RSI is hitting the upper line, which never failed in BTC history to predict imminent crashing event.
On the other hand, talking about fundamental analysis, Chinese New Year event is going to happen in two weeks.
Historically, every January, BTC has had great price rise movements (5-10%) between 3th-7th January and massive DUMPS a few days later as you can check it out here:
1. 2015 (14 January) - Dump from 320$ to 150$, which is -50% 2. 2016 (16 January) - Dump from $460$ to $360$, which is -20% 3. 2017 (11 January) - Dump from $1120 to $770, which is -35% 4. 2018 (16 January) - Dump from 17500$ to $9700, which is -45% 5. 2019 (10 January) - Dump from 4000$ to $3500, which is -15% 6. 2020 (?)
Why this happens? Because Chinese New Year, which is like western Xmas seasonal sell off, but much bigger. This massive dumps happens 10-15 days before Chinese New Year date.
In 3-7 days we will see how much % BTC will drop . My best is 30% = $5,000, reaching out the bottom at early Spring ($3,000) right before long trend reversal.
Kommentar
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This mid January Drop happens because it's Chinese New Year
@Sabibaby, any evidence that this pump is related to the tensions between US & Iran ? i believe this pump was staged..the price went up an hour or 2 after the drone attack, whales want the retail investors to believe that price increased because of that
magulya
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@Salvatorelucania, Agree with you! But people so stupid and so greedy
Sabibaby
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@Salvatorelucania, No clue, just throwing it out there. I have no clue how TPTB or whales operate just noticed it made the same move as gold.
Salvatorelucania
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@Sabibaby, the whales are very clever bro this was the perfect timing to pump Btc, read about the January effect..within 2 weeks we will revisit 7k
Ozi_Crypto
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:(
AlextheBlack
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I believe that if level 7760 breaks through, then we will go below. Strong resistance is consolidated at this level.
Hektor_CryptoMafia
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It's matching perfectly with my cyclical vision on Bitcoin mate ;)
Hektor_CryptoMafia
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@Hektor_CryptoMafia, You see, on the weekly one, there is a timing the 20th january (vertical lines), and because we are going up now, it will be a drop timing imo...