Bitcoin correction continues, what you need to know.

in #bitcoin11 months ago

Take a look at the chart below:
image.png
First lets look at the yellow triangle, we started this parabolic run in April 2019, and by June we had gone from $5000 to $13,500. These kinds of gains can't just happen without a correction, and these corrections are not one day events they take weeks, even months. As you can see we have gone down about half since the run up, (a bit more if you go back to March). Keeping this in mind now look at the Relative strength index (RSI) on the bottom. You see how there is a dotted line that marks out the purple area? Above it means it is over bought, below means over sold, we were over bought over and over then getting knocked back below the line. Now we are approaching the over sold line, I believe we will go under this line taking us down to the $8300 territory or slightly below before things turn around again, that is of course baring some market moving news ether positive or negative.
Basically look to see a bit more downward movement before we continue moving up, it might take until October but I think by the end of October we will see $15,000 or more.

I am not a financial adviser and this is not financial advice, invest at your own risk.

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Well, that is interesting. I really don't understand these charts much though they do have pretty colors. Hopefully things go well for us cryptocurrency holders in the near-term, especially STEEM.

sgt-dan, in my opinion the alts will continue to suffer until Bitcoin moves up to the 15k range and stays there for a while. Bitcoin is in no rush, it will get up there likely around October.

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