Bitcoin has been on an absolute tear over the last 4 months and it is healthy for the big bro to take a breather. While I am bullish over the next two years, I have spotted a potential bear div on the RSI with declining retail volume as indicated in the charts. This might open the possibility of the following to happen which has happened throughout BTC's bull run (eg. March 2017 and July 2017):
1. Break down below the 50 day MA with a sweet tap on the 100, which should open up an edge to edge play on the cloud.
2. After chilling at the 100 day MA, a sharp tap on the 200 day, which should be at the bottom edge of the cloud, completing an edge to edge.
3. Coincidentally, these price targets show good support on VPVR.
Historically, BTC has seen sharp reversals at the 200 day MA so hold on for that bounce or add. If price goes below 200 day MA, its game over.
If BTC blasts throug 65k towards 70k over the next 1 month, we enter a bubble top setup and this idea would be invalidated.
1. Break down below the 50 day MA with a sweet tap on the 100, which should open up an edge to edge play on the cloud.
2. After chilling at the 100 day MA, a sharp tap on the 200 day, which should be at the bottom edge of the cloud, completing an edge to edge.
3. Coincidentally, these price targets show good support on VPVR.
Historically, BTC has seen sharp reversals at the 200 day MA so hold on for that bounce or add. If price goes below 200 day MA, its game over.
If BTC blasts throug 65k towards 70k over the next 1 month, we enter a bubble top setup and this idea would be invalidated.
Comment:
Seems like BTC bounced on the 50 day AGAIN!! fascinating. This points towards an asset maturing over time.
