Bitcoin must now choose: back to $5,000 or further to $10,000
Last Saturday Bitcoin peaked above $ 9,000, an increase of more than 50% compared to the low of $ 6,000. But on Sunday, Bitcoin fell back to $ 8,000. Currently, the largest cryptocurrency in the world remains there, but some technical signals show that it's time to choose now: back down to $ 5,000 or further up to $ 10,000.
Since the peak of $ 20,000, Bitcoin has been in a declining trend of lower peaks. At the low point of $ 6,000, the technical trend indicator RSI had dropped to below 30. This is a strong over-sold signal on which Bitcoin therefore recovered.
In the past, an RSI below 30 was always a strong signal for a recovery and the starting shot for the road to a new highest record price. An RSI below 30 always triggered a V-recovery. That is also what we saw with the rise from $ 6,000 to $ 9,000.
But it is far from certain that Bitcoin is now on the way to a new record.
The weekly chart of Bitcoin shows a different picture. The RSI has dropped to below 50. This is a signal in which the price evolution remains negative. It is also the first time since September 2015 that the RSI is quoted below 50 on Bitcoin's weekly chart.
In addition, the 5-week average and the 10-week average show a crossover with the short-term trend falling below the long-term trend. This also indicates technical weakness in the short term.
A rally to a new record seems almost impossible in the coming weeks. To get back into a positive momentum, Bitcoin must rise above $ 10,000. Otherwise, a new low threatens to $ 5,000 per BTC in this downward trend.
What is your opinion?
Bullish or bearish in the weeks to follow?
Personally, as always btw, I'm hoping we go bullish ofcourse, but it is definitely not guaranteed! Patience will be rewarded, make us proud crypto! Please?
Thank you for reading.
Feel free to upvote, comment, resteem and/or follow my blog @maxdigi if you liked this post. I greatly appreciate your support!
Cheers,
MAXIDIGI
Fight the Bears - Ride the Bulls <3
Well, you can never 100% say that it will grow, but I think now it's quite obvious that especially closer to summer, market will bloom.
#HODL
Exactly Kurt, patience will be rewarded, we are getting there slowly.
I also feel ATH's will be crushed by the end of the year, but as you say nothing is 100% certain :)
hope i can earn bitcoin someday and buy new pc , >_< :D
If you want to buy a pc for gaming purposes I think you will be surprised by the price of your purchase lol! Prices for graphic cards went through the roof since the increasing popularity of cryptocurrency mining. RIP PC gaming lol
ok i think i am gonna sleep then, hoping enjoy that pc in my dream haaa haaa
@maxdigi I bet it will soon be over $ 10,000. Best regards
Define soon please, I agree that it will be $ 10,000 again in the near future, but we could see another dip before that happens right? Thanks for your comment, I appreciate your bullish answer!
Yup! The bulls are fighting with the bears now as we speak. I really want the bulls to succeed, we have been on a bear trend for like a month now, in the crypto market timeline, that is very long enough... Great post man and upvoted! :)
Thank you and yes I think every crypto investor wants us to moon again but it's up to the whales and more FOMO to get to that point. No doubt we will get there, but rather sooner than later! :) Thanks for the upvote friend!
No problem. If there are any posts that you are interested in, feel free to upvote some of mines as well. It helps me a lot! And yeah, I buy on the dip and sell high if I do decide to sell some and the goals I have for it. :) Many are saying that Litecoin can reach $1000 by the end of this year. With Litepay coming out in less than 2 weeks, I am hopeful for that! :)
Are you on Discord btw?
Yes I'm also on Discord, feel free to add me #8504
I'm not very active there though but we can definitely have a chat some time!
Sure! :) I will add you soon! I have a steemit Discord group I am trying to build up, here is the link so you can join if u like: https://discord.gg/WmxRnc3
You got a 0.57% upvote from @mercurybot courtesy of @maxdigi!
No sure signs huh. Sucks! Things can change in a heart beat I assume...
Tonight is the first overnight (USA) that we have entered on an upward trend in weeks .... I have no clue what that means past tomorrow but I think we get to 9000 tomorrow :)
After that, it could spell the crash you are talking about, which means I just buy more :) !
Seems you were right! BTC crossed the 9000-mark now, I see Bitcoin pushing to 10k now to test new resistance there, hopefully this bull trend continues! :)
Buying more sounds great btw