The factors that could push BTC up

2019年8月12日

The idea that BTC is going to fly up is being pushed up by nearly the whole community currently, and although there are many indicators such as the fact that we have broken out of the 3 different SMA's, and volume is finally returning to BTC along with many fundamental breakthroughs among cryptocurrencies, I would also like to point out that there is some things that alarm me about BTC breaking out in the current state. The first thing is that the RSI is at an all time high. Whenever Bitcoin has set a high on the weekly RSI in the past it has tended to have a correction lasting at least a few months. The other alarming factor is that the MACD is beginning to look dangerously close to crossing, and if it happens to cross in the next few weeks I believe this along with the extended RSI could lead to a significantly longer correction. I currently do still have all of my positions in as I am hopeful for a long awaited explosion, but beware that there is a still a chance this correction could not be over. (This could be a good thing as a macro squeeze could be created between the highs of 20ishk, and 13ishk could pose as upside resistance and the bottom side would also form a wedge.) AKA: this could mean an even stronger explosion than expected... but in 2020.