BTC buy target: $3475-3550
Reasons:
- 1 Week stochastic RSI is incredibly overbought.
- 2 Week stochastic RSI will likely follow this trend as it is currently rising to higher levels and will fall.
- Hidden Divergence:
+ The overall trend for Bitcoin has been downwards and when you plot one swing high to the following (lower) swing high, you see that it continues down in price action HOWEVER in the stochastic RSI, it has risen. This means that it will continue in the overall trend, hence it will keep tunneling down.
- Fibonacci:
+ If you plot place your A point as a second swing high and your B point as the first swing high, it shows you where the next swing low will be at about the 1.618 range. This held true in the past when the price fell to $6400, and will likely occur again, making for an accurate estimation of ending up near the $3500 range.
- Classic Support and Resistance:
+ There is a descent amount of support to confirm this Fibonacci estimate at the $3500 level.
Please feel free to comment, like, and share this idea!
Also, check out my AMB/ETH idea that I posted!
Reasons:
- 1 Week stochastic RSI is incredibly overbought.
- 2 Week stochastic RSI will likely follow this trend as it is currently rising to higher levels and will fall.
- Hidden Divergence:
+ The overall trend for Bitcoin has been downwards and when you plot one swing high to the following (lower) swing high, you see that it continues down in price action HOWEVER in the stochastic RSI, it has risen. This means that it will continue in the overall trend, hence it will keep tunneling down.
- Fibonacci:
+ If you plot place your A point as a second swing high and your B point as the first swing high, it shows you where the next swing low will be at about the 1.618 range. This held true in the past when the price fell to $6400, and will likely occur again, making for an accurate estimation of ending up near the $3500 range.
- Classic Support and Resistance:
+ There is a descent amount of support to confirm this Fibonacci estimate at the $3500 level.
Please feel free to comment, like, and share this idea!
Also, check out my AMB/ETH idea that I posted!
