Price failed to rally above 10,000 and turned down, a big red bar announces that the bears have come out and the bulls are watching for now. Failing to rally above 10,000 is bearish for me and we are definitely going to under 5000. The drop will be relentless as it is the capitulation phase. Red bar after red bar on the daily chart will make any bulls give up eventually.
Then again if price bounces at 9000 and rally above 10,000 I will be wrong. Every big round number will be a big support as people will be buying there to add to their positions. The big money wants to come in and they will make sure to get rid of the small investors first, that is a big drop to under 5000.
I see twitter folks mocking technical analysts when bitcoin have not even broke 10,000 as a sign that bulls are getting cocky, which means we have topped for this move.
But hey I could be wrong.
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Technically I see 8000 as the main support to hold this downmove.
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This is NOT A DIP, this is a trend reversal, stop thinking of "buying the dip". The whole upmove from 7000-9700 was exactly so that people would be "buying the dip" down to 5000.
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Bigger bounce more likely at 8000
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It does not mean that price will reverse at 8000, just a temporary support.
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Price need to break back above 9200 for bulls to have any hope of 10,000 now.
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At an area of previous consolidation, we might repeat the consolidation before the next down move. And It is starting to look like a H&S pattern though I don't trade that pattern. A break above 9200 will make the pattern bullish.
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As previously said, a break back above 9200 and I turn bullish, now I am looking to buy into this new upmove, possibly to above 10,000.
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Currently price is on course to above 10,000, but if price breaks under 9000 I will become bearish again. Will update here if we turn down. For now the move is up.
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Waiting for a big break under the strong support zone at 8700-9000 to be bearish. Currently in kind of sideways zone.
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Short here in the 9100 area for a break of support and towards 8000.
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SL 9300
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Very manipulative price in bitfinex, not showing in binance or bittrex
I agree...everyone is about to get a world class education from the big boys, I hope I'm right as it needs to happen, a purge/culling of the herd, too many people in here who should stick to their 8-5 jobs. I never liked the lottery as it gives everyone false hope vs going out and creating their own fortune they prefer to sit on their asses and get lucky, sadly, 99.599% of the players never realize that luck and this will be no different.
Tendorian
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@LoboLoco, Yes people think they can just come in and say buy buy buy and assume prices will keep going in their way. Most paid analysts even put a disclaimer that crypto may even go to zero and they are not wrong. The recovery will be a long road. I agree that investing should never be your main income, it is a side income. Anyone who makes it a main income will ruin their lives.
MovingWater
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agreed.. good job. BTC under heavy storm..
Tendorian
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@lemosedmirf, A red HA bar at the top of cloud, that is a good short signal. Thanks for sharing!
Can i have a feedback on this? I know i may be wrong, but it is one of the possibilities, right?
Tendorian
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@imfamousrajat, It is a possibility, but for now price need to climb back above 9100-9200 for me to consider that the upmove is possible.
nomuhyuna
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Many are expecting a double top like structure like it did before, but I think that's too obvious. I think your going-down scenario is possible.
Tendorian
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@nomuhyuna, You mean a double top to 20k? That is definitely not possible, the market is not that nice to go up to 20k and let people take profits before coming down. Never go with the majority, they are mostly wrong.