“And there will be signs in sun and moon and stars, and on the earth distress of nations in perplexity because of the roaring of the sea and the waves, people fainting with fear and with foreboding of what is coming on the world. For the powers of the heavens will be shaken."
Hi folks! Hope you guys are doing well! Two days ago I read some comment from a trader who said that the drop from $ 5650 to $ 5400 was nothing to worry about. Well I wasn't too sure about this. For me there were clear signs of a trend reversal and many technical factors suppport my believe. Below you'll find all the arguments that gives a bigger chance of the beginning of a trend reversal and decline then a continuation of the uptrend:
1. Bitcoin reached almost the huge resistance zone from $ 5770 (lowest support line in 2018)
2. Price altcoins are dropping drastically
3. For weeks no real correction
3. Volume is dropping
4. Stochasic / Stochastic RSI / RSI in overbought zone
5. First bearisch divergences to be seen on the RSI
6. Weekly, daily MACD is showing that the momentum is over and going down
7. Double top on the chart (tops $ 5400 and 5650 $)
8. BTCUSD shorts are increasing in a fast pace
etc...
Above all he drop today to $ 4975 broke very clearly the ascending channel and it looks like that the daily candle closed below the channel. The sellers will take over the game. The bulls are going to retreat and some of them become bears. The coming days there will be of course a bounce and a touch of the lower support zone of the ascending channel at around $ 5250, but the downtrend will continue. The "death cross" - see chart - on the weekly stoch and stoch RSI is a strong indicator that the trend reversal is starting now.
In my first publication I compared this up move with the corrective wave of bitcoin in April 2014 (and not the bottom of 2015). Check it. I found this fractal very similar with what is happening now. The market became bullish and broke the weekly 20 MA but it was nothing more then a corrective wave. Couple of weeks later it broke the 20 weekly MA again. A real bull market and uptrend can only excist when some important resistance zones like the 200 MA and lower low (for the moment $ 3050) are tested more then 2 -3 times.
If I was you guys exit the market and sell your digi coins now when the price is still high! We still need to see further confirmation but for me there is a 75% chance that $ 5650 is the top of the corrective up wave 4.
I ll post more detailed ideas and charts in the coming days and weeks of what is going to happen.
Thanks for hitting the like bottom. Love ye guys!
Hi folks! Hope you guys are doing well! Two days ago I read some comment from a trader who said that the drop from $ 5650 to $ 5400 was nothing to worry about. Well I wasn't too sure about this. For me there were clear signs of a trend reversal and many technical factors suppport my believe. Below you'll find all the arguments that gives a bigger chance of the beginning of a trend reversal and decline then a continuation of the uptrend:
1. Bitcoin reached almost the huge resistance zone from $ 5770 (lowest support line in 2018)
2. Price altcoins are dropping drastically
3. For weeks no real correction
3. Volume is dropping
4. Stochasic / Stochastic RSI / RSI in overbought zone
5. First bearisch divergences to be seen on the RSI
6. Weekly, daily MACD is showing that the momentum is over and going down
7. Double top on the chart (tops $ 5400 and 5650 $)
8. BTCUSD shorts are increasing in a fast pace
etc...
Above all he drop today to $ 4975 broke very clearly the ascending channel and it looks like that the daily candle closed below the channel. The sellers will take over the game. The bulls are going to retreat and some of them become bears. The coming days there will be of course a bounce and a touch of the lower support zone of the ascending channel at around $ 5250, but the downtrend will continue. The "death cross" - see chart - on the weekly stoch and stoch RSI is a strong indicator that the trend reversal is starting now.
In my first publication I compared this up move with the corrective wave of bitcoin in April 2014 (and not the bottom of 2015). Check it. I found this fractal very similar with what is happening now. The market became bullish and broke the weekly 20 MA but it was nothing more then a corrective wave. Couple of weeks later it broke the 20 weekly MA again. A real bull market and uptrend can only excist when some important resistance zones like the 200 MA and lower low (for the moment $ 3050) are tested more then 2 -3 times.
If I was you guys exit the market and sell your digi coins now when the price is still high! We still need to see further confirmation but for me there is a 75% chance that $ 5650 is the top of the corrective up wave 4.
I ll post more detailed ideas and charts in the coming days and weeks of what is going to happen.
Thanks for hitting the like bottom. Love ye guys!