JefeCaan
Short

The Chart They Don't Want You To See

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Forget about all the fancy charts! Keep it simple. This is what it all comes down to and they don't want you to see that. They want to keep you busy drawing fancy trend lines and projections now that they have announced to you that the bear market is over. Do you see the replies on Crypto Twitter every time someone talks about a fall to $1,800? People are still way too bullish! It doesn't work like that. Before any trend reversal, the market has to inflict maximum pain. So far, that has not happened.

Every single indicator points to the same conclusion and that is a fall to $1,800. One single pump to the upside and everybody is thinking about the next bull run. The weekly Stochastic RSI has not been this overbought since the beginning of the bear market, not even in January, 2018! Let that sink in for a moment. Now, think about the stock market. The S&P 500 has also been overbought for weeks and investors are reluctant to touch it. The last time the S&P 500 was in a position of a similar decline was in October, 2018. You can see what happened to Bitcoin after October, 2018.

Do not mistake this temporary pump for a trend reversal. You've been warned. If you liked this analysis, please give it a like and follow me for more. Thanks! :)
Comment: Why I think Bitcoin will continue to go down in the next few months: https://cryptodaily.co.uk/2019/04/bitcoi...
Comment: It's a wrap. We have a close below 50 Week EMA. Let the sell off begin.
This didn't work out so well for you.
Reply
JefeCaan bluemt95
@bluemt95 The point of technical analysis is not to make predictions but to analyze probabilities. If you think I took that trade HOPING the price would fall, I don't know what to tell you.
+1 Reply
“It's a wrap. We have a close below 50 Week EMA. Let the sell off begin.”

Oops.

It’s over $5,300 . Did you short? :)
+2 Reply
JefeCaan BorisPoff
@BorisPoff, You should have expected it. There always is an "Oops". It's never so straightforward. xD
Reply
BorisPoff JefeCaan
@JefeCaan, “Do not mistake this temporary pump for a trend reversal. You've been warned.”

“Every single indicator points to the same conclusion and that is a fall to $1,800.”

Your position is clear.

I tend to agree with other posters, however. The ones who say it is, in fact, a trend reversal, the price will retrace to 4000s potentially, only to go up after that. I do not believe it will fall to $1,800. Neither in a straight nor in a gradual fashion.

Thankfully, there is an easy way to know whose position was correct. Let’s give it a few months.
+1 Reply
Sounds like plan friends. Do Not short though! Sell what you have, but do not short.
Cause you may end up buying it tomorrow and propelling this motha up
+1 Reply
@mbc47, Unload the bags.
Reply
go shorts go...take this baby back to 1.8k
Reply
JefeCaan BlockchainYahoo
@BlockchainYahoo, Let's go we have Yahoo onboard too. Load the dump. xD
Reply
even though I find this analysis right and cannot agree more, after checking your old posts and seeing that the whole bear season in 2018 you had been a super bull, I got confused.
I want to ask why did you turn an ultimate bear in 2019? this is not to criticize it is only to understand the logic behind... please do not misunderstand.
+3 Reply
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