Last week was the second time in BTC Bitstamp price history that BTC closed above the 50 week MA after being below it.
First time was was the week of October 19 2015 with weekly RSI at 57.47. The local high 2 weeks later constituted a 76.8% gain with a 41% drop from that high. Also, BTC never traded below that weekly for the rest of price history.
The second time was last week at 5709 with RSI at 62. A copycat event of a 76.8% gain would put us at 10,092 by next week. A subsequent drop of 41% would put us at 5910 and never again trade below 5709.
Nothing earth shattering of course but significant from an investment standpoint.
From a trading standpoint, it is very difficult as there are bearish signals all over the place and short interest is high.
Maybe we see a 50W MA fractal event. Be sure to note, however, that the short term technicals were not extremely bearish and somewhat bullish for the October 2015 50W MA event. They are clearly very bearish right now. A difference in fractal essence.
First time was was the week of October 19 2015 with weekly RSI at 57.47. The local high 2 weeks later constituted a 76.8% gain with a 41% drop from that high. Also, BTC never traded below that weekly for the rest of price history.
The second time was last week at 5709 with RSI at 62. A copycat event of a 76.8% gain would put us at 10,092 by next week. A subsequent drop of 41% would put us at 5910 and never again trade below 5709.
Nothing earth shattering of course but significant from an investment standpoint.
From a trading standpoint, it is very difficult as there are bearish signals all over the place and short interest is high.
Maybe we see a 50W MA fractal event. Be sure to note, however, that the short term technicals were not extremely bearish and somewhat bullish for the October 2015 50W MA event. They are clearly very bearish right now. A difference in fractal essence.