BITCOIN Indicators Showing Final Capitulation Selloff Incoming
Hi Everyone,
When looking at the indicators shown on this chart, it is uncanny how they all line up with the middle of November, 2014. This is showing me that the bottom is most likely NOT in, despite all the analyst's calling for nothing but upward movement from here. I still think we will see a large volume, massive down day coming up here within the next couple of months which will present an excellent buying opportunity for those looking to stock up on some crypto. Psychologically, what I can see happening here is those who thought the bottom was in selling their stake as we fail to hold the rally, which will likely result in a large candle down to the $2k-ish area. I'm not predicting a price, the indicators will show us. Look for the 30D RSI to be very oversold, the NVT to flash green, and shorts to be at all time highs. That to me will be the signal to go long. Let's keep an eye on things and see how this develops.
To those looking back to me saying the price needed to rally to the 135DMA, yes I did say that when Bitcoin was in the low $3's. It has since failed to produce the rally I was expecting all the way up to the 135DMA which to me just shows additional weakness. What I was saying at that time was that it was not likely to head lower AT THAT TIME. It needed to mean revert back upward, which it has done to some extent, but not how I thought it would. Now there is a real probability it fails and crashes, and then we will see mean reversion back to the 135DMA sometime later this year. Also, this year is not the year for Bitcoin to look bullish. Get over it. Most likely we will rattle around building our base for the next bull run next year and beyond. Be patient.
Best of luck!
When looking at the indicators shown on this chart, it is uncanny how they all line up with the middle of November, 2014. This is showing me that the bottom is most likely NOT in, despite all the analyst's calling for nothing but upward movement from here. I still think we will see a large volume, massive down day coming up here within the next couple of months which will present an excellent buying opportunity for those looking to stock up on some crypto. Psychologically, what I can see happening here is those who thought the bottom was in selling their stake as we fail to hold the rally, which will likely result in a large candle down to the $2k-ish area. I'm not predicting a price, the indicators will show us. Look for the 30D RSI to be very oversold, the NVT to flash green, and shorts to be at all time highs. That to me will be the signal to go long. Let's keep an eye on things and see how this develops.
To those looking back to me saying the price needed to rally to the 135DMA, yes I did say that when Bitcoin was in the low $3's. It has since failed to produce the rally I was expecting all the way up to the 135DMA which to me just shows additional weakness. What I was saying at that time was that it was not likely to head lower AT THAT TIME. It needed to mean revert back upward, which it has done to some extent, but not how I thought it would. Now there is a real probability it fails and crashes, and then we will see mean reversion back to the 135DMA sometime later this year. Also, this year is not the year for Bitcoin to look bullish. Get over it. Most likely we will rattle around building our base for the next bull run next year and beyond. Be patient.
Best of luck!
