There are a lot of reason to have a short term bearish lookout with a breakout and correction to 16k levels before BTC is making it's move to 20k.
However I also want to take a look at the possibility for BTC swinging back towards 20k without another correction to lower levels.
There's been a pattern emerging when BTC is touching ~43 on the RSI . It's moving back up higher, making higher highs and higher lows.
The pattern does not apply for quick rapid dumps that occur within a day's timeframe or less. This makes sense with big players moving the market at those times. The major dump ( although it was only 10% ) appears to have already occurred.
Are we seeing now a swing back towards new all time highs? Possibly. So far 43 on the RSI has been a good indicator for BTC's movement.
Measurements have been taken from the RSI ~43 low to the next RSI ~43 low.
However I also want to take a look at the possibility for BTC swinging back towards 20k without another correction to lower levels.
There's been a pattern emerging when BTC is touching ~43 on the RSI . It's moving back up higher, making higher highs and higher lows.
The pattern does not apply for quick rapid dumps that occur within a day's timeframe or less. This makes sense with big players moving the market at those times. The major dump ( although it was only 10% ) appears to have already occurred.
Are we seeing now a swing back towards new all time highs? Possibly. So far 43 on the RSI has been a good indicator for BTC's movement.
Measurements have been taken from the RSI ~43 low to the next RSI ~43 low.