harmvanboven

BTC expecting a correction soon

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Volume is dropping.
RSI divergence.
Tks for sharing, and this is my chart
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So far everything fits even more
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vitaminas ReallyMe
@ReallyMe, lol be honest with yourself do you even still believe in that chart :D BTC just reached 11k.
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ReallyMe vitaminas
@vitaminas, This beast just keeps on running, that's right. But I am totally relaxed. I don't even think about getting in now. Jumping on the Bitcoin bandwagon and buying it now is what unsuspecting beginners do.
If one thing is for sure, it's the fact is that there will be a time when the price will retrace down to the red line for a re-test to make sure the support is still working.
It has always done this in the past (see yelow circles). It will do it again. The question is not if, but when.
Then, when the red line still works as support and it starts going up again, there's a good time to get in, in my opinion.
Numbers signify nothing, it could be at $6k it could be at $9k or it could be at $12, the exact number is not important. Understanding what your plan is and sticking to it is important. YMMV ;-)
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vitaminas ReallyMe
@ReallyMe, but those are normal corrections to fiblines it has to happen in order to relief market pressure from the overbought state, but saying that bitcoin is going to 2000 dollars in my opinion is out of the plan. That red line is a the average price period in a certain amount of days and normally acts as a support, those same lines you can find the the ichimoku cloud tool. Now the more BTC holds at a certain price range the more that line goes aswel so we never know exactly when or where that line is gonna be by the time the price drops.
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vitaminas vitaminas
@vitaminas, "the more that line goes up" thats what i wanted to say
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ReallyMe vitaminas
@vitaminas, whatever you call it "fiblines" or "support". Basically, yellow circles were times when the market has tested whether the excessive BTC demand was justified, or whether the supply was greater than actual demand. Once it is established that supply is greater than the "greedy" or "FOMO" demand, the price collapses and retraces much lower. That's how market works, no matter which.
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vitaminas ReallyMe
@ReallyMe, lol you are talking about crypto or trading market in general ignoring fiblines and support, thsoe yellow circles were corrections from buying periods that always happens because whoever buys also wants to sell and the RSI relative strengh index goes overbought meaning that the market is saturated and thats when you start to see this what you call yellow circles that are nothing more than accumulation periods where the market gets some relife from a buying period then it slowly recovers again, all this assuming that you are in a bullish moment. Obviously that btc will retrace once again probably to 9k or 9500 but that is only good because it reliefs pressure from the market and opens space for future highs and this is why you are wathing a 11k btc coming from a 3200 all time low in december 2018 where those yellow circles you are mentioning are happening constantly.
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ReallyMe vitaminas
@vitaminas, lol, I don't know where you got it from that I would be ignoring fiblines and support, especially since I tried to discuss how important they are. But doesn't matter. maybe a linguistic misunderstanding ;-)
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Tks for sharing,
This is my opinion
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