"Halfway" Formation Spotted – Monday TA chatter points towards a Bitcoin price of £62k

Webonanza Research
Webonanza Research

The important Bitcoin metric RSI (The Relative Strength Index) has been falling since January. The falling RSI is bullish because it should've resulted in more considerable sell-offs, but instead, it now creates a possible upside.

The market is still consolidating, and has been since January.

In this respect, Bitcoin acts in the opposite of stocks, where a falling RSI is an indicator it's time to diversify. With Bitcoin, there are no alternatives; you are either in or out. Holding or not.

Today's online chatter seems to indicate: hold, as the pattern points towards 62k. Not only is there a CME gap at that level, but there is also an active IHS at this level, with excellent symmetry.

On top of that, we're currently seeing a halfway formation, also pointing carefully upwards.

Sooner or later, we'll make the shift from stocks to Bitcoin. At that time, stocks will start to behave more like in the Japanese markets, sideways forever.

Investors cannot protect themselves against the deluge of fiat printing and increasing inflation. All desirable goods (houses, scarce assets) inflate rapidly for the moment, at 15-50 percent per year depending on where you live.

Bitcoin is the only thing left to protect against this printed inflation.

Getting bitcoin into the company treasury will become a necessity in this decade. The increasing cost of capital will eat into company funds.

This Monday, CME Micro Bitcoin Futures is to start trading, which expands the market considerably. Now, even more, people can easily buy bitcoin futures with their regular broker.

/WEBONANZA TA – May 3, 2021.

Bitcoin PriceTATechnical AnalysisRSICME Gap

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