BTC Bearish WEEKLY+DAILY, in GREAT-detail and 0% tunnel-visioned
To begin with, I have to note that I'm still seeing some bullish calls on bitcoin, difference of opinion but, how many indicators do those deeply tunnel-visioned folks need to realized the current state of bitcoin and the crypto market in general? I know most of you folks do not like the kind of approach that the graph is showing, but have to be realistic, always.
This is an even more detailed update on one of my previous btc T.A's, adding the weekly T.A as well.
The chart took some time and speaks by itself, but I'll just put few somewhat short bullet points:
-Anyone still in the game with bitcoin,you should have more than a reasonable stop-loss right bellow 6000.Such a failure to risk manage deserves the losses that could follow.
-Bitcoin currently is in the white market downtrend channel, and I do not see any opportunity for new reasonable demand to enter until such channel is decisively broken or even wait for the descending triangle to be broken. Free fall would be the best way to describe the current state, constant lower lows since the 10 k rally.
-100 day MA crossing the 200 day MA,which is a MAJOR indicator of a trend reversal(I'm referring to the 20k highs), on top of that few breakout rejections at key points, it's hard to be put in words how bearish bitcoin currently is(all noted in the chart).
-Many traders are using RSI as their primary indicator, in a Bear market, I WOULD 9/10 TIMES AVOID USING RSI for any kind of position analysis.
-The arrows on the charts are the possible moves that Bitcoin can look for, I'd only take a position if I see a volume confirmation or if it's on a substantial support good enough to enter.
Overall to sum up, 200 weekly MA/100 weekly MA would be the supports that I'd look for to enter, however it's bitcoin and anything can happen, I will be still lurking around. Timing is the key, so I'll wait as long as it take to get into the most risk manageable position possible.
Disclaimer:
//This is not a buy or sell sign, you decide what to do with your own money!//
If you liked my take on bitcoin, and/or other markets, comment your thoughts, agree or follow for more interesting analysis, much appreciated, cheers!
This is an even more detailed update on one of my previous btc T.A's, adding the weekly T.A as well.
The chart took some time and speaks by itself, but I'll just put few somewhat short bullet points:
-Anyone still in the game with bitcoin,you should have more than a reasonable stop-loss right bellow 6000.Such a failure to risk manage deserves the losses that could follow.
-Bitcoin currently is in the white market downtrend channel, and I do not see any opportunity for new reasonable demand to enter until such channel is decisively broken or even wait for the descending triangle to be broken. Free fall would be the best way to describe the current state, constant lower lows since the 10 k rally.
-100 day MA crossing the 200 day MA,which is a MAJOR indicator of a trend reversal(I'm referring to the 20k highs), on top of that few breakout rejections at key points, it's hard to be put in words how bearish bitcoin currently is(all noted in the chart).
-Many traders are using RSI as their primary indicator, in a Bear market, I WOULD 9/10 TIMES AVOID USING RSI for any kind of position analysis.
-The arrows on the charts are the possible moves that Bitcoin can look for, I'd only take a position if I see a volume confirmation or if it's on a substantial support good enough to enter.
Overall to sum up, 200 weekly MA/100 weekly MA would be the supports that I'd look for to enter, however it's bitcoin and anything can happen, I will be still lurking around. Timing is the key, so I'll wait as long as it take to get into the most risk manageable position possible.
Disclaimer:
//This is not a buy or sell sign, you decide what to do with your own money!//
If you liked my take on bitcoin, and/or other markets, comment your thoughts, agree or follow for more interesting analysis, much appreciated, cheers!
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Etherium in a similar position, but lagging behind bitcoin.