Is this game over? Come on, BTC, where's my Lambo then?
What's up guys!
Here's what I'm thinking.
BTC is creating a rising wedge which is a bearish pattern.
We made 2 tops already and perhaps the last one is to made.
This pattern is very similar to the rising wedge we had this spring.
3 tops on falling vol and RSI ended up with a massive drop from $65k to $29k.
Just look at the chart - we're creating another one, great wedge.
We may be falling down to ~$53k, and then even rise to $68k, or the new ATH which would be ~$71-72k.
But then, considering falling volume and RSI more probable is that we will fall down, and this may be over for now.
I've marked multiple supports. I don't think we may fall down farther than to ~$28k but anything is possible.
Stay safe, stay tuned, I'll keep you updated.
Best!
Here's what I'm thinking.
BTC is creating a rising wedge which is a bearish pattern.
We made 2 tops already and perhaps the last one is to made.
This pattern is very similar to the rising wedge we had this spring.
3 tops on falling vol and RSI ended up with a massive drop from $65k to $29k.
Just look at the chart - we're creating another one, great wedge.
We may be falling down to ~$53k, and then even rise to $68k, or the new ATH which would be ~$71-72k.
But then, considering falling volume and RSI more probable is that we will fall down, and this may be over for now.
I've marked multiple supports. I don't think we may fall down farther than to ~$28k but anything is possible.
Stay safe, stay tuned, I'll keep you updated.
Best!
Comment:
Perhaps we're about to break this red trendline, and then another one.
If we will, then we're on the right track to the new ATH again :)
If we will, then we're on the right track to the new ATH again :)
Comment:
So here's the thing:
Moving averages are about to create a death cross, and price is most likely to drop in a matter of days. Now the blue line - ascending trend line - must hold to continue uptrend, and the red one, descending trend line must break. The big red circle I've called "decision point" is the place where these two line meet each other so up to this moment we will know if we break one or another. I hope it's clear.
IMO there's 60-40 to drop and it may be a massive drop. Sub 40, 30-28ish - something like this I'd say at the moment, but I'll keep you updatet.
Please hit the thumb button and follow to stay in touch!
Moving averages are about to create a death cross, and price is most likely to drop in a matter of days. Now the blue line - ascending trend line - must hold to continue uptrend, and the red one, descending trend line must break. The big red circle I've called "decision point" is the place where these two line meet each other so up to this moment we will know if we break one or another. I hope it's clear.
IMO there's 60-40 to drop and it may be a massive drop. Sub 40, 30-28ish - something like this I'd say at the moment, but I'll keep you updatet.
Please hit the thumb button and follow to stay in touch!
Comment:
And there's one more thing I want to show you:
look at this massive rising wedge and H&S formation.
These are bearish signs, and as I watch the BTC price action since 2017
the MA cross and rising wedge were always good indicators.
look at this massive rising wedge and H&S formation.
These are bearish signs, and as I watch the BTC price action since 2017
the MA cross and rising wedge were always good indicators.
Comment:
And here's some positives:
Log scale, bigger picture. Notice the RSI, and the red, upper boundary. We may have some space left to grow. That would be somewhere around point 3 marked at the main chart (at the top of this site).
These two marked areas on this chart in the comment look similar too. We barely touched the yellow EMA 50 which isn't bad. In 2015 the third drop to these areas was like a rocket launch. Are we here now? I don't know. It's just good to know the bigger picture. Be aware of all of these arguments. Breaking the blue trend line down may be a start of vaaast drop. Considering previous drops correction over 80% from the top is possible...
Log scale, bigger picture. Notice the RSI, and the red, upper boundary. We may have some space left to grow. That would be somewhere around point 3 marked at the main chart (at the top of this site).
These two marked areas on this chart in the comment look similar too. We barely touched the yellow EMA 50 which isn't bad. In 2015 the third drop to these areas was like a rocket launch. Are we here now? I don't know. It's just good to know the bigger picture. Be aware of all of these arguments. Breaking the blue trend line down may be a start of vaaast drop. Considering previous drops correction over 80% from the top is possible...
Comment:
We have a death cross, we have weekly candle closed below MA50, H&S, rising wedge, descending volume... All of these signs are bearish. RSI might be in good place, but when you look at it historically then you realise we may have a one another level down to go. That doesn't look good. Until we have a strong bounce and break ~45k lvl I'm bearish.
When the price will cross this bold blue line I'm yelling timber.
Sorry guys.
When the price will cross this bold blue line I'm yelling timber.
Sorry guys.
Comment:
Jimmy told you guys the bear is comin'...
We broke multiple supports. 38k is holding still. Next stop would be ~30k.
We broke multiple supports. 38k is holding still. Next stop would be ~30k.
Comment:
And now look at this chart, play it, load new bars and see how exact I was :)
I believe ~30k is the stop for now, but overall we can go south down to ~20k - look at my another analysis and the bigger picture I described there
I believe ~30k is the stop for now, but overall we can go south down to ~20k - look at my another analysis and the bigger picture I described there
Comment:
It's almost 20k, and we're touching my green zone makred here
You can start DCA'ing but I expect BTC to fall down even farther, to sub 20k with a wick to 18-14k
Overall the situation is very dynamic and hard to say what's going to happen next (Evergrande, Mt. Gox), but considering the macroeconomic conditions, fundamentals, I think we may be in a vast uptrend, like a mega-cycle, (no longer 3-4yrs beartrend) so buckle up, wait till we bottom and hold tight.
Stay tuned!