Weekly Bitcoin Analysis: Accumulate!!!
Another week has gone by of Bitcoin being stuck in a big fat range. Basically a lot of sideways to down and nowhere for the last multiple weeks. I have been nailing this in 2018 saying that this will be a Time of accumulation. They are trying to wear you out.
However, I have also been saying this is not THE BUBBLE that will blow crypto through the moon globally. We are in a secular bull market in crypto and this is nothing more than a Bear correcting through time.
Notice in the chart above on a weekly basis the RSI is not getting oversold and is turning up. An RSI not getting into oversold territory on major selloffs is VERY BULLISH. this is something we will be monitoring going forward if we break the pivot high here.
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by heyimsnuffles
I prefer the Stoch myself (at least for BTC/USD) and it's telling me much the same thing. I use a non-standard K=50 setting (which works far better for long-term analysis) and the weekly chart is showing similar signs of turning short of oversold territory. It's currently at a level it last visited in June 2015, so growth potential is phenomenal. When this bull finally kicks properly, she is going to kick hard!
I love selloffs that do not hit oversold territory!