BTC - Buy the Dip
I noticed a weekly bounce pattern in the Relative Strength Index of Bitcoin. This bounce has happened 5 times, the last lining up with the USDT pump.
Patterns often occur in 3s and 5s, as in Elliot waves for example. This suggests that the previous bounce on the 15th October could be the last of the set, before a new, larger pattern is established.
The market is bored, no one is watching, no one (in the general public) cares about bitcoin. I think this is the reason for bitcoin's low energy breakout of long term resistance. I think this is likely a false breakout and will result in a downward break of long term support.
I am relatively confident that 5K will hold, but of course, anything can happen. Bitcoin seems comfortable above 6,000, but history suggests that bitcoin could touch a local big even (5K) before finding the confidence to grow higher.
tl;dr:
5 Bounces, 6th interrupted. Potential false breakout, drop to 5K before strong recovery.
Patterns often occur in 3s and 5s, as in Elliot waves for example. This suggests that the previous bounce on the 15th October could be the last of the set, before a new, larger pattern is established.
The market is bored, no one is watching, no one (in the general public) cares about bitcoin. I think this is the reason for bitcoin's low energy breakout of long term resistance. I think this is likely a false breakout and will result in a downward break of long term support.
I am relatively confident that 5K will hold, but of course, anything can happen. Bitcoin seems comfortable above 6,000, but history suggests that bitcoin could touch a local big even (5K) before finding the confidence to grow higher.
tl;dr:
5 Bounces, 6th interrupted. Potential false breakout, drop to 5K before strong recovery.
註釋
Closer view of RSI bounce on 21 min chart: 註釋
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註釋
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