$BTC #BITCOIN - IT IS FINALLY OVER - NO MORE $4000
Hello Lads and Ladies,
We will start today with the monthly overview of BTCUSD.
What we see here is a wedge forming after the parabolic increase starting in 2017.
This was a very healthy move that was expected and has driven a lot of conspiracies with it such as various manipulations or sell offs - at the end this was just a healthy movement.
Nevertheless, we see that during this wedge we have green and red candles alternating 1 by 1.
For the first time, we might see this monthly candle closing below the opening of the previous candle. This would have a very high chance of having the next candle closing above this one and with it indicating the start of the trend reversal.
The possibility I see here, is what I have been saying almost this whole month, that we will have one last dip, reaching for $5200 but at least $5600, as I have shown the reasons for it yesterday. Moreover, with hitting $5200 we would hit the middle of the Bollinger Bands AND have the monthly RSI at its lowest recorded level - all of this indicating a HUGE bounce and with it a trend reversal.
Now lets take a look at the weekly.
Here we can see exactly the same situation playing out.
Especially if you take a close look at the downtrend resistance, you can see that this yellow line has been confirmed multiple times.
Now, after the short uptrend of 4 weeks (4 green candles) we have hit the downtrend resistance and seen a retracement with 3 weeks red and one week green.
Therefore, I highly expect this week to close above where we opened yesterday and the following week, I expect it to hit once again the downtrend resistance and then retrace down under the last candle. AGAIN in a 3 week steps go down to the very bottom.
AS WELL, by doing so weekly RSI would reach its ever recorded lowest point of 28.1 points.
Hitting downtrend resistance at $7500 would be also hitting the middle of the Bollinger Bands.
In NUMBERS - CLOSE this week around $6800. Next weeks HIGH would be $7500 and CLOSE under $6120.
The LOW of the second red candle would be at $5600 and the LOW of the THIRD candle at $5200.
I will cover the reasons for the trend reversal in the following days and show where and how we might proceed in with the new trend.
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Cheers, Tomas