PermaB

Be Aware Of THIS Critical Area

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In the last few days we had a very parabolic move, which is very unnatural. It all reminds of the rally up to $20000. Accordingly, I would watch out for the euphoria that currently prevails. Because the game could change very quickly in Bitcoin in the other direction.

The critical area I have marked serves as a very large resistance. Until now, it has proved to be a direction indicator for Bitcoin . Either we rebounded from there without any problems or had to form a flag before or after to break them.
Since many coins are in the meantime, I would be careful.

I also do not want to say that Bitcoin will bounce 100% there. I just want to warn you hereby.
So watch out for this area, because this could be a very good point to short.

Together with $11000 the $9800 range is the biggest resistance for Bitcoin and since nobody has this area on the screen, I could well imagine a sharp move down there to trap everyone.
Comment: Could also bounce at the line. Just be aware at the range of the blue cicle.


Since the shorts have been dead for a long time, a sudden downmove would also kill the remaining longs.
Comment: Watch out for this update:

Comments

10k = bullish
+3 Reply
Thank you so much for this analysis, that looks like a realistic scenario/ will see. Keep us posted
+2 Reply
bro i like your analysis
how low do you think we go and when?
maybe 4k in september or sth?
and i see you are bullish on bch, i heard lots of trash talks about this coin, do you think at some point flipping will happen that bch takes over btc?
not causing war btween btc and bch on a fundamental basis, I am purely asking what you see in both charts and compare them cause i dont have an ability to see anything in those charts ;(
+2 Reply
PermaB leorio
@leorio, Just updated this idea. It can still go up, depends on what we are doing. Anyway 4k is very possible and would be a healthy correction. But I do not want anything under $4000, otherwise it could take a bit longer until Bitcoin recovers.
To Bitcoin Cash: I can not imagine that Bitcoin Cash will overtake Bitcoin. However, I can well imagine that it could be due to the coming hype on 0.5 BTC per Bitcoin Cash.
But let us surprise ourselves. Since the coin is manipulated like anything else, it is almost impossible to make a prediction.
+1 Reply
leorio PermaB
@ic0n, thanks man sinply put you are bearish on btc shortterm however bullish longterm, do i understand it right?
and bch tho you don’t really fall for it, due to coming hype and what you see in its chart, it can at least skyrocket shortterm right?
Reply
PermaB leorio
@leorio,

There are 2 options for Bitcion: We can't break the critical area and start reversing here or we are making a flag and break resistance.

To BCH: I can imagine one more very sharp drop before going up. If we break the previous high, where is a big resistance then this is about to fly.
Reply
I thought this level is kind of well known . Anyway thanks :-) .. it is allways good to be cautious and be reminded again.
+2 Reply
PermaB petrreo
@petrreo,

If I watch around Tradingview, then I see something completely different :-).
+1 Reply
petrreo PermaB
@ic0n, It's true that I didn't see it to be mentioned this time much. I still remember it from the last cycle :-) ... and maybe I am quite influenced by other resources and discussions aside the TV :-)
+2 Reply
Looking at the various infos the chart + other markets give us the info that going down seems probable, but if it's too happen, how long is it going to be? Everyone bought and they're convinced the correction is over and they'll get rich quick, I feel it's likely - if we are to go down - it's going to be slooow draaawn out.
Would love to be wrong about this.

Btw, I saw some news article that claimed the bull market was back and would be greater than 2017, the only chart pics they had in their awesome article were 30 min charts XD

Did you notice the daily bearish engulfing candle at the top also? :)
+2 Reply
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