Hi communty ! actually i thin this channel is really valid and based on this trend line , there is 2 scenario possible !
1 - After retesting the 17.5k - 19k support line price starts growing again an the next bull market will start after one good green candle close upper than the WEEKLY EMA 200 ! ( maybe a good place for buying)
2-if the price break the bottom line of channel (Dynamic support line) then yet i dont think we experience huge price drop ! maybe bitcoin channel get sided and a long Trading Range is ahead !
Even dreams come true. You are still very bullish, you were long in May. It was clear that May would end the cycle.
DrMomeX
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@trader-123456, thx for your comment , so you say people cannot change their opinion?! you know bro analyzing is just based on guess and market is not always doing what you want to happen , and as i said the market could get ranged for a moment ...
trader-123456
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The market mainly does not do what you want if historical facts are ignored. But don't take it as an attack, we are here to advise each other.
cryptodreamer79
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All historical data has zero value, we are at the verge of a recession / depression plus before the end of august market will get flushed with 140k BTC from Mt Gox that get released. It might not do anything but i like to be prepared for an unseen dip candle way way below 10k.
DrMomeX
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@cryptodreamer79, that mt gox thing cannot take btc below 10k , but yeah thx.
cryptodreamer79
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@DrMomeX, it can, with ease actually, all they want you to do is believe it can't. Now ad a few market makers that drop their BTC with it just to buy lower and we can wick to 3k to 5k range. I start buying from 12k but have orders running down to even 3k.
cryptodreamer79
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@DrMomeX, If the Mt Gox btc get dumped it will be a spot dump, now look up the spot trading volume, the effect will be tranfered to the spot trading volume and not to the total trading volume. That makes the effect 10 times as strong as coindesk describes.
It's not worth watching the news. I don't follow any news or even any indicators, you learned you can't rely on it when you pointed to the RSI in May and expected the rocket to take off and the rocket to crash. Everything is in the chart, its story must be read. Sometimes I look at the greed index to know when the market is ridiculously greedy. Here is an example where the market was greedy but the chart told me otherwise.
You are still very bullish, you were long in May.
It was clear that May would end the cycle.