This is bad. Bitcoin 4h is currently making a huge symmetrical triangle. This indicates a huge upcoming bear or bull trend. We prefer, of course, bullish side. But unfortunately this time, I think it's more like "bear".
The first point of the reasons is bitcoin 4h is currently creating a build up, under some resistances. Build up over supports (like sma or ema ribbon) is generally considered as a bullish signal. But this time, it's under resistances, sma 50, sma 100, and the ema ribbon. Of course, if BTC goes up beyond these all resistances, it turns to a very bullish. But for now, it's, helplessly, bearish, while the chart is under these strong resistances.
The second point is that I cannot see any big bullishness in the daily timeframe. I cannot see a clear bullish divergence on the chart and its RSI. Logically thinking, this indicates that the dump is not enough, yet.
So considering them, I concluded the possible and worst target for this current bear trend is, 19K. Or at least, 26k.
I myself placed an order at 32.8k as a loss cut target.
I'm so scared. you too right? We know crypto are not going to end, it's merely a temporary health check, but still, this time, this dump is too much. I feel. Too much forks died financially. Too much losses. and maybe more coming losses, as I'm predicting. Still, don't forget to buy fear and sell greed. This now is also fear. Indeed. So we need TA. The possible true fear is coming. Be prepared.
I agree with you 100% but rest easy friend. BTC has seen multiple drops of over 80% and this one is still no where near that. So there is still plenty of meat on the bone to trim off and stay alive. I sold it all weeks ago when BTC was 65K because I saw the signs early on, so now I'm patiently waiting in stable coins for the right time to buy rubble at rock bottom prices and 4X my money in a year or less. That's the way to play this game if you're going to survive. Look like a whale, think like a whale, act like a whale. Best wishes friend.
fumiyaorg
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@cryptospawn, you sold the top, that's nice. Hope we all make a great profit from the upcoming dip.
BurakB_
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Great analysis...
fumiyaorg
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@Burakb1, thanks dude :)
wealthjustin
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Us dollar dropping and Bitcoin dropping doesn't make sense unless they are trying to trick us
Token329
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@wealthjustin or they want you to think you are being tricked.