December 19, 2018, cf my Related Idea, I gave you the starting point of this new Bull market thanks (in particular) the RSI 14 oversold.
It was then the first time he was (briefly) ironed under the 30 as a certain January 10, 2015. The 01/10/2015 was the departure of the previous Bull market: Bitcoin operates by cycles linked in particular to the anticipations of halving.
Today, it's time to report that this same RSI 14 has just entered its overbought area 75-90.
I underline here the fact that this has already happened 8 times since 2012, each time causing a break in the Bitcoin bullrun with each time a significant bearish correction, all clearly visible on my logarithmic scale.
The RSI has so far entered this dangerous zone timidly, so there is still an interesting margin of pump still possible.
However, note that the RSI has just dropped marking a (local?) top as my peak No. 4 in 2017 which had corrected sharply after.
My chart also clearly shows the similarities with the top No. 2 of June 2016: same growth of the RSI from the same dip and correction without reaching its ATH end of 2013 (peak No. 1). But this time there is a very fast growth of the RSI without correction!
So what the RSI is telling us today is that Bitcoin will not be able to reach the $ 20,000 without a correction at least as important as that of June 2016.
For more information, RSI 14 should be regularly monitored in this configuration.
In addition, the RSI invited us to compare the current situation with the peak of June 2016: note that the latter had the major resistance that I traced by a white line, which we unfortunately find today even to $ 9000, see my 2nd white line.
DISCLAIMER: This is not an investment advice. Do not follow any "prophet". Invest only what you can afford to lose.
Trade attivo
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In progress: $ 8800 -> $ 8100
Dynamism of Chartism: when traders no longer see a bullish ascending triangle (in white), but now a bearish rising wedge (in red)...
Oblique on which it is imperative to rebound now:
Trade attivo
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The rebound on my oblique in red took place:
Trade attivo
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This rebound 8000 -> 8300 makes it possible to blow a moment ...
...but look closely at my initial chart: the RSI 14 dropped from 80 to 72
...but, never on the 8 historical peaks that I surrounded you in red, you don't see the RSI fall back then go back direct: it always follows a much larger dump! Only when the RSI drops to 65 or lower, the dump ends!
...and without even looking at the RSI, count the white candles (= green) with my UT (1 week) leading to each of these 8 peaks ... rarely will you find such a climb with such a weak correction that the 'current 8800 > 8000! The only exception was the incredible 2013 bullrun ... which we know was due to the handling of Mtgox bots (Willy Bitcoin Trading Bot)
OMG,
-65%
-30%
-36%
-33%
-30%
-40%
-29%
-45%
=> and BTC down to->> 5500$ -> 6300$
majic92
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manipulation is still available this run is focking pump by exchanges, 95 % of volumes are fake, just bots playing between spreads, i made experience and placed maker order on exchange very tighten and what happen !? bots was locked and couldn't traded.
majic92
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@majic92, sorry i observed this on alt, major crypto is pumped by a bot vacuum cleaner, since 2017, how do you want a turnaround to be so fast without good sens, i dont know any humans trade like that, locked on buy button, same after a 5K selled btc at 8K, and rejected by at the resistance.
so from BTI, it's an old and small exchange
that wants to pass for very much bigger than it really is
Old (2013) doesn't want to systematically say big exchange :)
majic92
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@Cryptor07, yes it is exalty what i think, but all eschange are connected by bots, look the dump of 5 k btc on bitstamp all exchange have dumped in same time, it makes me think that all trading platforms are connected by bots.
but I notice that took place between against usd, usdt, btc pair most generally.
SkyBottom
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One of the more serious posters here in tradingview. May I ask you. Do you think we are at the start of a bullmarket even if bitcoin dropsor do you believe we will go to a lower low. What is your view?
MaxHodler
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@SkyBottom, Thank you !
I think Bitcoin has entered a new bullmarket since 15-12-2018
what I call for more than 6 months the "Ultimate Dip"
See including my "RELATED IDEA" above.
I see retracements (see my next idea on Bitcoin)
but not lower like this "Ultimate Dip" @ $3150
-65%
-30%
-36%
-33%
-30%
-40%
-29%
-45%
=> and BTC down to->> 5500$ -> 6300$