lombardodeameliano

Bitcoin will never close below 3200$... here is the reason.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has recorded 2 times of under 30 RSI in weekly charts in its history.
In those 2 times it never closed in weekly chart below the opening of the week which the RSI recovered and signaled green to buy.
So we are in a full year of side way moves but the probability of price going under 3200 is pretty low. it might get there in hourly charts but consider it golden hours of buying
I pray so because a close weekly close under the 200 weekly will be bad for bitcoin. A prolonged sideways consolidation and accumulation will be prefered before all Moving Averages get to there normal positions by October 2019 signalling the end of the bear market!
+1 Reply
@obinex7g, We might all join in prayer but I don't suppose the Almighty will intervene. 😀😉
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obinex7g Captain_Walker
@Captain_Walker, hehe! Where is your target for this retracement?
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@obinex7g, Thankfully the Captain doesn't need, require or have targets in any trade. I do not pray before, during or after trades. 🤣 😃 If the Almighty has a target, those who pray have a sound advantage over me. LOL!
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lombardodeameliano Captain_Walker
@Captain_Walker, Considering the fundamentals of bitcoin and cryptocurrencies in general, this time if not better its surely not worse than the last two times before. so the only thing that might surprise us all is a great global recession. because we have no idea of what might happen to crypto in that situation, at least from historical point of view. so i think we should pray for that situation :((
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Captain_Walker lombardodeameliano
@lombardodeameliano, Fundamentals of cryptos? Eh? What's that? I think if prayer makes certain traders consistently profitable - then do it! 😊 😎
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@obinex7g, well that is not the case because back in 2015 it closed under the 200 weekly MA in September. but the idea is that it will not close in weekly chart below the 3200. my guess is that it will close below the 200 MA in the next 4 month but it will not close below 3200$.
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