Hello everyone.
I believe this is a bit different point of view on our mystery Bitcoin situation.
I have been playing with RSI. Trendlines, 50 level, divergences etc... combined all together and found some interesting results.
As per chart, there is always a wave up after price being under 50 RSI while actually touching 50 RSI...
There are two important horizontal levels of RSI & Price ( Red full and Red with space )
Green circles means that price react at correct RSI 50 level.
On the other hand, there are levels on RSI 50 where price action react lower, on the partly red horizontal line.. By the logic, it means that people are buying for lower price than they should, so we can expect PRICE grow higher.
After move up there is always retracement, which happened with RSI crossing blue RSI trendline from above.
Also , there are two Bullish divergences.
This Pattern played out two times since our HIGH in July…There is a probability of repeating itself.
As a target, I have used Resistance trendline, conecting our last tow TOPs
Sorry for my language and way of explaining… The chart is a mess :D
Iam beginner learning the terminology.
Not a financial advise. Its for my own educational purposes only.
I would really appreciate any feedback.
Wish we can go together to the Moon and than to the Mars! :D
Greetings from Bali - Indonesia
Matt
I believe this is a bit different point of view on our mystery Bitcoin situation.
I have been playing with RSI. Trendlines, 50 level, divergences etc... combined all together and found some interesting results.
As per chart, there is always a wave up after price being under 50 RSI while actually touching 50 RSI...
There are two important horizontal levels of RSI & Price ( Red full and Red with space )
Green circles means that price react at correct RSI 50 level.
On the other hand, there are levels on RSI 50 where price action react lower, on the partly red horizontal line.. By the logic, it means that people are buying for lower price than they should, so we can expect PRICE grow higher.
After move up there is always retracement, which happened with RSI crossing blue RSI trendline from above.
Also , there are two Bullish divergences.
This Pattern played out two times since our HIGH in July…There is a probability of repeating itself.
As a target, I have used Resistance trendline, conecting our last tow TOPs
Sorry for my language and way of explaining… The chart is a mess :D
Iam beginner learning the terminology.
Not a financial advise. Its for my own educational purposes only.
I would really appreciate any feedback.
Wish we can go together to the Moon and than to the Mars! :D
Greetings from Bali - Indonesia
Matt