally begins. This has historically been a few months after each Halving. The price just entered the yellow zone of the Rainbow but remains under the middle (purple line) of the cyclical wave. This means that despite the massive recent rally, it is still a fair buy.
The max level to sell on this Cycle is the Red Wave Zone, with the indicator suggesting a max value of 258k. However it is recommended by this model to start selling inside the upper band of the Fair value Zone (orange line), which currently gives a minimum of 145k and a maximum of 211k. Technically that is estimate to be a fair High for this Cycle.
When the next Bear Cycle begins, the model shows that it is best to start buying inside the green zone where BTC is expected to turn oversold near or at 30.000. Amazing as it may seem now, this zone is between 94k -77k, which is approximately the trading range of this week. Meaning that the projected bottom of the next Bear Cycle could be around the levels we're at now.
See how our prior idea has worked out:
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On this chart you see how the Bitcoin Rainbow Wave and Bands indicators (by Leoum) are applied with key pressure (both buy and sell) zones among Cycles that can even project future price action. This is a very powerful tool for those who want to plan their entries and exits on a long term scale.
Right now BTC is past the Yellow Zone where buying was suggested before the parabolic rally begins. This has historically been a few months after each Halving. The price just entered the yellow zone of the Rainbow but remains under the middle (purple line) of the cyclical wave. This means that despite the massive recent rally, it is still a fair buy.
The max level to sell on this Cycle is the Red Wave Zone, with the indicator suggesting a max value of 258k. However it is recommended by this model to start selling inside the upper band of the Fair value Zone (orange line), which currently gives a minimum of 145k and a maximum of 211k. Technically that is estimate to be a fair High for this Cycle.
When the next Bear Cycle begins, the model shows that it is best to start buying inside the green zone where BTC is expected to turn oversold near or at 30.000. Amazing as it may seem now, this zone is between 94k -77k, which is approximately the trading range of this week. Meaning that the projected bottom of the next Bear Cycle could be around the levels we're at now.
See how our prior idea has worked out:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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