162Trading

Unbiased Bitcoin Analysis

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hello traders!

Let me start out by saying that I do not have any open positions in ANY cryptocurrencies at the moment.
So here is my unbiased analysis on Bitcoin -3.55% .


Today we're going to be looking at Bitcoin!
In the past couple weeks we've had more bearish pressure show and we also just recently broke down below the bullish inverted hammer that was formed on the weekly.
Keep in mind here that the chart on the right is in linear and the chart on the log is in logarithmic scale. For arguments sakes, we're sharing both.

I'm simply staying out of bitcoin -3.55% until we break above the $10,000 levels.
As it is right now, bitcoin -3.55% is likely going to visit the 0.786 fib retracement level. (44XX)
Don't see any reason to be buying at the time of this writing, anyone who thinks otherwise feel free to share your thoughts in the comments!

Log

We're seeing a formation of a descending expanding wedge candlestick pattern. This is usually a bearish sign, and people tend to see the 3rd touch on the bottom trendline as a nice spot
to enter long. We're going to keep an eye out on this consistently to see if there is any indication of a pattern reversal.

Linear

Some could say we've created a larger bullish flag since all time highs and we've just broken out. In the past couple daily sessions we've created a falling wedge and seem to have broken out of it.
If we break below previous support this wedge will become invalid and we'll continue to head lower.

Fundamentally speaking, Bitcoin and other cryptocurrencies alike are not being as quickly adopted as many thought it would be.
Many companies are definitely still experimenting with blockchain itself but are not being used in any real-world applications yet by the masses.

Now you might ask yourself, why do we use log scale over linear in this case?
https://www.investopedia.com/ask/answers...

Keep in mind we're not entering the market yet, but simply making an assessment and sitting on the sidelines waiting for a trading opportunity.
Feel free to follow, and drop a like to be updated on our view on Bitcoin!


Thanks for taking the time to read our post, and have a great week!
Comment: Looks like we're heading lower!
Comment: As expected, $6000 level is eyed
Comment: Wrong chart above sorry!
Nice. I think 6k is very reasonable for next few days. Mid term I think around 4200-4400. I would like to see that 3k though.
+1 Reply
162Trading Conchobhair
@Conchobhair, same here!
+1 Reply
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