Hi friends! Welcome to this update analysis on BITCOIN, as I show you why it's time to come to grips. Today, we're gonna take a look at the daily chart, in order to get a broader prospective on the BTC market. Let's get right to it! The first thing I want to point out on the daily chart, is the trend. After the all time high, BTC entered a bear market downtrend, of lower highs and lower lows. As you can see, we have consistently been printing lower highs. However, BTC has managed to print one higher low. With that said, BTC is now inside of a triangle formation, which is typically a continuation pattern. Since we are in a bear market downtrend, the "continuation" would obviously be to the downside. I've illustrated how this continuation could materialize, with the arrows on the chart. I think that in general, there is a high probability that we will continue to gyrate inside of this triangle into the summer. Then, we're likely to see a breakdown sometime in late June or July. The path from there is questionable, however, it is common for price to return to the apex of a triangle, to test it as support or resistance. For that reason, I think it is likely that BTC could retrace to the triangle apex, after reaching the black trendline around $5,000, assuming that the triangle does break to the downside. From there, it is technically most likely that the apex of the triangle would act as resistance, sending BTC plummeting below the black trendline support, toward the $3,000 level. So, you can see that there is irrefutable technical evidence that suggests a continuation in the bear market.
Now, it's time to come to grips. We're in the midst of a bear market with no apparent end in sight. There is no technical evidence, to suggest that the bear market is over. NONE! Don't be fooled by bear market rallies, into believing that the bear is dead. This market is broken right now, and there's no reason to believe that it's time to buy. The biggest problem with the crypto space, is that it's filled with novice investors who have no idea what they're doing. Buying with the blind belief that a recovery is guaranteed, is a recipe for disaster. This is probably the most speculative market in history, and it's filled with people who believe that a recovery is guaranteed. If you believe that, then you deserve what's coming to you.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
When is everyone going to realize that the price of bitcoin is dependent on two things. Which side the coin lands on, and where the darts land on the board. Because this is how bitcoins price is determined....
Somewhere there exists a room, and in this room, there are men. Every day, these men have two important objectives. First, they gather round a table in a circle, and on this table is a box. From this box, a coin is produced. On one side, there is a green vertical bar. On the other side is a red one. Next, the spinner from the game twister is pulled from the box. It is placed on the table, and given a spin by the previous days coin flipper. The person who it is pointing towards when it comes to a rest, is the days Market Maker. This person is handed the coin, and flips it high into the air. The previous result of the coin flip is irrelevant. What has happened the day before belongs to yesterday. What happens today, belongs to the coin. Ah, it has landed on Red Bar. One of the men from the circle exclaims, " So it has been decided, today the market will go down!" "huzzah!" say the rest.
Then, a a dart is pulled from the box. The one who flipped the coin is handed the dart. He then walks to a line that is drawn twenty meters from a board with hundreds of numbers on it ranging from 0 all the way to 2000. The majority of the numbers represented fall between 0-500. With a couple spots on the board reserved for values between 501-2000. There is one spot in the middle which says "wild". This leaves the decision up to the days tosser.
He lets the dart fly. "Thud". Cheers erupt from the others, as one man announces "It is settled. Today, bitcoin will drop by $350".
The group of men then goes to a computer, clicks a red button on the screen that says down, enters 350 into another box, and then pushes a button that says "Delayed bot activation +1 Hr". Then, they exit the room, walk down a long tunnel, and up a set of stairs, and out a set of storm doors, emerging into the bright morning sun. Beneath their feet, is sand. Nearby waves crash upon a pristine shoreline, completely untouched by footprints. Two of the men push one another as they race to the waters edge, laughing every step of the way.
At the same time, thousands of men across the world sit in front of their computers, drawing lines, circles, triangles.... making calculations...applying formulas...intersecting arrows and blobs.. and any number of other methods to try to predict something. Something that was already decided an hour ago on a small, undisclosed island in the southeast pacific.
Somewhere there exists a room, and in this room, there are men. Every day, these men have two important objectives. First, they gather round a table in a circle, and on this table is a box. From this box, a coin is produced. On one side, there is a green vertical bar. On the other side is a red one. Next, the spinner from the game twister is pulled from the box. It is placed on the table, and given a spin by the previous days coin flipper. The person who it is pointing towards when it comes to a rest, is the days Market Maker. This person is handed the coin, and flips it high into the air. The previous result of the coin flip is irrelevant. What has happened the day before belongs to yesterday. What happens today, belongs to the coin. Ah, it has landed on Red Bar. One of the men from the circle exclaims, " So it has been decided, today the market will go down!" "huzzah!" say the rest.
Then, a a dart is pulled from the box. The one who flipped the coin is handed the dart. He then walks to a line that is drawn twenty meters from a board with hundreds of numbers on it ranging from 0 all the way to 2000. The majority of the numbers represented fall between 0-500. With a couple spots on the board reserved for values between 501-2000. There is one spot in the middle which says "wild". This leaves the decision up to the days tosser.
He lets the dart fly. "Thud". Cheers erupt from the others, as one man announces "It is settled. Today, bitcoin will drop by $350".
The group of men then goes to a computer, clicks a red button on the screen that says down, enters 350 into another box, and then pushes a button that says "Delayed bot activation +1 Hr". Then, they exit the room, walk down a long tunnel, and up a set of stairs, and out a set of storm doors, emerging into the bright morning sun. Beneath their feet, is sand. Nearby waves crash upon a pristine shoreline, completely untouched by footprints. Two of the men push one another as they race to the waters edge, laughing every step of the way.
At the same time, thousands of men across the world sit in front of their computers, drawing lines, circles, triangles.... making calculations...applying formulas...intersecting arrows and blobs.. and any number of other methods to try to predict something. Something that was already decided an hour ago on a small, undisclosed island in the southeast pacific.