Taking a Step Back - BTC 1d!
Hello all! Back today looking at the big picture of 
BTCUSD because the small picture is very deceiving right now.
Zooming out to the one day view, a clearer picture of what is going on, and some plausible trends emerge. I have highlighted the scenario I think is most likely.
I find Stoch RSI to be a great tool lately, and right now it is without a doubt overbought. I see it following the pattern I outlined.
This pattern can then be reflected in the normal RSI, where it can be observed that according to this Stoch plausible movement, it looks to stay within the current channel. The resistance at 60 is very strong and I don't see it crossing that. It seems only logical that it will break down at the end of the channel.
This can all be reflected in price scenarios. I see the current price gaining support at 7,4XX, and then going up to the downtrend line, going back down, then breaking out of the large patterns. I have put lines with less weight in scenarios that I see but I think are less likely.
Overall, I think we are going to be moving relatively sideways for a while, until a likely break down occurs.
Let me know what you think!
BTCUSD because the small picture is very deceiving right now. Zooming out to the one day view, a clearer picture of what is going on, and some plausible trends emerge. I have highlighted the scenario I think is most likely.
I find Stoch RSI to be a great tool lately, and right now it is without a doubt overbought. I see it following the pattern I outlined.
This pattern can then be reflected in the normal RSI, where it can be observed that according to this Stoch plausible movement, it looks to stay within the current channel. The resistance at 60 is very strong and I don't see it crossing that. It seems only logical that it will break down at the end of the channel.
This can all be reflected in price scenarios. I see the current price gaining support at 7,4XX, and then going up to the downtrend line, going back down, then breaking out of the large patterns. I have put lines with less weight in scenarios that I see but I think are less likely.
Overall, I think we are going to be moving relatively sideways for a while, until a likely break down occurs.
Let me know what you think!
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