Before I start, Last fortnights Post was titled "$BTC UPDATE, copying December 2018", funny enough this analysis is showing the Stochastic RSI is pretty much the same as it was exactly 1 year ago (circled). If I throw out this system that has worked for the last 7 years, I would say that Bitcoin has bottomed. But anyway here it is.
Last time I reviewed it, Bitcoin was going to find bottom at $4300-$4900. however as markets move so do the indication.
On the 7th and 8th of Dec we closed above the 20day Moving average But volume was low and today looks like we will close back below it. Some indicators showing overbought.
If things continue as they are Bitcoin will bottom between $4211- $4432 with $4900 being static which is slightly lower than last time (But for that to be ruled out we must close above the 20 Week Moving average). But if I did this last week It would have shown a lower figure, which is another indication that we have bottomed and we re more likely to close above the middle bband/20MA eventually. What I am not happy with yesterdays Pump is the low volume , but this may also bring buyers in sooner.
Merry Christmas and be safe
This is all my opinion on how I read the charts
Last time I reviewed it, Bitcoin was going to find bottom at $4300-$4900. however as markets move so do the indication.
On the 7th and 8th of Dec we closed above the 20day Moving average But volume was low and today looks like we will close back below it. Some indicators showing overbought.
If things continue as they are Bitcoin will bottom between $4211- $4432 with $4900 being static which is slightly lower than last time (But for that to be ruled out we must close above the 20 Week Moving average). But if I did this last week It would have shown a lower figure, which is another indication that we have bottomed and we re more likely to close above the middle bband/20MA eventually. What I am not happy with yesterdays Pump is the low volume , but this may also bring buyers in sooner.
Merry Christmas and be safe
This is all my opinion on how I read the charts
