There are plenty of ways to chart an asset but sometimes KISS (Keep it Simple Stupid) charting gives the best results. This is just a simple line chart on a weekly time frame. The line chart shows us the open and the close and I like to use it just to see what is happening with the general trend. When we break things down and we make it simple, we can see that Bitcoin has lost major support. The news sites have been pumping bullish predictions, news of all sorts of OTC institutional inflows of cash and other positive predictions but sometimes it helps to disregard those things and realize that a lot of the news you hear is from people with a vested interest and people with a vested interest typically aren't the most objective. However, if you are dead set on investing, wait until there is a break above one of those trend lines and then buy on the retest.
Here are another couple views that are also charted with Heiken which is my preferred method. The first is a view of the weekly and the second is the daily.
Here are another couple views that are also charted with Heiken which is my preferred method. The first is a view of the weekly and the second is the daily.
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They just turned ugly.
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This is what caught us from dropping more. Don't know if it will be able to turn things around or if it will break so just keep an eye on that.
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We are now down about $2,000 since posting this chart.
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Bitcoin looking uglier and uglier.
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Be careful not to FOMO in here. The bulls could end up pushing it higher but that was a good short with minimal risk. Here is the daily chart.
Here it is zoomed into the 1 minute chart:
I will not consider a long anywhere in this area.
Here it is zoomed into the 1 minute chart:
I will not consider a long anywhere in this area.