Bombita
Short

Bitcoin will soon die? ATTENTION

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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On the chart we see inverted cup and handle , the line of resistance is penetrated (is indicated by a yellow circle), the model is considered to be confirmed,
The breakdown of the resistance line is accompanied by a huge volume , which confirms the final formation of the model

the target level of this model is very low, I'm afraid to call it...
Comment: it is extremely important not to fall below 7250
Comment: waiting for the close of the day candle
Comment: At the moment we found support at the level of the past rebound 6600 - 6700 and we test the Fibonacci level as resistance .
In my opinion support is very weak and we will certainly fall to the previous level of 6000$


P.S
I received several reports that I am causing panic, but this is just an analysis of the formed figure
Comment: Indicators:
1) RSI oversold, but it's a weak signal
2) DMI - line ADX indicates a strong downtrend
3) MACD is below the zero mark
In addition, the day candle closed below the level of 0.786 fib

Bulls should close the candle above the level of 0.786, this will be a confirmation of the rebound
Comment:
Comment: cartel collusion and the seizure of the crypto market https://medium.com/@super.crypto1/4th-di...
Comment: Target level - the height of the cup from the breakdown point
~11800-6600=5300 ( cup height )
~7550 ( breakdown point )
~7550-5300=2250 ( target level ) (!!!)

do not forget about the important level in 6k , but personally I hardly believe in him
Comment: As you can see we rebounded from the level of 0.786 ( yellow circle )
maybe we will consolidate in the blue circle and try to break the level again or we'll go even lower
Comment:
Comment: Bursts of volume indicate a significant basis
Comment: price formed a new low, but the indicators do not confirm this at the moment
this means that the trend is weakening , but this is still a weak signal

Comment: Looks like a rebound, but I recommend refraining from buying until we break through the level 0.786 (7250$) and confirm it as support
Comment: Probably we have reached a certain local bottom and the moment of the next consolidation has come ( a big blue circle )
Look at the duration of the previous consolidation , probably we'll stay here for a while
Comment: I remind you that you can buy only after breaking through the level of 0.786 (7250 ) and confirming it as support
Comment: in fact, there is a war of fundamental and technical analysis , technical analysis tells us about the fall to $ 2,250, but can it be allowed by the miners?

As it seems to me, the miners are basically China, and the market is controlled mainly by the USA ( read how banks seize top-end exchanges and create a cartel )
and this is reminiscent of the trade war between the US and China ( in the crypto-currency zone )
https://medium.com/@super.crypto1/4th-di...
Comment: Perhaps we see the phenomenon of hidden divergence indicating a continuation of the trend of decline
Comment:
Comment: General picture

We are in the range between 7250 $ ( 0.786 fib resistance ) and 6675 $ ( local minimum )
Leaving the range means continuing or reversing the movement
Also, in my opinion, we observe a hidden divergence, but in this blue circle the volume is noticeably larger than in the previous one and this can be understood in different ways
It remains only to observe, my advice to open a deal only on the breakthrough of the range
Comment: i'am sorry , in a blue rectangle :D
Comment: I see some similarities between the two consolidation zones , perhaps we will form one more extremum before continuing the decline , but this is only an assumption
Comment: I received several reports that people do not want to watch the idea because of its provocative title
I do not mean that bitcoin will come to the real end, I want to say that soon we are waiting for a strong price reduction
I think it's no secret that the market is captured by a certain group of people ( read the link ) https://medium.com/@super.crypto1/4th-di...
Comment: Apparently the price leaves the range , the next level of support in my opinion is 6000 ( confirmed bottom, Fibonacci level )
Comment: Analysis of the weekly chart shows us that the indicators formed a new low when the price is higher than the previous one , this tells us that the 6000 level can be easily traversed
Besides, you can see the divergence when the price reached 5000 , it becomes clear how the price was pumped on
Comment: I don't recommend placing orders for 6000 in the hope of a rebound
it is better to wait for the candle to close higher
Comment: The four-hour chart shows a divergence, the indicators did not form a new minimum following the price , this means a weakening of the downward movement and a possible reversal
Comment: I here noticed that on the weekly chart we pushed away from SMA50 + divergence on a four-hour chart
Let's see what will happen next
Comment: In the case of an upward movement, I will place my order at 7467.5 because the first thing we will face is the confirmed resistance level ( 0.786 fib 7250 ) , a sufficient level of resistance breaking is 7467.5 because 3% of 7250 is 217.5, 217.5 + 7250 = 7467.5 ( the rule of three percent , Martin J. Pring )
Comment: On the first screenshot we see the usual divergence that tells us about the easing of the movement and the possible change of trend

On the second screenshot we see a hidden divergence that indicates a continuation of the downward trend

in favor of lowering from above there is a resistance level ( 7250 )
in favor of raising there is a rebound from the SMA 50 (see the screenshot above)
write comments on what you think about it , the situation is ambiguous
Comment: it seems that bitcoin forms a flag, and in this case the target level is the flag height (707) from the breakdown point
Comment: Congratulations!
1)the breakthrough of the flag is indicated by a blue circle
2)bitcoin broke through resistance level ( 0.786 Fib 7250 ) , but we still need to wait for the candle to close above this level
3)red circle indicates the target level of flag
just below the red circle you can see the descending trend line , this is our next resistance
Comment: the price may drop to level 7240 to confirm it as support (
Comment: indicators do not confirm the strength of movement , but this is only an hourly chart
Comment: a new extremum is not confirmed by indicators on the hourly chart , the price fell below the support level , If the four-hour candle closes below the support level, then it is a signal to continue the decline
Comment: The candle closed below the support level , compare the red circles on the diagram , all show signs of exhaustion ( especially now , because we immediately returned under the support level )

Also compare the volumes, in our case it is bigger and it confirms the breakthrough of the support level

at the moment everything indicates at 6000 , we will observe
Comment: I will assume that there will be another rebound , the price movement is very similar and almost the same discrepancy with the indicator on the hourly chart , before this there can be a new minimum ( but this is only a guess )
Comment: we will face a difficult period in the trade in cryptocurrencies , because in this market other coins can not move apart from bitcoin , for this we need a big price increase again , if someone else thinks about eternal growth, then I recommend forgetting about it , the last step is a panic sale , the last step is taking money from the last people , serious people want to buy as cheap as possible , experienced players came to the market and simple trade will not be

write comments on what you think about it
Comment: in my opinion, on the chart we see a bearish flag , the target level of flag is 6000 - 5800 , I want to remind you that the level of 6000 is a confirmed level of support and a serious psychological level , let's see what will happen next
Comment: apparently we broke the flag , this is confirmed by a large volume , expect a decline to 6000
Comment: unusual splash , the first signal is a violation of the downtrend line, so far, do not pay attention
Comment: If the daylight candle closes in this form, then it can be called bullish absorption ( this is a possible reversal signal )

in my opinion the market is moving strangely , today I noticed several reports of a possible reversal movement ( technical analysis doesn't give such reasons ) , unusual low volatility ( in the blue zone ) I think that the price is specifically kept from falling below , this behavior of the market is contrary to technical analysis
Comment: we exit the descending channel , It is necessary to wait for the closing of the four-hour candle above the downtrend line , next resistance level is 7250 ( in case of continuation of movement )
Indicators are OK
Comment: we rebounded from the trend line , but this doesn't mean the abolition of movement, support levels is 6966 , 6932 , 6894 ( in the blue rectangle ) , If the price falls below the last level, then this is a bad sign
Comment: in my opinion we see a pennant , pennant means a continuation of the trend , It is necessary to wait for the breakthrough of the pennant and the downtrend line ( The four hour candle should close above )

I adjusted the Fibonacci grid , the previous grid was not accurate enough , If the four hour candle closes below the level of 6723 , then the upward movement is canceled
Comment: Congratulations!
The four hour candle closed above the pennant and the downtrend line , we came out of the descending channel , but I don't like the volume ( in the red zone , it must go up along with the price )
The next resistance level is 7230
Comment: hour schedule does not confirm a breakthrough , be careful
Comment: I have a premonition that we will return to the descending channel again , there is no volume for continuing growth , this will be a sign of exhaustion , ambiguous market situation
Comment: bullish absorption on the hourly chart , this is a good sign, but the movement is very uncertain
Comment: in my opinion, we can see the hidden divergence on the hourly chart , this means continuation of the trend

volume more than was before this point ( very good sign )

Resistance level is 7230
Comment: on a four-hour chart, indicators don't confirm a new high
be careful
Comment: In the end, we returned to the descending channel
Nothing surprising, the movement was suspicious
In the red zone, we see a large spike in volume , it's a signal to further decrease
Comment: uncertain situation
in my opinion we see an incomplete triangle , inside the triangle a flag was formed.
the target level of flag is 6000
let's see what will happen next
Comment: I want to know who regularly check my updates , please write me a personal message ( I want to find my audience )
Comment: More detailed picture
price rebounded from the level of 0.786 ( the big red circle ) , this is a bad sign for continuing the movement , the fall was accompanied by a large volume + the bearish flag , now the price bounces from the level of 0.5 ( the small red circle )
in my opinion the chart looks bad , but there is an opinion that this fall was triggered by the sale of Russian oligarchs , it sounds strange, but I'm considering all the options , because of this, technical analysis may be incorrect
To be honest the last 10 days the market behaves very strange and I would not be surprised if the price now goes up
Comment: closing of the four-hour candle above the level of 0.382 will mean the abolition of the flag
next resistance is 7000
Comment: New topic
R we gonna hit 7800 or 8000!?
Reply
Bombita Yuri_Uk1982
@Yuri_Uk1982, the target level of flag is 7700-7800
+1 Reply
Is it a bullish or bearish flag?
+1 Reply
Bombita ecescab
@ecescab, bullish
Reply
I think BTC will not pass 0.786 fib 7250, anticipating continuation of the downtend
+2 Reply
Cup and handle are always reversal patterns, right?
Reply
Bombita VanBenno
@VanBenno, No, it's not.
This model indicates a continuation of the trend
In addition, the model is of two kinds, normal and inverted
http://www.cupfind.com/Manual/images/Cup-with-Handle.gif
Reply
Bombita VanBenno
@VanBenno, in this case, the model is inverted and indicates a possible continuation of the downward trend , target level 2250 $
Reply
Oh Ron, you cut right through the BS and get to the point.
+1 Reply
Bombita hesswg48
@hesswg48, I'm sorry, I didn't understand
Reply
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