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gravitywave @gravitywave2
, 10 tweets, 4 min read Read on Twitter
1) I don't think the price bottom is in for $BTC yet. Let's look at a few big-picture, long-term charts and let me explain what I want to see before I change my mind. @MustStopMurad @TrueCrypto28
2) I want to see the force index go negative on the monthly chart. This was usually the case when price bottomed out in previous bear markets.
3) I want to see monthly price go below the rally setup trend line identified by @ToneVays. This always happened before price bottomed in previous bear markets.
4) I want to see a less bearish MACD on the monthly chart. There's nothing bullish about the current MACD.
5) I want to see more blood-red on the weekly moving average ribbons. Given how quickly price went up in 2017 we should expect more blood to be spilled on the way down.
6) I want to see the Mayer multiple (h/t @TraceMayer) a little bit lower.
7) I want to see price break down from the rally setup trendline on the weekly OBV chart. This happened before bottoms in every single previous bear market, but has yet to occur in the present bear market.
8) I want to see weekly RSI become more oversold. Average RSI at previous price bottoms was around 36, while the current RSI is 44
9) I want to see @woonomic's NVT decrease.
10) As more of these play out, I will increasingly consider us to have bottomed out. Will update whenever I see any relevant changes in the future!
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