All the previous ideas posted for Bitcoin are closed since all of them reached targets with no exception. I'm expecting a drop in the price for one more time before going long.
Lets get right into it:
So there is a clear pattern in the chart since the downtrend started which is shown on the chart. Basically, the price goes down to a Fib level (1), goes back up to a previous Fib level, then back down to the lower Fib level (2), then back up to the trendline (3) and falls down hard from there.
This was repeated twice so far, and a relation between this and the MACD can be seen as marked.
Right now we went through step (1) and (2) and we are in the process of the 3rd step. So I'm expecting a rise in the price to the trend line then one last fall. If the price breaks above the trendline, then this is a strong reversal confirmation, meaning that its time to go long.
@DCFreaks
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*Note... this isn't a buy signal.
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If it breaks 9500$ and closes that would be a confirmation of an upward trend to the upper level of the downtrend. I'm still bearish, but this could be a wave worth riding. (IF it breaks 9500$)
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watch out from drops couz the market is fishy or I'm just not understanding it.
the volume and long period indicators don't indicate a bull run but we are getting one... so just have a stop loss and be careful.
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Just a quick note before I sleep, Volume MA is going down, but price is going up.
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Here is the final chart which goes through most of the possibilities for the next couple of month
Have you seen MA 100/50 on the daily? They are about to cross. Once they cross the sky will most likely fall. Most importantly, on the daily charts the price dropped well below the EMA 365. BTC is likely to go down hard.
silverhanzo
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Get ready for the butthurt maximalist comments. "TA DOESN'T WORK!! MUH BITCOINS AND LAMBOS!"
People are like "TA doesn't work, types tra..click...enter... opens tradingview.com to check TA"
TonyCryptano
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@DCFreak, TA works. Just nobody is studying failures.
DCFreak
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@TonyCryptano, people should always have both perspectives in mind. If they ignore one perspective and stick to being bullish or bearish they will lose a lot of money. Right now everybody is bullish, everybody is going long... ok what if that is not the case?
I also said once the price exceeds 9500$ I'm going long, so I'm flexible as it gets and willing to accept different outcomes than my expectations. People don't understand that. They are emotionally driven.
TonyCryptano
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@DCFreak, exactly bro! Why to risk? This game is more about risk management, not being right on every trade. Anything can happen, like anything. Though I am bearish because there is no volume, somobody has liquidated lotsa short whlile they are at ATL, finex long at ATH but every time it hits ATH - it reverses enormaly. Here I'm with you bro!