This is the first time I guarantee something. That means 100% confidence. You can't mess around with 100%.
I guarantee bitcoin goes below 5700.
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Ladies and gentleman, I am going to be real. I have just never seen a situation where an asset somehow doesn't break a certain level after visiting it this many times. It's a given to me. We are also creating lower lows and lower highs for the first time in a long time.
It may not play it out as drawn, but a 5700 break will happen. It's very easy to happen. How many more pump and dumps is it going to take for people to wake up and see what is going on? There's a limit to the amount of times retail gets burned, then they will eventually give up.
I have not been this confident in any of my posts. I think BTC will see new lows and it will finally trade in a channel that will give it the opportunity for sideways price action. Until then, be careful!
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As for my updated chart, look at the levels of resistance we have to break for BTC to move up. Sure, you can play contrarian here, but why? We are below 50/100 SMA below multiple resistance / sell off levels. We are also creating a H&S pattern which would indicate around a 2-2.5k drop. The chart itself is very ugly.
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Money is moving from alts to support BTC, soon enough USD will flow out of BTC, and that's where the drop will occur.
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A close up, we can still get to 6900 and then reverse. This is where the 50 SMA is.
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Weekend will be interesting. It is usually when people buy in. This will be interesting.
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I think we could see a big drop in the next few days.
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Too many indications of resistance. If 7,000 breaks, things will look better.
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My bet is against a 7000 break though.
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Hang on tight. Trading bots trying to make things look good by breaking the 50/100 SMAs... That is my opinion.
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H&S pattern is not there anymore, but the 5700 drop will come soon enough.
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Getting a bit confused here but still haven’t lost confidence. I thought BTC would get dumped very badly but it did not happen. Still in it with my prediction, might need more time.
Here’s a new post. I don’t know if it will happen, but anyways... :)
Andbcoin
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It makes a lot of sense. I would say it goes even a little bit lower. Bear in mind the green support you’ve placed there can be placed a bit lower to the level between the first and the second little mountains. Around 2800 - 3000 dollars. But it’s just an opinion. Maybe yours is perfect.
I’m checking Godmode and 1W chart says it goes down, but the ending point of this weekly chart is difficult to spot by now. It’s like trying to predict the weather weeks before it happens.
Take a look at my chart. But again, it’s just an idea.
UnknownUnicorn1000353
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@Andbcoin, I don't really know how to read Godmode, I'll look into it if I can. Your chart is somewhat in agreement to mine, and of course we can see lower levels than 3600, but I'm not betting on it going extremely low. We'll see, always nice to see your charts.
Andbcoin
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@elitebagholder, Thanks so much. It’s also nice to see yours. They sometimes change my mind.
Godmode is complicated at the beginning, yep. But when you master it, it’s really powerful.
There are three lines. I’ve changed their colour to understand it better. The red line is the slowest one. The orange line is faster than the red line, and the green line is the fastest. You have to wait for the green line to go to oversold and see the ghost also moving up (pink shadows). Whenever it happens, it goes up, and the other way around. But if you want to be even more confident to enter a trade, wait for the three lines to go to oversold and when they all want to go up, you can get in. :)
Regarding the 3600 level, yeah, I don’t see it going to that level now, but Godmode in 1M chart is showing a clear future downtrend, but don’t know when will it happen and don’t know if it can reverse. As it’s 1M chart, it goes really slow and can’t see the movements clearly.
But yeah, maybe it goes to 5.1k or so. Take a look at this and see what I mean. It’s forming a falling wedge, but still don’t know if the pattern will be complete there.