A Legendary Lens on BITCOIN! (BTC)

Hi friends! Welcome to this update analysis on Bitcoin! Let's jump right into the chart. As you can see, I've drawn a bear flag over the current price action. Now, I have to admit, I'm still leaning bearish on the market right now. The charts are putting out a lot of mixed signals at the moment, which is to be expected, as the bulls try to put a bottom in this bear market. However, the more I look at BTC , the more I believe that more downside could be on the horizon. In fact, there is something on this chart that looks hugely bearish to me — the fact that we appear to be confirming the dashed green trendline as resistance. You cannot see the origin of this trendline on the chart, but it goes back to the beginning of the rally to the all-time high. In other words, the dashed green trendline has been supportive through the entire bull run. However, we just broke below it, and now we appear to be confirming it as new resistance. Additionally, BTC is in another bear flag consolidation pattern, under the green dashed trendline . You can see that this is the third bear flag , since the collapse from the triangle. Each former flag produced downside, so this one may as well. Also, you can see that the EXTREMELY RESISTIVE 50 EMA (in orange) is about to intersect with the bear flag price action. That could easily be the catalyst that sends BTC falling from the flag. Obviously, I have entertained the idea that this may not be a bear flag . We have a very nice bullish divergence on the MACD , signaling a widespread decline in underlying sell-side momentum, but that isn't enough to override or discredit the bearish factors. Just look at what has happened since the triangle breakdown. We've just been producing lower highs and lower lows. Until we see some higher lows and highs, and ESPECIALLY a break above the 50 EMA and the dashed green trendline , I simply cannot be bullish on BTC . From a bullish perspective, I like yesterday's bottoming action. But now, I need to see more evidence of a sustained reversal. Remember, a bounce doesn't end a bear market. The bulls have some work to do, if they want to convince the smart money to buy this market.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

Update to my Directional Change post below...
I think it's going down to 4000~5000 range.
Thank you!
Please dont like this comment so I can get in chat! Thanks!
Please like this comment so I can get in chat! Thanks!
Hey Mate: great analysis. What do u think about this idea?
Triple_HO m4riovolp3
@m4riovolp3, I would agree with you, but what if so - what will happen next?
m4riovolp3 Triple_HO
@Triple_HO, trading is always like driving through the fog: u have always a limited sight... trade only what u see, step by step... what we see is currently that mini up-trend, this chance...
JoshThomas04 m4riovolp3
@m4riovolp3, I like your idea! My wave count shows we could push to that area. I would go further by estimating where we are in the correction cycle. What do you think?

m4riovolp3 JoshThomas04
@JoshThomas04, almost right... that's almost the same way which I would go
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的客服工单 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出