ChartArt

Full-on bull vs bear battle

BITSTAMP:BTCUSD   Bitcoin / Dollar
I expect the price to drop a little and then resume the very bullish uptrend.

But If the price doesn't bounce up at around $347-$350, then I expect the Bitcoin price to fall down to around $330.
FluidicFX PRO
2 years ago
Nice chart. Why are the Fib circles bounded by November 1st and 10th? They could continue, no?
Granted, it's more visually attractive as it is....
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ChartArt FluidicFX
2 years ago
You are right. Placing the Fib retracement, Fib time and the Fib circle at the pivotal high/low prices results in a slighter higher 50% retracement price at ~$347 (see chart below) vs the originally posted ~$345 (on my chart above):

snapshot
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ChartArt
2 years ago
I should have known from the moment that I got for this chart a huge amount of likes in a very short amount of time (7 upvotes in a matter of 1-2 hours after posting my chart) that something is wrong with my analysis. Usually when I posted something on TradingView in the past I got almost no likes the same day I put out my forecast. For example my "The Bitcoin Bears Are Back" chart received no upvote after 24 hours.

With everyone being super bearish in the TradingView chat I even self-censored my own chart before publishing it: My original version had one last bullish green arrow up from the 377 peak*. For my next analysis I will just go back to my own classic style of analysis, which is not following the sentiment of the TradingView user herd. At least I traded against my own forecast three hours later and bought back at $365 because I wanted to be in Bitcoin before China wakes up and potentially decides to resume pumping the still overall existing uptrend. Which is what ultimately happened and caught almost everyone by surprise, especially those who there shorting this uptrend. So I guess half of this last leg up was a rally fueled by the closing of shorts.

* with a green arrow from the 377 peak; 18 hours later
snapshot
+1 Reply
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