Weekly Bitcoin Analysis, Many Things That You Should Consider!
Hello guys, it's me again!
I want to share my perspective about the market today.
I have some point to talk today.
May be, it will be long for you, but i hope it will help you, here we go!
note:
-The red MA line is 50-MA
-The green MA line is 55-MA
-The gold MA line is 100-MA
1. Bull Market vs Bear Market in Weekly Time Frame
The first point is i want to show you what is happen in bull or bear market, that is very basic for trader.
In bull market, the price is always move harmonically with the volume.
In bear market, the price is not move harmonically with the volume.
Now, what do you see from the black arrow? We are in harmonic move!
2. 2014 Market Crash vs Market Nowadays
Some people are comparing the market today to 2014 crash.
I think this is not apple to apple.
First, in 2014 there is only bitcoin as cryptocurrency, there is no other coin such alts.
Second, in 2014 there are only around 3 million cypto traders, but nowadays we got more than 23 million crypto traders.
Third, the volume of trading was not volatil as the market now.
Fourth, the blockchain technology is developed very well since 2014, that many instance/institute fascinated to this technology and it will bring more users.
My point is, you are not the only one who have bitcoin, there are many people holdin' this coin now.
If some people want to dump btc, believe me, the other is ready to take it, and not all holders want to sell it.
3. 50-MA (7600 usd) vs 55-MA (7200 usd)
Some trader like to use 50-MA, the other like to use 55-MA to analyze market movement.
Now, it doesn't matter to me. I want to show you that we are break 50-MA on weekly TF, but does it mean we are going to test 100-MA soon?
I don't think so, we must consider this 55-MA as support too.
As you see, we are still holding on 55-MA line, we are not even can say it break before it close next week.
So, we can say that this 55-MA as alternative support.
The conclusion is we still have one more week to revive the bull movement.
4. 100-MA (recently 4300 usd) and The Trolls
"We are going to test 100-MA soon!"
They (the trolls) always call it.
Oh God, i'm tired of all this call.
-They call it from the early of January, with the bubble burst news.
They called 2k usd for bitcoin 100-MA, and it never happen as soon as their call.
-Second time they call it at February, with some country crypto bans news.
"Bitcoin is going to test 100-MA at 3k usd!" and it failed (again).
-Now they call it, with 50-MA line breaks news without considering 55-MA line.
"Bitcoin is headed to 4k usd soon!" I just want to see if this is happen (soon).
Don't you see it? This 100-MA is still move higher.
Look at the green arrow! Even when the price is going down, the 100-MA line (still) going up as they bring more loads.
Next time, with another FUD, they will call "BTC going to 5k/6k/7k" hahaha.
Guys, this trolls never gonna stop to spread FUD while they keep filling their bags with your cheaps coins.
I'm not saying that there is no posibilities to test 100-MA, but that's way too early to test it without testing another support line.
I think that's all!
Don't be easy to affected to this 50-MA breaks, we still have many support line to play the bounces and the breaks :).
My target is still 6,8-7k like i said the past few days.
The bull scenario is (as our target 6800-7000 usd) btc hits it in the next few days, and then bounce and close the weekly candle above 7200 usd(55-MA).
We call it massive rejection and it will be meaningful for the bull to move upwards to test the last resistance.
The bear scenario is we break 6800 and will test the lower high at 6425. ( i will add the picture soon )
I am still bear in daily TF.
Keep watching guys, and be safe!
Help me to get the pro version :D! Thanks!
BTC: 1NprKbTvkyLKzpSg556eRj6XubiJEhw95r
ETH: 0xbda06337bf410110c1ccddea8f6111a6c2f4f8f6
I want to share my perspective about the market today.
I have some point to talk today.
May be, it will be long for you, but i hope it will help you, here we go!
note:
-The red MA line is 50-MA
-The green MA line is 55-MA
-The gold MA line is 100-MA
1. Bull Market vs Bear Market in Weekly Time Frame
The first point is i want to show you what is happen in bull or bear market, that is very basic for trader.
In bull market, the price is always move harmonically with the volume.
In bear market, the price is not move harmonically with the volume.
Now, what do you see from the black arrow? We are in harmonic move!
2. 2014 Market Crash vs Market Nowadays
Some people are comparing the market today to 2014 crash.
I think this is not apple to apple.
First, in 2014 there is only bitcoin as cryptocurrency, there is no other coin such alts.
Second, in 2014 there are only around 3 million cypto traders, but nowadays we got more than 23 million crypto traders.
Third, the volume of trading was not volatil as the market now.
Fourth, the blockchain technology is developed very well since 2014, that many instance/institute fascinated to this technology and it will bring more users.
My point is, you are not the only one who have bitcoin, there are many people holdin' this coin now.
If some people want to dump btc, believe me, the other is ready to take it, and not all holders want to sell it.
3. 50-MA (7600 usd) vs 55-MA (7200 usd)
Some trader like to use 50-MA, the other like to use 55-MA to analyze market movement.
Now, it doesn't matter to me. I want to show you that we are break 50-MA on weekly TF, but does it mean we are going to test 100-MA soon?
I don't think so, we must consider this 55-MA as support too.
As you see, we are still holding on 55-MA line, we are not even can say it break before it close next week.
So, we can say that this 55-MA as alternative support.
The conclusion is we still have one more week to revive the bull movement.
4. 100-MA (recently 4300 usd) and The Trolls
"We are going to test 100-MA soon!"
They (the trolls) always call it.
Oh God, i'm tired of all this call.
-They call it from the early of January, with the bubble burst news.
They called 2k usd for bitcoin 100-MA, and it never happen as soon as their call.
-Second time they call it at February, with some country crypto bans news.
"Bitcoin is going to test 100-MA at 3k usd!" and it failed (again).
-Now they call it, with 50-MA line breaks news without considering 55-MA line.
"Bitcoin is headed to 4k usd soon!" I just want to see if this is happen (soon).
Don't you see it? This 100-MA is still move higher.
Look at the green arrow! Even when the price is going down, the 100-MA line (still) going up as they bring more loads.
Next time, with another FUD, they will call "BTC going to 5k/6k/7k" hahaha.
Guys, this trolls never gonna stop to spread FUD while they keep filling their bags with your cheaps coins.
I'm not saying that there is no posibilities to test 100-MA, but that's way too early to test it without testing another support line.
I think that's all!
Don't be easy to affected to this 50-MA breaks, we still have many support line to play the bounces and the breaks :).
My target is still 6,8-7k like i said the past few days.
The bull scenario is (as our target 6800-7000 usd) btc hits it in the next few days, and then bounce and close the weekly candle above 7200 usd(55-MA).
We call it massive rejection and it will be meaningful for the bull to move upwards to test the last resistance.
The bear scenario is we break 6800 and will test the lower high at 6425. ( i will add the picture soon )
I am still bear in daily TF.
Keep watching guys, and be safe!
Help me to get the pro version :D! Thanks!
BTC: 1NprKbTvkyLKzpSg556eRj6XubiJEhw95r
ETH: 0xbda06337bf410110c1ccddea8f6111a6c2f4f8f6
Comment:
Maybe that was 6800-7000 range, we will test 7600 soon :D
The falling channel still in play!
Watch this RSI level, we are likely to bounce after hit daily oversold level.