DrDovetail

1wk stochrsi trndline hints long overdue big correction looming?

BITSTAMP:BTCUSD   บิทคอยน์
So this entire year's bull run has left a lot of people in the dust who were waiting for a 31-41% correction to buy in. Everyone was expecting one as early as the upper 5k range but the correction never came. In fact only a few minor bear trap corrections have occured this entire bull run. Looking at this ascending green trendline on the weekly stoch rsi we can see hat it had propped up the price action and prevented any major correction the majority of the bull run and it only just recently finally broke below it. It is now well on it's way back up to retest whether or not the trendline has been flipped to solidified resistance and, spoiler alert: since the green ascending trendline is about to reach the 100 level of the stochrsi it definitely will be resistance. It looks by the trajectory of both the trendline and the stochrsi's blue line that they will both converge a 100 right around July 1st. Due to this and he fact that we have gaps to fill on the cme futures contract some all the way down around 8.5k I wouldn't be surprised if we see he correction after throwing a wick up to the current bull flag target of 12253.13. In fact we may not even reach the full breakout target if one of the 3 white horizontal resistance lines rejects it first(the 11699 horizontal looking the most subastantial out of the 3). All things considered, I may begin to ladder out small amounts of my position with my first limit sell take profit at 11699 and my second one a 12253.I will be keeping a close eye on when the stoch rsi reaches 100 beecause I think it will retest it before the big rejection. It may move slower than I anticipate o where w could climb o he next resistance around 17k before it gets rejected bu judging by how close it is already I doubt it.
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