BITCOIN DEATH CROSS BEARISH? Here's the answer to that question!
Dear Friends,
In this scenario which has been posted before by me a few new things that stand out. By the way, I am posting a new version so that you can follow the price on the chart by pressing the right arrow and get new data. Unfortunately that is not possible in screenshots.
First, the death cross. The intersection of the 50 and 200 MA. Is this bearish or bullish in Bitcoin?
If we look at the last 6 years, of the 4 times this death cross occurred, there was the following drop at the time of the crossing and the rise or fall after:
September 16, 2015 decrease 0% increase 123%
April 2, 2018 decrease 3% increase 50%
October 26, 2019 decrease 0% increase 16% After this increase followed by a decrease of 36%
25 March 2020 fall 13% rise after this fall of no less than 1033%
So bearish I absolutely cannot call this crossover. the effect is so delayed that it has probably long been incorporated into the price.
An analysis of Bitcoin is a bit more difficult at the moment because we are in the middle of the range. So I'm going to assume the things I see in the chart.
1 A completed bullish falling wedge with breakout.
2 A key level of 35000 which is also the very important 0.618 Retracement.
3.It seems that we have set a double bottom at this 0.618 level
4.I see the death cross as a neutral element but certainly not a more bearish one as evidenced by my data over the last 6 years
5.The price of Bitcoin is sitting as much as 25% below the 200 MA and that is a magnet that eventually pulls the price back in.
6.The RSI on day basis has not broken the rising support line. I expect a bounce here.
7 New reversed head shoulder formations in the works (right shoulder currently)
8 A mini reversed head shoulder formation with neckline at the 0.5 Fib level. Target 38158
9.More elements in my previous updates of Bitcoin.
A magic point is definitely Jun 24 midnight when the neckline, resistance line and rising trendline meet.
Check also my previouse 2 posts of Bitcoin with other interesting information!
Specifically I say. Stop below 34500 and chance for a nice profit. Stop hit then also chance for a nice profit by buying Bitcoin even lower.
Bitcoin to 20000? I don't believe so given these elements and the 4 year cycle. The rest of the year could still have a lot of good in store.
There are no guarantees that's just the way it is with analyses. We are not prophets but analysts ;-)
Share your thoughts and idea's below dear friends. What do you think and why do you think it.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
In this scenario which has been posted before by me a few new things that stand out. By the way, I am posting a new version so that you can follow the price on the chart by pressing the right arrow and get new data. Unfortunately that is not possible in screenshots.
First, the death cross. The intersection of the 50 and 200 MA. Is this bearish or bullish in Bitcoin?
If we look at the last 6 years, of the 4 times this death cross occurred, there was the following drop at the time of the crossing and the rise or fall after:
September 16, 2015 decrease 0% increase 123%
April 2, 2018 decrease 3% increase 50%
October 26, 2019 decrease 0% increase 16% After this increase followed by a decrease of 36%
25 March 2020 fall 13% rise after this fall of no less than 1033%
So bearish I absolutely cannot call this crossover. the effect is so delayed that it has probably long been incorporated into the price.
An analysis of Bitcoin is a bit more difficult at the moment because we are in the middle of the range. So I'm going to assume the things I see in the chart.
1 A completed bullish falling wedge with breakout.
2 A key level of 35000 which is also the very important 0.618 Retracement.
3.It seems that we have set a double bottom at this 0.618 level
4.I see the death cross as a neutral element but certainly not a more bearish one as evidenced by my data over the last 6 years
5.The price of Bitcoin is sitting as much as 25% below the 200 MA and that is a magnet that eventually pulls the price back in.
6.The RSI on day basis has not broken the rising support line. I expect a bounce here.
7 New reversed head shoulder formations in the works (right shoulder currently)
8 A mini reversed head shoulder formation with neckline at the 0.5 Fib level. Target 38158
9.More elements in my previous updates of Bitcoin.
A magic point is definitely Jun 24 midnight when the neckline, resistance line and rising trendline meet.
Check also my previouse 2 posts of Bitcoin with other interesting information!
Specifically I say. Stop below 34500 and chance for a nice profit. Stop hit then also chance for a nice profit by buying Bitcoin even lower.
Bitcoin to 20000? I don't believe so given these elements and the 4 year cycle. The rest of the year could still have a lot of good in store.
There are no guarantees that's just the way it is with analyses. We are not prophets but analysts ;-)
Share your thoughts and idea's below dear friends. What do you think and why do you think it.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
评论:
Dear friends,
The wedge has broken and with it, as I thought, the HS has become invalid.
We can now quickly reach higher targets again especially since we have broken through resistance 35000.
The wedge has broken and with it, as I thought, the HS has become invalid.
We can now quickly reach higher targets again especially since we have broken through resistance 35000.
评论:
Dear friends,
The positive divergences are still there and the strength is increasing in a contra movement. The RSI indicator has not broken the support line either.
The POC is 36000 as well as the 50% fib level. So I think that will be our first target.
The positive divergences are still there and the strength is increasing in a contra movement. The RSI indicator has not broken the support line either.
The POC is 36000 as well as the 50% fib level. So I think that will be our first target.
We are on our way to 20000? No I don't believe so and would be too good to be true! The longer term picture is still intact just look at this chart!
I see very low volume and if we add the extremes of the rising trend line as a margin it only becomes bearish below a close of a day candle of 33400. Then we don't even have to wait until 30000 because then Bitcoin drops to 28000 and then 25 to 20000.
Anything is possible and by the way, this is an excellent scenario. If you can buy Bitcoin at 20000 that's even better but again, I first want to see a trend line broken with a close of the day candle. As far as I am concerned nice opportunities now. Either we buy bitcoin at 20000 soon or we just continue with the bull market.
Good luck dear friends!