Full RSI cycle (hi-lo-hi) but lower price = more bear to come
While we may still have some oomph left in this rally (settling in the low 300s for a while), the daily RSI is showing a perfect cycle from HI in Nov 12, 2014 to LOW in Jan 13, 2015 and back to the same HI here in March 11. Each wave is almost perfectly two months long. But while RSI has formed a totally flat top, the price from the november peak to today is greatly reduced. This forms what 4xForecaster likes to call "negative divergence", and is indication of further bearishness to come (even if not immediately)
The pink scribble was something I sketched about a month ago (starting at the pink arrow), and I haven't been following the action since on anything smaller than Daily. But it's clear that despite all the noise on the smaller timeframes, this Daily route is working out nicely ;-) Eventually we'll run into the daily 200MA and coil around it for a while before slipping off (possibly similar to late summer 2014). I would expect resistance around $320 BTCE. Could take some time in that zone for bull pressure to fizzle. We could spend a whole month up here before the bulls give up, so no, I'm not calling for an imminent drop, but this isn't the kind of formation that precedes a big bull stampede...
If this plays out, I would expect the next drop to at least retest the $160 low zone (for a nice double bottom), with the potential to reach all the way to $123 in a panic spike.
The pink scribble was something I sketched about a month ago (starting at the pink arrow), and I haven't been following the action since on anything smaller than Daily. But it's clear that despite all the noise on the smaller timeframes, this Daily route is working out nicely ;-) Eventually we'll run into the daily 200MA and coil around it for a while before slipping off (possibly similar to late summer 2014). I would expect resistance around $320 BTCE. Could take some time in that zone for bull pressure to fizzle. We could spend a whole month up here before the bulls give up, so no, I'm not calling for an imminent drop, but this isn't the kind of formation that precedes a big bull stampede...
If this plays out, I would expect the next drop to at least retest the $160 low zone (for a nice double bottom), with the potential to reach all the way to $123 in a panic spike.
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