BTCUSD: -36% Correction Incoming? Price & RSI Support Zones Hint
BTCUSD has never seen more than 6 red/green candles in a row on the monthly chart in its history.
Bitcoin has been on one helluva run, now it's time for a "healthy correction". Not to worry, it happens in a bull market so relax with knowledge.
What can we see from the weekly BTCUSD chart?
During the last market cycle, 875 days after the cycle began, BTCUSD raeched a local top then shortly after experienced a correction of 36% before CONTINUING ON UP again. The current local top occured 854 days after the market cycle began, which is approximately in the same time frame as the one just mentioned. If history approximately repeats, it just so happens that there is strong support 36% down from where we are now! AND the RSI has a historic support zone about there too so it seems right that this should happen. Just my interpretation, not advise de financial.
If you have any thoughts, fire away down below.
Bitcoin has been on one helluva run, now it's time for a "healthy correction". Not to worry, it happens in a bull market so relax with knowledge.
What can we see from the weekly BTCUSD chart?
During the last market cycle, 875 days after the cycle began, BTCUSD raeched a local top then shortly after experienced a correction of 36% before CONTINUING ON UP again. The current local top occured 854 days after the market cycle began, which is approximately in the same time frame as the one just mentioned. If history approximately repeats, it just so happens that there is strong support 36% down from where we are now! AND the RSI has a historic support zone about there too so it seems right that this should happen. Just my interpretation, not advise de financial.
If you have any thoughts, fire away down below.
Comment:
Looks like this closer support was enough and found a new support zone on RSI.
Comment:
+ RSI just dipped under historic support, however the week has not finished so it has plenty of time to change
+ Price has enter bounce zone
+ A good time to buy historically? I think so
+ Price has enter bounce zone
+ A good time to buy historically? I think so