I am back with another Bitcoin .
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 triangle formation follown by an ..
It seems like currently is Bitcoin in this and I am waiting for sharp spike .
Even though, is a 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 spike incoming, why would you go against a trend and try to push the price higher when you are in
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 or bearish?
Will you tether, or hold strong in altcoins?
Thats all for me, at least for now.
If you agree with this , 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!
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.
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.
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.