After a rally to almost $454, which was way too fast, Bitcoin now tries to find a new price the market can agree on. The current outlook is more bearish than bullish with an expected bottom at around $360-$375 or lower. Current price while publishing this chart is $389.
And here underneath are some smart comments from TradingView moderator DrewR www.tradingview.com/u/DrewR/ from the Bitcoin chat room with his permission to share:
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DrewR: "Reversals generally end with a big sell/buy. But slow moves down just create support/resistance along the way of its path, making it difficult to overcome the trend. Without one big final drop, its going to keep going down... hard to tell where it will stop. It's hard to tell with slow bleeds like this now. Full retracement for sure. I think most traders would benefit from just sitting out and waiting for real trend confirmation. I just see lots of people thinking each dip is the last dip... This is not a good way to trade."
"There are certain rules you should adhere to..
1) Never trade sideways movement (that's how you can lose!); pick a side and stick with it.
2) Don't try to catch falling knives unless you're really good at doing so (most aren't!)"
"My guess is selling is just starting... We have a solid 2HR EMA cross. It won't cross back for days. Whether it hovers in this price range or not... plenty of time to get back in if you think it will. Using EMAs for trend confirmation greatly helps. And the parabolic SAR is about to flip on the 12h (12h SAR flip has been almost $100 decrease the last few times)."
"And always look at the volume. Low liquidity allows traders to trick others into buying or selling. We are going for a full correction. The rise was due to short squeezing. Not "moon" related stuff. We were overbought even before starting the rally...then we just became insanely overbought. Just like the short squeeze, I think we might have a long squeeze. Or someone is trying to do so."
"I do think we will have a decent sized bounce up soon. I think that's a given. But not so if people bleed out the waves. At this rate, its getting more and more difficult to bounce high. I am not calling for up or down. I'm not telling anyone to sell or buy. Just saying, be careful!"
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P.S. If you like my charts, you can leave me a tip:
1PmAnb2htvHnCbwNAxkV7b8XvVQyQ7LQLg
Thanks!
And here underneath are some smart comments from TradingView moderator DrewR www.tradingview.com/u/DrewR/ from the Bitcoin chat room with his permission to share:
-------------------------------
DrewR: "Reversals generally end with a big sell/buy. But slow moves down just create support/resistance along the way of its path, making it difficult to overcome the trend. Without one big final drop, its going to keep going down... hard to tell where it will stop. It's hard to tell with slow bleeds like this now. Full retracement for sure. I think most traders would benefit from just sitting out and waiting for real trend confirmation. I just see lots of people thinking each dip is the last dip... This is not a good way to trade."
"There are certain rules you should adhere to..
1) Never trade sideways movement (that's how you can lose!); pick a side and stick with it.
2) Don't try to catch falling knives unless you're really good at doing so (most aren't!)"
"My guess is selling is just starting... We have a solid 2HR EMA cross. It won't cross back for days. Whether it hovers in this price range or not... plenty of time to get back in if you think it will. Using EMAs for trend confirmation greatly helps. And the parabolic SAR is about to flip on the 12h (12h SAR flip has been almost $100 decrease the last few times)."
"And always look at the volume. Low liquidity allows traders to trick others into buying or selling. We are going for a full correction. The rise was due to short squeezing. Not "moon" related stuff. We were overbought even before starting the rally...then we just became insanely overbought. Just like the short squeeze, I think we might have a long squeeze. Or someone is trying to do so."
"I do think we will have a decent sized bounce up soon. I think that's a given. But not so if people bleed out the waves. At this rate, its getting more and more difficult to bounce high. I am not calling for up or down. I'm not telling anyone to sell or buy. Just saying, be careful!"
-------------------------------
P.S. If you like my charts, you can leave me a tip:
1PmAnb2htvHnCbwNAxkV7b8XvVQyQ7LQLg
Thanks!
