Medium term trend analysis based on Distribution Schematic #1 of the Wycoff method and that the possibility that the ~6200 high was the end of wave V of EW analysis.
Please read the stockcharts link below to understand the labels.
In terms of signals, long term wavetrend analysis has been oversold and has been displaying bearish divergence since May. The RSI has also been showing Bearish Divergence since May with RSI decreasing despite new highs. Lows of the RSI have remained the same despite having higher lows.
Fundamentally, this lines up with the uncertainty surrounding Segwit2x fork.
I personally don't trade bitcoin unless I'm using it to buy other coins. I do monitor it though to see overall market direction.
This analysis is based on probabilities, not crystal ball predictions.
Constructive criticism always welcome.
Key word being constructive. Please don't criticize if it's neither constructive or you have no skin in the game/public predictions yourself.
stockcharts.com...school/doku.php?id=chart_s...
Please read the stockcharts link below to understand the labels.
In terms of signals, long term wavetrend analysis has been oversold and has been displaying bearish divergence since May. The RSI has also been showing Bearish Divergence since May with RSI decreasing despite new highs. Lows of the RSI have remained the same despite having higher lows.
Fundamentally, this lines up with the uncertainty surrounding Segwit2x fork.
I personally don't trade bitcoin unless I'm using it to buy other coins. I do monitor it though to see overall market direction.
This analysis is based on probabilities, not crystal ball predictions.
Constructive criticism always welcome.
Key word being constructive. Please don't criticize if it's neither constructive or you have no skin in the game/public predictions yourself.
stockcharts.com...school/doku.php?id=chart_s...
Commentaire:
Updated the chart for two possible Wyckoff Top scenarios in case I mislabeled some points.
