Bitcoin is Yelling 'Get Off my Lawn!'
You better listen to old man Bitcoin, he is not playing any games today!
It’s pretty clear from the chart above that the market made their decision definitively.
If you remember from the last price analysis that we did, we mentioned that 6.8k-7.2k would be the zone that would lock in the price of Bitcoin until there was a strong movement in either direction.
In the author’s estimation, they surmised that the price would actually bounce upward, however, the author was wrong on this account and it appears that the price has broken down south of the 6.8k mark.
This was another major resistance/support point for the price of
BTC in the past.
Looks like the RSI(14) has dropped straight down to the oversold category from overbought without one hitch or fork.
This is what you would expect to see after a classic dump.
Which should lead one to the understanding that Bitcoin was pump and dumped.
Doesn’t get much more blatant than that.
What you’re observing above is not the natural progression of RSI.
This is manipulation at the highest level and something that traders should be distinctly aware of.
However...
It’s your responsibility to hedge. This possibility that the price would either move up or down was discussed thoroughly in the last analysis.
Make sure that you always have a “backup plan”.
It’s pretty clear from the chart above that the market made their decision definitively.
If you remember from the last price analysis that we did, we mentioned that 6.8k-7.2k would be the zone that would lock in the price of Bitcoin until there was a strong movement in either direction.
In the author’s estimation, they surmised that the price would actually bounce upward, however, the author was wrong on this account and it appears that the price has broken down south of the 6.8k mark.
This was another major resistance/support point for the price of
BTC in the past.Looks like the RSI(14) has dropped straight down to the oversold category from overbought without one hitch or fork.
This is what you would expect to see after a classic dump.
Which should lead one to the understanding that Bitcoin was pump and dumped.
Doesn’t get much more blatant than that.
What you’re observing above is not the natural progression of RSI.
This is manipulation at the highest level and something that traders should be distinctly aware of.
However...
It’s your responsibility to hedge. This possibility that the price would either move up or down was discussed thoroughly in the last analysis.
Make sure that you always have a “backup plan”.
Telegram = t.me/librehash
Twitter = twitter.com/librehash
Website = librehash.org
GIt = git.librehash.com
Docs = docs.libreahsh.com
Twitter = twitter.com/librehash
Website = librehash.org
GIt = git.librehash.com
Docs = docs.libreahsh.com
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.