In this chart, I show a trend channel which illustrates the best places to buy and sell for market tops and bottoms.
This chart also depicts that on the RSI , there has always been a Double Top before the final sell off.
The first bull run did not have data on the monthly RSI , but the 2nd and 3rd bull runs had double tops. When the first top hit the top of the trend channel, there was a 75% drop on the first, and a 37% drop on the second. Assuming bitcoin closes this month around 56K, and dips to around 42K, we would have a 25% drop.
For the 2013 Bull Market, when the first Top on the RSI was reached, price went up 338% to reach the 2nd Top on the RSI .
For the 2017 Bull Market, when the first Top on the RSI was reached, price went up 315% to reach the 2nd Top on the RSI .
Assuming a pre-programmed 300% gain with 56K as our first Top, the 2nd Top on the RSI would come to $224,000.
I share these various charts with you to illustrate different ideas, not visions of mine to be etched in stone. They simply add perspective, and it is always in our best interest to look at the same chart from multiple different angles.
Have a nice night, and do your own due diligence.
This chart also depicts that on the RSI , there has always been a Double Top before the final sell off.
The first bull run did not have data on the monthly RSI , but the 2nd and 3rd bull runs had double tops. When the first top hit the top of the trend channel, there was a 75% drop on the first, and a 37% drop on the second. Assuming bitcoin closes this month around 56K, and dips to around 42K, we would have a 25% drop.
For the 2013 Bull Market, when the first Top on the RSI was reached, price went up 338% to reach the 2nd Top on the RSI .
For the 2017 Bull Market, when the first Top on the RSI was reached, price went up 315% to reach the 2nd Top on the RSI .
Assuming a pre-programmed 300% gain with 56K as our first Top, the 2nd Top on the RSI would come to $224,000.
I share these various charts with you to illustrate different ideas, not visions of mine to be etched in stone. They simply add perspective, and it is always in our best interest to look at the same chart from multiple different angles.
Have a nice night, and do your own due diligence.
