BTC still probably going down...

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone, I previously posted a chart on BTC and posited that BTC was probably going down. I theorised on the apparition of a possible double top formation. It looks like something like this has happened and BTC was actually stopped right on my line of resistance.

I've been telling y'all that's the black line of death right there. It is composed by various indicators all converging there - the 200 EMA on the daily chart , the 0,5 Fib level and human psychology, that level is extremely close to 9k. It's actually from the 8,8-9k. And you bet people are leaving orders on the book to sell. Who you ask? I theorise a lot of people who were burned buying at 15k-10k levels or even just those who bought in at 9k. We've been below these levels for a few weeks now, what may feel like an eternity to these retail investors.

MACD still going to bounce on my trend line , which direction is this? DOWN. It's rolling over as we speak. The RSI? Looking down! This whole thing is going down.

Let's try to analyse the pattern. No matter which way you cut it, double top (red), small head and shoulders (green) or even any other name you want or formation. My previous chart had a hypothetical double top formation which I left and I now added the green overlay of a small head and shoulders . Kind of messy but it just shows that one can interpret charts in different ways but when different patterns point in the same direction, it's most likely going that way.

This thing is going down! We have to correct one more time. The longer we correct, and stay in this 5 maybe 6 to 8k levels the further towards the right side of the downwards channel we get. What channel? Zoom out, I have not highlighted it, but just draw a line across the tops and another across the bottoms, this downward trend was clear from the beginning and BTC has been struggling to get out of it.

It doesn't matter we're getting closer to the right side of the chart. Even if it's 5-8k WE ARE TRADING SIDEWAYS! THIS IS GOOD! Be patient. Find an entry level. Don't lose your head.

This is of course not financial advice, do not take this as such I am not a financial advisor.

Best of luck,
Feb 12
Comment: Looks like MACD is coiling around not sure which way to go. RSI is getting higher and higher right now we are around the 63,6 level. Volume bars seem to be mostly green as of late. Now this could be a break out, but I'm still afraid of a bull trap. Remember better safe than sorry!
If you look at some of the order books, GDAX for example and just click out all the way, you can see that there is huge resistance on the upside! Not sure how this will play out, but it's about to get bumpy!
Feb 13
Comment: Things are looking weak for bitcoin, we might complete the second triangle.
Feb 13
Comment: My second triangle was inaccurately drawn but I predict the same effect will be had, it's going down.
Feb 13
Comment: Stuck on the black line of resistance. But MACD and RSI still looking bullish, not sure how much though.

I think BTC might still go up and retest, but honestly guys I'm not so sure we'll break through. Go and look at order books, the red is thinning out but it's still much heavier than the green. I think we'll trade sideways and have to wait for Asia to wake up...!
Feb 13
Comment: STUPID Bitcoin does what it wants! Ok I don't know We have to wait for more data...! It's trading sideways!

RSI is at 49 and MACD is coiling upwards above the 0 line so things are actually looking somewhat optimistic...! I'll buy the position I want now. I'm happy with the price. Remember guys BTC was at 19k a little more than a month ago!

This is not an incitation to buy or sell do not take it as such! Do your own research!
i'm wathing this too...
XenoBiologist CryptoTradersBrasil
@CryptoTradersBrasil, Totally be patient! Too early to be out of bear market.
@XenoBiologist, early but remember... btc never do long correction. Anyway, I do not risk sell at this point.
I agree, it went up a little and people got horny
hello bear
+1 Reply
XenoBiologist RickyParker
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