As you all will know, I have been keeping a very close on Bitcoin , and have been posting many analysis in relation to it. If you review my previous Bitcoin analysis (Find analysis in my related ideas) you can see we have perfectly predicted Bitcoins every move within the last few months.
Always remember, a trader who posts an analysis which is biased and goes wrong, is NOT trading properly. A biased sentiment is good, IF you have considered the other side of the trade, which a lot of the authors do not consider when making their analysis at all. Any professional trader should not be posting an analysis that goes the complete wrong way without them also mentioning a contingency. If they do this, they are NOT professional traders! If you charted like some do here in a bank, you would be sacked after 1 trade.
Remember guys, trading is not magic nor alchemy. Trading is simply the act of trading what you see, and not what you think. Anyone saying otherwise is already thinking emotionally, and emotions in trading are NOT welcome for legitimate financial success!
Moving on, let's now analyze Bitcoin on a 4 hour chart!
Bitcoin is trading at 7890 after finding support which I outlined in my previous Bitcoin analysis (See related ideas below for details). Based on this being the lower predicted support I am hoping for an up move soon. As it stands, Bitcoin is struggling. The candle behavior over the last 48 hours is showing signs of stress and volatility, and I think Bitcoin is going to have a rough and rainy month ahead.
I am expecting Bitcoin to have a small pop to the upside. I believe it sill pick up some momentum soon and make a move to around 8390 and either have continued momentum to 9150, or hit the 8390 and lose momentum and once again retest horizontal support at 7900 before we get a new opportunity to buy.
Bare in mind if current support fails, there will be a down move to around 6020 before the new up move begins.
After the correction has finished. I will update my views on Bitcoin. As it stands my attitude has changed slightly for bull presence in the short term at least.
I will update this analysis when I receive above 40 likes.
You were going to influence the process by dragging the arrows upward
Unfortunately, the market trend is far more powerful than an analysis that can affect it
TomProTrader
⋅
@PeymanShah, TradingView is probably 0.1% of the entire trading Bitcoin community, even the most basic trading statistics would have given you this information. So you're totally wrong to assume to think I'd have the slightest influence whatsoever.
And unfortunately, I actually already said it could go down if you actually took the time to read my analysis, as below:
"Bare in mind if current support fails, there will be a down move to around 6020 before the new up move begins."
Was a good effort.
Maybe next time
Thx
mrmeeseeks
⋅
Still hanging above $7800 support.
Sentiment across TradingView is WAY down... tons of calls for sub-6k when there's no evidence supporting that strong of a downward move besides a looming death cross. This reminds me of the looming inverse H&S that everyone projected would take us to 16k — and what happened then? The whales ate us like a bunch of fish fries. More and more positive news coming out every day (ex. Goldman Sachs is leading the institutional move into this market) BUT IT'S ALL BEING IGNORED!!! This is an emotionally charged market, and I think a lot of the herd is going to get left behind on the next move up. Don't be caught on the wrong side of this coin!
Don't be penny wise and dollar foolish, build a position and let's make some $$
netrin
⋅
@mrmeeseeks, How powerful is the TradingView sentiment?
TomProTrader
⋅
@netrin, TradingView sentiment is only as powerful as the people cumulative, or believing to it.
So my answer against the bigger picture? Rather small.
jlhequities
⋅
@mrmeeseeks, best advise Ive read yet. this is accumulation, it is not distribution. Distribution was 20k to 5900. people act like a big move is still to come. Crazy
fxglobalinvestor
⋅
Hi Tom, you couldn't have said it better; it's not what you think but what you see in terms of placing a good trade. Thank you so much for such an important reminder. I guess this is the most common mistake we all traders make.
TomProTrader
⋅
@castelltrading, Thank you for your acknowledgement.
It's important we remember these fundamentally important rules.
Rogue7
⋅
You know I'm a fan... love your work... so sensible, and concise. Keep up the great charts, you are highly appreciated.
Unfortunately, the market trend is far more powerful than an analysis that can affect it