/biz/ - Business & Finance

>>56057906
Here's current state of the market. Exactly as many of us expected, the market turned bullish in mid June when the 1W Stoch RSI hit the same point level as in late November the previous year – which is when the pump from 15.5k began.

Back in mid June, the few bears who naively expected the 1W Stoch RSI to simply keep falling and hit 0 from where it was then (in other words expected in June that the market would remain bearish for long enough to bring the 1W Stoch RSI to 0) got rekt because they didn't listen to the many anons warning specifically that the 1W didn't have to – and was unlikely to – fully bottom out and would probably reverse at around 20 points or so since that's where it reversed in late November – which is exactly what happened; the market in mid June turned bullish at the same Stoch RSI point level as in late November, and BTC pumped from 24.8k to near 32k.

As you can see (if you understand what you're looking at and you're aware of the current situation BTC is in), it appears unlikely there will be any more "fake" reversals; either the market turns properly bullish from here – the most likely scenario – in which case you'll soon see a sharp rise in the 1W Stoch RSI followed by the price promptly surpassing 32k, or the market sentiment continues to be bearish from here in which case the market is repeating the May to June situation where the 1W Stoch RSI stayed near 0 for an extended period of time. Considering various other factors apart from the Stoch RSI, if the price drops below 23k or so then you'll know the bearish scenario is where the market is taking BTC. In other words, if the price falls below 23k, and absolutely if it falls below 20k, actually below 22k is most likely sufficient, then you have confirmation that of a repeat of the "May to June" situation is happening. If such a fall in price doesn't happen, then we're in a very bullish situation (meaning we're likely to see above 40k before the end of the year).