There has been a lot of chatter about Bitcoin as it's been chopping around. Everyone seems to be panicking for new lows or fomo'ing in at every up move. Resulting in this very choppy market.
What if the answer is that we are carving out a base in this channel? Is it that simple or complex?
We can see that RSI is holding this channel very well and we can see that MACD is also softening, but not much is happening with MACD yet.
You can see the last 2 times RSI got this low, it resulted in quite a rally in the coming months. Could we be here again?
Of course, if the rectangle that has formed plays out, it will lead to more downside and we will see $20,000.
But, what if this is the base and the next target is much higher?
Something to think about.
Cheers,
TCD
What if the answer is that we are carving out a base in this channel? Is it that simple or complex?
We can see that RSI is holding this channel very well and we can see that MACD is also softening, but not much is happening with MACD yet.
You can see the last 2 times RSI got this low, it resulted in quite a rally in the coming months. Could we be here again?
Of course, if the rectangle that has formed plays out, it will lead to more downside and we will see $20,000.
But, what if this is the base and the next target is much higher?
Something to think about.
Cheers,
TCD
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Hey guys, guess what's happening?
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Don't mind this chart. Nothing to see here, move along.
Opinions on Chart's, not financial advice.
