Possibly a short dip for BTC, B2X is probably still 2 weeks away
A lot of people are bullish on BTC untill SegWit2X. I am as well, but keep in mind SegWit2x is probably still 2 weeks away, and I don't believe BTC keeps going upwards for 2 weeks. Maybe this is a bold idea, but it is definitely a possibility:
I have a few reasons why BTC can make a dip soon:
- Last time there was a bearish MACD crossover (in August), btc made a slightly higher all time high before going down. Take a look at the similarities between that MACD cross and the cross in October, and the similarities between the corresponding BTC values. After that ATH btc went down and tested 3000USD.
- Right before the MACD cross in August. the RSI went overbought. Same goes for October.
- BTC sits in a rising wedge. This doesn't mean it has to break downwards before the fork (if it breaks downwards at all), but it is still a reasonable possibility. Also, it is bouncing against it's resistance, so if BTC is not breaking downwards out of the wedge (before the fork), it is possible it goes down to the bottom of the wedge. There is support there from the high on 13th of October as well (around 5940).
I do think BTC will go up before SegWit2X, but I'm cautious for at least the next few days.
I also think BTC will test the support level just below 5000usd eventually though.
I have a few reasons why BTC can make a dip soon:
- Last time there was a bearish MACD crossover (in August), btc made a slightly higher all time high before going down. Take a look at the similarities between that MACD cross and the cross in October, and the similarities between the corresponding BTC values. After that ATH btc went down and tested 3000USD.
- Right before the MACD cross in August. the RSI went overbought. Same goes for October.
- BTC sits in a rising wedge. This doesn't mean it has to break downwards before the fork (if it breaks downwards at all), but it is still a reasonable possibility. Also, it is bouncing against it's resistance, so if BTC is not breaking downwards out of the wedge (before the fork), it is possible it goes down to the bottom of the wedge. There is support there from the high on 13th of October as well (around 5940).
I do think BTC will go up before SegWit2X, but I'm cautious for at least the next few days.
I also think BTC will test the support level just below 5000usd eventually though.