Long

Btc dumps??? Dont get fooled.READ( RSI ANALYSIS)

Updated

Hello crypto traders,

Here i come again with a very interesting RSI analysis for BTCUSD.
We are seeing the weekly chart and a very strong weekly rsi bounce area that in previous bull markets everytime was hit meant to be the time to buy and ride one more leg upwards..That area led to new highs and it was a very useful tool to ride the trend and play the bull market for many $$$.

I strongly believe that we will hit it again this or the other week.That will be the first time for the new bull market that we are in since DEC 2018.

BUT....

I do also belive that we will break with a wick the 9k in order to hit longs stop losses as we saw that 'whale game' with the 6k level also and maybe depends on the exchange to hit the 8.400-8.600$ to fill that daily gap of the CME btc futures.Where this wick lands depends on how many liquidated long positions will have.I expect bitmex to reach that level quite sure for example. You can look what happened on May 17th in bitmex and other exchanges with a 300 to 550$ difference in price.Guess what? That dump on May 17th had also closed a big gap on Daily CME btc futures

Conclusion,my play will be to ladder longs in the area of 9000 until 8400 for mex with not so high leverage (dont get greedy either you'll get punished) so not to be a whales victim..Strongly believe that this bounce from that area will lead us to HH and will test the 20k area for a possible short term double top if rejected or a new rocket flying in the sky for new extreme highs.

Dont panic ,keep yourself educated,long their stoplosses,ride the trend and lets make that $$$$$$$

Stay safe out there and dont try to catch the bottom blindly

If you like my idea give it a like,share retweet or whatever

Cheers

Note

Check also how many times the 21 weekly EMA provided support and a buy signal in the previous bull market

We are close guys..IF there was not that gap at 8500$ my bottom would jave been 8800..but as i mentioned above we can see 8500 only on specific exchanges

aleXChas7

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