Bitcoin Kill Zone
Alessio Rastani is a professional financial advisor whom post clips of his training lessons available for purchase on Leading Trader Education.
In this video Alessio reiterates his points from the previous video showing his prediction of a healthy consolidation after the latest run up. The RSI was overbought giving you a warning the markets are due for an imminent pullback in price, does not mean it cannot go higher rather is a warning of limited upside. RSI can also be used for marking the bottom of a downtrend when reaching oversold levels, as seen within a few days we have recovered in price set for the next move.
Below Original Content of Alessio Rastani
How will bitcoin escape from the formidable "kill zone" and what does this mean? We discuss in video.
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Above Original Content of Alessio Rastani
Kill Zone
The area between the points of resistance on the high and low, tracking back it is also historically a point of resistance.
Pull Back
- Impulsive Move is a deliberate wave, mass volume pushing price, strong rally
- Corrective Move is a correction to the previous move, tight 3 bar movement usually into the 21 EMA.
Above $9200
If we can hold $9200 level we will be looking at another potentially strong rally. Fibonacci retracement 38.2 & 61.8 key levels, if $9200 is broken next level of resistance should be $8000 or the 61.8.
Chart Current
Looking at things as they have played out, we held the $9k level very well with big volume entering starting the next rally. Much less selling volume possible the Bulls have taken a break waiting for next run, but lack of sell volume tells me the next run will start again shortly. When buying large volume you need to account for slippage and waiting for small consolidations could potentially offset that slippage.
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