Bitcoin seems to start having symptoms of creating a pattern structure of slow and long value decline, as it yet appeared during the previous crashes. This pattern is the most likely pattern to be foreseen in a near future, unless some whales and/or institutions suddenly decide to inject trillions of dollars in this market, which is extremely unlikely at the moment, but why not. Good news : if we enter this period of slow and long decline, or why not a long stagnation of value with low volatility (Futures taming effects seen with Silver and Uranium), this would create a solid buy opportunity during very specific areas of the pattern. If this pattern is visible, verified, and looking healthy, then i will give a clear long term buy opportunity signal. Bad news : nothing is certain in life and in markets. It seems 99% of the persons are feeling certain that cryptocurrencies Market will create new bubbles, with new all time highs. This is absolutely not a certainty, i know we are used to and witnessing new bubble cycles with new ATH since 2010, the brain is pushing us to foresee what we are used to see and what we want to see, but markets could behave differently, especially with Futures existing for Bitcoin. Cryptocurrencies are in some sort of early stage, so i would agree we could witness more bubble(s) to come. But this is absolutely not a certainty, and it might take 6 months, 1 year, 2 years for Bitcoin to recover. Nobody knows.
Stay safe and realistic, i wish you successful trades.
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Bitcoin is fighting for his survival again. If it manages to stay over its green bullish line, the won't be any slow and long decline pattern. If it breaks below 7.200 and closes below, i expect a 6.600 area retest, with a small bull trap, that would lead to a dip below the 6.000$ area.
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Forgive my phone keyboard for the uncorrect typo.
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When you don't understand what is happening to a market, that makes you think it is moving in a complete non rational way with no logics behind it, the wisest and recommended move would be to trade other markets and forget about the market you don't understand, until you feel like you start to understand it better after some time.
This is exactly the type of market that breaks day traders both long and short. It's really much better to sit on the sidelines here and have some patience until a direction is defined but most can't or won't do that. Thus the mortality rate of day traders.
Giovi6969
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@london55555,
Absolutely, he who doesn't have patience should avoid trading at all.
cI8DH
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It's working pretty well so far. caught 2 swings as of now
IkemenJ
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Comparing the angle of decline to 2014 we are going down faster. At this rate it would only take another 2-4 months to get down to 3-5k, which is probably the bottom after the last panic sell. Who knows, Tone Vays is calling for a 1.8k bottom.
Giovi6969
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@IkemenJ,
Yes it is tanking very quickly, for a few reasons that are completely rational.
3.500 is an interesting target, 1.800 sounds very good, as long as it doesnt not tames the market for 5 years...
Bull2025
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MtGox 2.0 ? ..
Giovi6969
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@genie300,
Noone can predict the incoming pattern, but it starts to produce symptoms of this type of structure.
The regulations could create a sort of 2014-2015 pattern with this typical slow decline seen many times with Btc.
The issue is that nobody knows exactly how this market is going to be regulated.
Crypto_WICK31
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I can not see any TA or FA !!
since when did tradingview turned into story telling!!
Although i respect your view but it would have been better if you would have given some more facts and details since you are a respected man here!!
Giovi6969
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@mayanknitkkr359906,
It is actually not easy to give details on how to spot an i coming slow and decline pattern, as it generally happens after the first and second bull traps of a main asset bursting.
A serie of lower highs post peak, that generate a lack of interest in the market du to the buyers realising they cannot make quick money anymore in the market.
This sentiment creates even less volatility, that accentuates even more the no quick money feeling to the buyers, that will leave more and more the market progressively to the point volatility becomes even more low.
This, creates the "slow and long decline" pattern.
Unfortunately i did not have enough space in the TA to write this all.
So im thanking you for your comment, as now you and other users can know a bit more details lol.
Crypto_WICK31
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@Giorgioversace, i think what you just wrote above is happening right now !! lol
thanks for this chart!!