30% drop on Bitcoin incoming? Get ready to buy lower!

5 באפר׳ 2019

Don't tell me I didn't warn you on March 8th about this first break out! The fractal was there:

However, those who missed this week's huge spike on Bitcoin shouldn't worry. Based on the 1D RSI another pull back should be coming soon.

As seen on the chart since the price action crossed over the 200DMA (orange line) during the last bear market (that practically signaled the end of the bear cycle), every time the RSI got over 83.000, BTCUSD declined at least -30%! In today's cycle, depending on where BTC makes the top, this puts the pull back to at least 3800.

Traders/ investors should be alert as the current consolidation/ accumulation period will offer a few buy signals/ entries before the next bull market completely takes over and leaves the current lows behind.


Below is such an example where the 1W RSI and Mayer Multiple give the final Buy Signal within June and October:

P.S. Some evidence that the cycles bottom is in and we are on the early stages of the new bull cycle: