Bitcoin Analyses Weekly Charts
Beware the red line's bulls. They didn't let the prices goes down for 3 times and it seems they will not gonna let it to be happen. I don't believe 2014 & 2018 market cycles comparison but I believe the power of the RSI. From the point of my view there is a strong red suport on this area. Please check my weekly chart and see the red support which came from 16.10.2017
Red support already pushed BTC prices 4 times which makes me believe it is a really nice & strong support. If you may check the red RSI's support you can also see, each time these rejections happened a bit higher level than before. To me, this means red line's bulls are really strong and each time getting more stronger. As long as these red supports exists BTC might not reach lower than 5k levels.
This week also RSI seems getting too close to red support again. So there might be one more bounce in 1 or 2 weeks. If this happens price may go up to 7,5-7,7k.
I think you all noticed the descending triangle on the weekly chart. So we all know what may comes next.. :)
Thank you for your reading. Please leave comments and help me to improve myself !
but it's possible that price go down below the support while RSI is held. to make a reversal
Nah.. As long as RSI stays up from the red support, prices will not go to bellow.. Or maybe prices will go below but not go bellow for a long term. In fact that part already rejected 3 times and even ETF didn't cause a go down to the below of this red support. It means this area has really strong resistance and I think day by day it is getting much more stronger. So my friend believe me we are really close to the bottom. We just need to keep the lines !
We just had a small bounce as I predicted before, check the below link please..
https://invst.ly/8f9vl
From the point of my view, this bounce may not enough strong so we might return the red support again. But as long as RSI stays on that red support we will not see lower than 5k.
RSI is still to close the red support. To be sure, we require minimum one more week.