Quick post for tonight. This is hard to say but I believe Bitcoin is about to drop. History is showing a clear repetition of itself within this chart. Here are the technicals:
1. Negative RSI and MACD: Negative RSI and MACD equate to a weakness in trend. When price is going up and MACD/RSI aren't correlating, it signals exhaustion.
2. Ascending Wedge: there are 2 clear ascending wedges on this chart and that pattern is bearish. Breaking below it confirms a bear movement following.
3. Broken uptrend + retest: The uptrend has been broken (implying a new trend forming) and retested, which confirms that the old trend is no more.
4. Bearish Price action: this current price action is volume going down as price is going up. That implies a bear price action structure or current trend exhaustion (bullish exhaustion).
5. We are not truly in a bull market until all time highs have been tested and broken. - This should be obvious.
6. Weekly HS neckline at 50k has been retested: this confirms the bearish head and shoulders pattern.
I know this is not the post you want but it is the post you need to at least give some thought to. I made something similar back when bitcoin was between 50-65k. Look what happened. Protect your profits, utilize risk management, and please stop listening to the crazy overly bullish people on crypto twitter and youtube. They make money when you get liquidated on trades. Notice the high amount of scam wicks recently.
As always, be patient, use risk management, and good luck trading.
Looking from the weekly tf I have to scenarios I have one where we can make a double bottom, and where we can make a double top on weekly timeframe I’m more leaning toward the double bottom.
My2CentsOnBTC
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I think we will go down for the next time, too. Think of the "breakout" above 50k, 3 days ago ... which was none. Volume 3-4k at kraken, that's nothing. I guess we'll be in a downtrend 'till end of year, at least.
spotwill
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Very similar to what I was saying in July. I believe it will be a much sharper drop:
cepakcepakjeder
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very reasonable analysis with good wrap of summary. thank you!
Bitpal
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Very exhaustive and interesting summary of the current state of play my sincere compliments