BTC – super strong oversold - RSI on the lowest level ever.
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Hi Guys!
As predicted in our previous analysis we touched $3666 level.
We had a nice bounce back to around $4000.
On the Volume Profile indicator, we marked the period of time which started at the beginning of 2017. Since that time we can clearly see the point of control (marked as a thick red line) which means since the beginning of 2017 this is the "fair", average transactional price. We should quickly come back to this level but before that happens it is possible to touch $3120 which is marked by the lower line of Value Area which gathers 70% of all the transactions.
Technical analysis details:
• RSI – the lowest level in history
• Weis Waves – still much supply but not its velocity is decreasing. Wait for the demand showing up.
• Volume profile – as mentioned below $3120 possible. A quick bounce back to point of control at $6720.
Our strategy is the following:
• We are waiting till demand (Weis Waves) shows up on the daily chart and the supply significantly decreases.
• RSI rises making an uptrend
• We are also observing Ichimoku Cloud and the price break up of the TenkanSen
If you don’t want to miss the update click follow on our profile.
If you like our job please do give us a like.
Thank you for all your support, messages and good words!
Massive Hugs!
WBM Team
As predicted in our previous analysis we touched $3666 level.
We had a nice bounce back to around $4000.
On the Volume Profile indicator, we marked the period of time which started at the beginning of 2017. Since that time we can clearly see the point of control (marked as a thick red line) which means since the beginning of 2017 this is the "fair", average transactional price. We should quickly come back to this level but before that happens it is possible to touch $3120 which is marked by the lower line of Value Area which gathers 70% of all the transactions.
Technical analysis details:
• RSI – the lowest level in history
• Weis Waves – still much supply but not its velocity is decreasing. Wait for the demand showing up.
• Volume profile – as mentioned below $3120 possible. A quick bounce back to point of control at $6720.
Our strategy is the following:
• We are waiting till demand (Weis Waves) shows up on the daily chart and the supply significantly decreases.
• RSI rises making an uptrend
• We are also observing Ichimoku Cloud and the price break up of the TenkanSen
If you don’t want to miss the update click follow on our profile.
If you like our job please do give us a like.
Thank you for all your support, messages and good words!
Massive Hugs!
WBM Team
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