Don’t feel bad, not even the experienced TA people are sure what to do…so most are simply not trading at all. TA is not a pathway to prediction. It is simply a pathway to educated guesses based on existing trends. The one thing than can completely destroy any TA is volume. Volume can not be predicted.
When looking back at the structure that formed during the current bear market, it’s easy to see what was happening. However, very few people knew exactly what was really happening until the market was REKT.
I always feel confused by Bitcoin because if feels so manipulated by the elite investors. You never know when the Winklevoss twins, Barry Silbert, Tim Draper, or even Satoshi Nakamoto will dump their stash.
Or buy all in for that matter. But always error on the side of caution
Precisely why we need more people in the space. With more people comes stability. Millions of empty little bags can catch one big bag dumping pretty easily
Well…we retested the downtrend for support a couple more times as expected…and failed. So it is back to being resistance. Either that line is weaker than we though at this point…or the 50 day moving average hovering above it is very strong. Either way, we retested the 200-203 strong support line and stopped the fall. We have a very small tightening wedge now. We will see a bigger move one way or another in the next 24-48 hours.
I still think about a lower BTC target an 2500$ is still ringing in my head. My etempt to learn teh Elliot count goes on and i am her showing the ABC correctiv wave and it fits wheni i count back a year. So my assumption is a 5 count down before next ABC correction. In he chart i am about 90% shore that this is not bottom.
That’s not a well formed double top. That’s more of a higher high formation. Double tops consist of near equal closed candles. The bear flag formation is possible, but too early to tell. It could also be consolidation for another move up. Why do I say that? Look at the ribbon, that is some extremely strong support and it will take a pretty massive sell off to break through it. That is certainly possible, but seeing the richest wallets in the world were buying at these prices and higher yesterday, I’m not going to bet that they are going to sell it all at a loss…I could be wrong, but to me that would make zero sense.
I do understand that voice in the back of your head saying 2500…but, to play devil’s advocate, it’s the same voice telling you we’ll go even higher after a huge run up. How often does that ever occur? I’m not saying you are wrong, but the TA does not necessarily suggest your fears. TA has been very difficult lately with trying to get some sort of educated guess on where the market will go. It would not be wise to act hard one way or another on it now. Once time has passed, we’ll be able to look back and see the signs much more clear, but that doesn’t help us now. All we can do now is ride the ride and let time do its’ thing.
I’m not worried either way because in the long run we win. I’m playing the long game.
On his chart it looks kinda like a double top that could be traded on break of the neckline.
But on bitmex its more like you say:
Continuation of uptrend.
I dont really see any trading opportunity at the moment.
Maybe a bounce from the ribbon. But I wont take it at this level.
We broke back out of the downtrend after bouncing off the 200 support…however, with the price movement I can now confirm there is another downtrend line slightly above the once I was using, and it appears to be a more true line and the reason we have not seen a bigger move up. In the pic you will see the line I was formerly using (the slimmer purple downtrend) with the new one above it. If I’m right, a break above the new line should constitute a bigger move up for a more true break out.
I am watching the market closely to day, it maybe buy day. I think what you are pointing out at 4K is extremely important, if it holds we might bounce up to 4500$, but there is some great bear plays that might come. So I might enter a short position today if 4K is broken.
He is a bit more positive right now. This was yesterday, BTC dipped a bit today, so we need to wait
I don’t think I’ve ever seen the amount of uncertainty in this space as we have right now (personally). I’m at the point that if we’re going to drop to 3k (or lower) I wish is would just do it already and get it over with. The volume is so low because everyone is expecting that to happen and simply don’t want to trade. I’m ready to see gains for once…
ETN is still trading under the adjusted downtrend. It keeps popping its’ head above it, only to be pushed back under by that 50 day moving average right above the trend line. But until BTC makes whatever move it is going to make, I expect more of the same.
We are approaching the tip of the descending triangle with the 202 sat line. With the current trend, I see ETN dipping toward the next support line…but who knows, maybe ETN will actually tell the world something and follow through with the porn-like “Something big is coming” video they released in the last 48 hours and it’ll moon.
Next support is 190-194 sat window, but it isn’t very strong. The next decent support line after that is 178.
- Bitcoin has more to drop
- Bitcoin will hold 4k price point and is bullish
I choose whatever the opposite of the majority opinion is because that’s almost always what happens.
Boys and girls, we finally broke through the downtrend and closed before getting knocked back under by the 50 day moving average. I don’t know how many times we have to press against it before we break up…the more time you hit something, the more likely it will break.
In any case, we are above the line officially for the first time since November 7th. We’ll see if we can stay above…fingers crossed
Hello, I’d like to learn technical analysis. But don’t seem to find any good tutorials on YouTube. Can someone here point me in the right direction?
Many squirrel s thank you…
I am self taught (sort of) after over a year of watching professional TA people do their analysis on Youtube literally every single day. I am no pro, but when you watch that much video you pick up techniques and formulate reasons why they use them after daily study. I stick to basics which tend to be quite enough to understand what’s going on. Other’s use a lot more tools that I’m simply not akin to but I do like seeing it when they provide the info. It’s amazing how much you can learn simply by watching other people do it.