Bitcoin got more room upside? - page 2.

dothebeats

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Quote from: el kaka22 on November 20, 2020, 12:00:31 PM

However do not forget that bitcoin prices doesn't go up as long as RSI is under or over 90, it doesn't really care about that, plenty of times bitcoin prices moved independent from RSI many many times so far. So, this means we are definitely at a level where we do not have to care about RSI but if we look at RSI there is still potential that bitcoin price could as much as $30k without really stressing the sale pressure too much.

Yes, there are cases in which RSI didn't matter that much on bitcoin's movements for a lot of times, so even if the signs tell us that the crypto in question is overbought (which it is already stating now), it may or will not care at all and just continue for pushes, so long as the market is confident on the price and deem it a good buy. With the amount of momentum and traction that bitcoin picked up on the start of July up until now, plus the compounding number of organizations and financial institutions expressing their interest in acquiring bitcoins as an asset, you just really can't tell whether the market cares for technical indicators anymore or not.

Tipstar

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By how much people (maybe whales) are still buying, I think they are planning something grand than we realize. Though I will not be stupid enough to buy bitcoin as much as I can but I think it would be a good idea to keep some coins for a probable bull run and a new all time high. Technical analysis are not always the only way but they do show some emotional repetitive pattern for price. People just need to be more active to respond to the price changes than on regular times.

el kaka22

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Obviously we are not at a level where people could stop, we have a lot more room to go higher and higher, at least until $30k the path is clear and could be done easily, at around $32k it is going to be a bit harder if you check where the biggest purchases and biggest sell orders are, however that is destined to change the higher we go as well.

However do not forget that bitcoin prices doesn't go up as long as RSI is under or over 90, it doesn't really care about that, plenty of times bitcoin prices moved independent from RSI many many times so far. So, this means we are definitely at a level where we do not have to care about RSI but if we look at RSI there is still potential that bitcoin price could as much as $30k without really stressing the sale pressure too much.

mirakal

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It has more room for uptrend, bitcoin never stops when it's bullish, but of course we have to expect some correction as bitcoin continuously going uptrend direction only is bad for the market, when there's so much FOMO, the result is a long correction, we've seen that in the past.

Quote from: philipma1957 on November 19, 2020, 11:46:14 PM

we drop to 15-16k and in the fall,of 2021

This is likely to happen anytime soon.

adaseb

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Quote from: philipma1957 on November 19, 2020, 11:46:14 PM

yes.

first wave ends late dec or jan around 25k-30k

we drop to 15-16k and in the fall,of 2021

we do second wave cresting around 80k

I think the first wave will end sometime between middle of November (we are here now) and middle of December if you use 2013 and 2017 as a guide. This is pretty much what everybody assumed would happen in 2018 in November and thinking it was a bottom and would rally, instead we dumped instead and the bottom was like middle of December 2018, so I would not be suprised if its the same effect here. I don't think we will peak in January. Too many reasons why such as tax season and other new year issues.

The drop is hard to predict, will it go to 15-16K or will the 13.8K hold? I don't think it would be that easy. If $20K breaks, and it heads to $30K, will $20K be solid support. I think it would be way too easy if that actually happened. Most likely the bottom will be slightly higher or lower than those figures.

philipma1957

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yes.

first wave ends late dec or jan around 25k-30k

we drop to 15-16k and in the fall,of 2021

we do second wave cresting around 80k

jackg

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I think we're near the start of 2017 now. Look at what it did then and look at tmwhat it's dojng now.

It's likely the FIRST jump and unlikely the last. We could probably see a drop or a cooldowm at least from here (or not if I'm wrong) but I don't think we're going to be massive bullish FOMO yet. Nothing's THAT crazy atm.

GreatArkansas

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Here is a simple chart of Bitcoin now with Relative Strength Index(RSI) indicator.
Why I said Bitcoin got more room upside? Because if we compare the previous RSI value when we reach the all time high, RSI value reached around 90.
Current RSI now, we are still not in 90 value of RSI, so for me I am expecting if we we surpass the previous all-time-high we may still not touch the 90 value of RSI.

What are your thoughts? Can history repeat itself? Like reach the previous ATH with same value of RSI?

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