TiborVrbovsky

Will Bitcoin Repeat its History from 2013?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey!

I am back with another Bitcoin Technical analysis .

This time looking at weekly timeframe and comparing 2013 december crash to our current Bitcoin crash.

I have spotted a few similiar things that these two crashes have in similiar, the descending triangle triangle formation follown by an ascending triangle ..

It seems like currently is Bitcoin in this ascending triangle and I am waiting for sharp volume spike pinbar .

Even though, ascending triangle is a bullish formation, this only applies in uptrend.


EMAS are signifying downtrend, which will last for a while, when we are considering this downtrend as insignificant uptrend which is likely to occur, which will happen by market uncertainty.

Low buying power, and another Volume spike incoming, why would you go against a trend and try to push the price higher when you are in
disadvantage?

History can be repeated, and Bitcoin may see price low as 1850, from where is likely to bounce to 2245 and from there, unsignificant uptrend may begin, but first I expect spike up/pinbar/bullish fakeout to happen.

And whats your opinion on Bitcoin next move? Are you bullish or bearish?
Will you tether, or hold strong in altcoins?

Thats all for me, at least for now.
If you agree with this Technical Analysis , let me know by hitting that "Agree" Button as it motivates me to do more similiar Technical Analyzes for no profit.

And of course, if you have any questions, let me know in the comments down below, I will answer each one.

Thanks and good luck trading!


Comment: Closer look at current situation, currently in downtrend channel. Uptrend has been formed, but Bitcoin has failed to sustain on this trend and found ressistance at it, thats not a good sign.
Comment: Seems like an bear flag is being formed, very low volume.
Comment: Lets look weekly Indicators starting with MACD.


Okay, so maybe from you perspective it seems like " Yeah, pretty oversold, about to give buy signal"
But I dont think that would be the case here.
It looks like this selling wave will end soon, give buy signal and turn into another selling wave, which wont neccesary would be pushing the price down, this is where the insignificant uptrend comes to play.
So dont get fooled by MACD.
Comment: Following with another weekly Indicator, RSI.


You can spot easily that triangle was formed, and the clash of downtrend and uptrend caused a huge pressure burst.
I expect something similiar as before, quick fakeout with RSI and dip even lower than 30, but hopefully will find support there, 40 is a strong ressistance currently.
History my friend...merely rhymes.
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but monthly RSI seems like bitcoin is bottom.
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TiborVrbovsky MRKIM7290
@MRKIM7290, the monthly RSI isnt closed yet and also two week rsi is giving bearish signal.
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I absolutely agree with your assessment of the current situation, I came to a very similar conclusion a while ago:

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I agree with your view here.
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the weekly rsi says everything. thank you.
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BTC situating into an Symmetrical triangle
It will go to 2100 or 4800?
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Thanks for the awesome update man! Your TA is inspiring and it evokes new perspective from what I think the normal trader would see on TV. We're prepping for a long signal soon since I think we will see some momentum up. Best of luck to you and your trading team!
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Hey!
I would like to share the trade opportunities what is currently on the table!
Bearish confirmation: Here is enough if we get a 1H candle close below $3,500 because 1H candles have tried to break it but those have gotten immediate rejection upwards. So, we can assume that this is enough for sellers if the price got a close below the mentioned level, let's say below $3,490 to be more confirmed.
Bullish confirmation:...

Cheers!
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TiborVrbovsky VaidoVeek
@VaidoVeek, Well, descending triangle is bearish formation and in downtrend twice that strong. Yes it may confuse many people so they think we go down, but actually move can go up, but not sustained for a longer period of time, I think we need to see a lower low.
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