A $BTC observation
Quick post here just to get people to focus on the bigger picture.
MACD and RSI.
There is this massive inverse head and shoulders that has been forming and is almost symmetrical on both indicators.
It does not have to be completely symmetrical for BTC to take off BUT HISTORICALLY that -400 MACD or greater (more negative) has been the local bottom.
RSI has also done a great job resetting with all the sideways movement, which make me leans bullish and will confirm it for me if it breaches that RSI trendline upward on a move.
My bias is bullish IF and ONLY IF we continue sideways for another 2 weeks or so allowing MACD and RSI to reach the levels that indicate local bottom is in. It's not the flashiest, but it is the most bullish scenario in my opinion.
Point here is people are waiting for price to form the right shoulder at about 7100, but there is no need for price to go when the overbought and oversold indicators paint that picture without the movement down.
If we do not get the sideways movement, I expect a move down first to 8400-8600 for local bottom to be in and await the test of 10,500 so BTC can finally run.
MACD and RSI.
There is this massive inverse head and shoulders that has been forming and is almost symmetrical on both indicators.
It does not have to be completely symmetrical for BTC to take off BUT HISTORICALLY that -400 MACD or greater (more negative) has been the local bottom.
RSI has also done a great job resetting with all the sideways movement, which make me leans bullish and will confirm it for me if it breaches that RSI trendline upward on a move.
My bias is bullish IF and ONLY IF we continue sideways for another 2 weeks or so allowing MACD and RSI to reach the levels that indicate local bottom is in. It's not the flashiest, but it is the most bullish scenario in my opinion.
Point here is people are waiting for price to form the right shoulder at about 7100, but there is no need for price to go when the overbought and oversold indicators paint that picture without the movement down.
If we do not get the sideways movement, I expect a move down first to 8400-8600 for local bottom to be in and await the test of 10,500 so BTC can finally run.
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