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RSI has broken below it's rising trend and retreated back to the 50.0 mark. This is overall a good thing for the long term health of the trend though, because RSI was definitely in overbought territory.
The pullback has not yet pierced through the bottom of the short term trend (~75 days), and it is no where near the the bottom of the longer trend from March. In the 2013 - 2017 run, we saw a 30% pullback at this same point in the cycle - so there is some risk that the price will continue to drop.
Though the buying opportunity seems way more interesting here...
#crypto
RSI has broken below it's rising trend and retreated back to the 50.0 mark. This is overall a good thing for the long term health of the trend though, because RSI was definitely in overbought territory.
The pullback has not yet pierced through the bottom of the short term trend (~75 days), and it is no where near the the bottom of the longer trend from March. In the 2013 - 2017 run, we saw a 30% pullback at this same point in the cycle - so there is some risk that the price will continue to drop.
Though the buying opportunity seems way more interesting here...
#crypto
This week, I analysed the correlation and am very excited about the long term prospects of this cycle:
www.vasics.com.au/in...the-bitcoin-fractal/