Bitcoin - Bearish RSI-MACD Signal Confirmed
With the bearish cross of the MACD indicator, together with contemporaneous break of the higher-lows trendline in the RSI, as a signal for a precipitous price decline.
In this chart I short the previous 4 such events that have occurred within this Bitcoin bear market and the respective declines in price, ranging from 23% through to 46% from the cross of the RSI trendline.
A 35% decline in the price of BTC coincides with $12k handle and the 0.786 line in the Fibonacci channel that has defined this bear market at the end of October. Which is the 0.618 fraction of the current Halving Cycle, being the period that has defined the lows of previous bear markets.
What do you think? Will we awaken tomorrow to global good news that will stimulate the bullish animal spirits of investors the world over to drive BTC higher?
Will the CCP collapse and free the people of China, Tibet, etc.? Will North Korea reconcile with South Korea and stop lobbing nuclear capable missiles over Japan? Will Ukraine reconcile its differences with Russia? Will NATO pull back from Russia's boarders? Will the global supply chain problems disappear? Will central banks stop currencies from depreciating? Will there be any good news before October 31st?
Is this time different for the RSI-MACD signal?
In this chart I short the previous 4 such events that have occurred within this Bitcoin bear market and the respective declines in price, ranging from 23% through to 46% from the cross of the RSI trendline.
A 35% decline in the price of BTC coincides with $12k handle and the 0.786 line in the Fibonacci channel that has defined this bear market at the end of October. Which is the 0.618 fraction of the current Halving Cycle, being the period that has defined the lows of previous bear markets.
What do you think? Will we awaken tomorrow to global good news that will stimulate the bullish animal spirits of investors the world over to drive BTC higher?
Will the CCP collapse and free the people of China, Tibet, etc.? Will North Korea reconcile with South Korea and stop lobbing nuclear capable missiles over Japan? Will Ukraine reconcile its differences with Russia? Will NATO pull back from Russia's boarders? Will the global supply chain problems disappear? Will central banks stop currencies from depreciating? Will there be any good news before October 31st?
Is this time different for the RSI-MACD signal?
Kommentera:
Here is another view using the Binance exchange. Noteably, the largest decline came following a break in the MACD trend.
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