BITCOIN going to $6500 while no one notices these MA/ RSI signs!

١١ أكتوبر ٢٠١٩

While this week's volatility has left may traders puzzled, as the rise at the start of the week is being corrected today with a pull back, there are a few longer term indicators that we may have been missing.

*The MA1000 and MA1400
First of all I want to point out the significance of the MA1000 and MA1400 on the 1D chart. Those have formed a clear Support Zone during the last Bear Cycle with Bitcoin bouncing exactly on the 1D MA1400, then kept in range belwo the 1D MA1000, in a consolidation that finally broke with the MA Ribbon turning green.

*The Ribbon
That is the second factor we need to pay attention to (Ribbon) and that is currently still in the red zone. It doesn't (yet_ wave any flags that the trend is changing.

*The Channel Down
On top of that the break-out from the 2018 Bear Cycle also came when the Channel Down (dashed channel lines) broke to the upside. At the moment we are still within the late June/ early July Channel Down.

All these lead straight to the MA1000-MA1400 zone which is essentially the strongest MA Buy Zone that no-one is noticing.

*The Symmetrical RSI
Among all these new parameters to consider there is a hidden RSI pattern that can show where and when the new bottom is expected. See how since the November/ December 2018 bottom, the RSI is following a symmetrical Curve formation. The Higher Highs of the first half are symmetrical to the Lower Highs of the second. Assuming the bottoms are too, then the next RSI bottom should be on the first week of November and should test at least $6500. Guess where this is? At the top of the MA Buy Zone. It can of course dip even lower within the Potential Rebound Range (green rectangle) but not by much and that shouldn't concern long term buyers/ investors as they should have already bought at $6500.

This analysis comes to validate my previous ideas of the potential pull back towards $6000 region as seen below:

Are those more than enough to make you buy within the $6000 region? Please like, subscribe and share your comments, ideas and charts with me!