Bitcoin: How low will you go? Correct to what?
I though it would be interesting to compare similar parabolic moves in Bitcoin's past and see where they corrected to regarding two things:
+ RSI level
+ Support & resistance zones
RSI Level
Simply put, after such a powerful move up, there is a good chance of the RSI going down below 40 before rising again
Support & Resistance Zones
As you can see, the price clearly retraces (including wicks) to the strongest resistance zone on the way up
This is what I look at when deciding when to buy something. Keep it simple.
+ RSI level
+ Support & resistance zones
RSI Level
Simply put, after such a powerful move up, there is a good chance of the RSI going down below 40 before rising again
Support & Resistance Zones
As you can see, the price clearly retraces (including wicks) to the strongest resistance zone on the way up
This is what I look at when deciding when to buy something. Keep it simple.
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