BTC is over extended and you can use MA EMA lines to see the crosses. In this example, I used 50MA and 50EMA to show where we found price drops below the 50MA and consolidation. Currently BTC is missing a reset that is needed before losing strength to the upside. Correction is healthy for BTC and helps investors find better retracement levels and targets. At the moment, its extremely hard to predict where the top is because of the missing information (correction). Los Angeles 1:16PM.
What to look for:
What to look for:
- RSI overextended in overbought I believe MAX RSI on daily was around 91.
- Price action to drop below 50MA on the daily.
- All indicators are bust with this amount of bullish movement. RSI and MACD over extended but cannot be useful in determining where the correction will start. Histogram on MACD may help slightly but these are lagging indicators.
- We can only depend on Moving Averages to find out when the reset happens so we can start pouring our money back into BTC.
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BTC back in its channel. Correction almost complete.
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BTC bounced. Now lets see if it can hold.
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