I know a lot of people are thinking that the market in 2017 is repeating itself in 2019. However, I do not think so in TA's view and also psychological's view. I have been advised my group members to take the chance of staking cause I am always one step ahead. Below is my explanation, enjoy.
Analysis:
Firstly, the support at Fib 0.618( I dont really like to use Fibonacci due to low accuracy) is retested 3 times in 2017 with a fall to Fib 0.382. However, the support at Fib 0.618 in 2019 has been retested 3 times with a consolidation. This is not only a TA to interpret but also psychological, the people are staking during the consolidation.
Secondly, RSI is to show the overbought and oversold signals. In 2017, it provides 2 signals of oversold with a breakdown of the redlines separately without any consolidation. While in 2019, it provides 2 signals of oversold when bitcoin tested Fib 0.382 before the consolidation. To explain further, the movement of RSI in 2017 and 2019 is different, you can see the movement of RSI in 2017 is all the way down and went up after the second attempt of retesting fib 0.382 was completed while the movement of RSI in 2019 has gone up after second attempt of retesting fib 0.382 was completed.
Thirdly, MACD is to show the strength of price movement. In 2017, it was moving all the way down because the buy momentum was decreasing as it was destined to make the second attempt to retest at Fib 0.382. However, in 2019 it has completed the second attempts so we can see the strength of price movement is stronger with a Higher Low. In fact, the consolidation of 2019 should have given you the idea of staking because MACD did make a breakout of the redlines.
Conclusion, I am confident that Bitcoin can hold above $9500 and the Dip is here. Behind every move, there is a reason. It will be too easy for us to profit if it is repeating the history, dont you think so? Speak out if you have any concern or question about this. All The Best and Happy Trading.
Analysis:
Firstly, the support at Fib 0.618( I dont really like to use Fibonacci due to low accuracy) is retested 3 times in 2017 with a fall to Fib 0.382. However, the support at Fib 0.618 in 2019 has been retested 3 times with a consolidation. This is not only a TA to interpret but also psychological, the people are staking during the consolidation.
Secondly, RSI is to show the overbought and oversold signals. In 2017, it provides 2 signals of oversold with a breakdown of the redlines separately without any consolidation. While in 2019, it provides 2 signals of oversold when bitcoin tested Fib 0.382 before the consolidation. To explain further, the movement of RSI in 2017 and 2019 is different, you can see the movement of RSI in 2017 is all the way down and went up after the second attempt of retesting fib 0.382 was completed while the movement of RSI in 2019 has gone up after second attempt of retesting fib 0.382 was completed.
Thirdly, MACD is to show the strength of price movement. In 2017, it was moving all the way down because the buy momentum was decreasing as it was destined to make the second attempt to retest at Fib 0.382. However, in 2019 it has completed the second attempts so we can see the strength of price movement is stronger with a Higher Low. In fact, the consolidation of 2019 should have given you the idea of staking because MACD did make a breakout of the redlines.
Conclusion, I am confident that Bitcoin can hold above $9500 and the Dip is here. Behind every move, there is a reason. It will be too easy for us to profit if it is repeating the history, dont you think so? Speak out if you have any concern or question about this. All The Best and Happy Trading.
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Trade closed: stop reached