Aps3

Clear double-top reversal signals ~6500k target for BTCUSD

COINBASE:BTCUSD   Bitcoin
Very clear double-top coupled with the resistance line repulsing price back under 9k means the 1 week MACD is still in effect. 1W MACD is still overbought but nearing neutral. The Stochastic RSI on the week scale is oversold, but as a smart man once told me "stochastic RSI can stay overbought or sold for a looooooooong time". I still don't see this as (a). alarming, and (b). unexpected, given the meteoric rise to 20k a few months ago. Normal correction, wait for the bottom, watch the 1 week MACD, have your cash ready. 6500 is the next test on previously established support line for the upper half of the correction channel.

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