I would like to share what I see regarding Bitcoin. I'm not trading it right now but my system is is still showing a sharp decline below 10.000 and below 5.000 in the following weeks.
Last week we finished printing a symmetric triangle what broke down yesterday. The symmetric triangle is a continuation pattern , I highlighted the target price what is not funny at all. 21st May looked like we printed an ICL but if you check the RSI 5 you can see when we tagged the overbought territory price started to drop again . It means the ICL still ahead of us . The measured target from the pattern is showing 4353$.
100MA and 50MA crossed over and price had lost the 200 SMA. While I see a lot of posts how Bitcoin will rally again this chart doesn't look bullish at all... I see a popped bubble what is going lower and lower in the ERA of inflation.
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Clear symmetric triangle, clear breakdown.
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As you can see the reaction of the bulls below we have a new crypto religion. They think this can go only up and anyone else who says it’s going down is Evil. We are going to break 30.000 soon.
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Triangle backtest.
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The trinagle formed into a range. 50 and 200 MA crossed over. Soon 30.000 will be broken.
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The lowest close since 2021.01.27.
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We might never see 30,000 again
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Doesn’t look too good. 200MA and 100 MA, plus 200MA and 50MA also crossed over.
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After the false breakout above 65.000 Bitcoin fans are learning a hard lesson. It lost 25% of its value in 3 weeks .
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When the flag breaks we will probably break 31.500
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It seems 10.000 will come earlier than 100.000.
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Free space to 4353$
Trade closed manually
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We are going to get a few weeks bounce from here.
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Price will tag maybe break the 100SMA in this bounce.
you seem to have zero idea of Bitcoin cycles. you know that Bitcoin never closed below the 200 weekly SMA in 12 yrs? well i have news for you that is located roughtly at 12.7 k or so. and anyway Bitcoin will never fall again at those levels. Bitcoin will surprise everybody as usual and the long term trend has one direction and that is UP big time. 6 digits Bitcoin is in the making
@chartwatchers. you said in your idea that it would go to 4 k don't turn the pie. it could dip below 30 k (not sure though). my comment was referring to your very low level expectations that showed a complete ignorance of how Bitcoin behaves
chartwatchers
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@Totalfreedom1, nothing changed : 4353 $ before the end of this year.
Totalfreedom1
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@chartwatchers, laughable statement. Most likely it will be min 100 k by the end of this year max q1 2022
chartwatchers
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@Totalfreedom1, I will be here at the end of 2021 to recall you. The question is where you will be.
Totalfreedom1
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@chartwatchers, I bought all my Btc between 3 k and 12 k at an average of 6 k. I even a buy at 200$ in Jan 2015 but bought very little back then because I didnt understand it. I will be here and I will also remember this post
chartwatchers
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@Totalfreedom1, It’s your decision if you lose a fortune because you wanna prove that you’re right you’re crazy that you didn’t sell it at 60,000.
Totalfreedom1
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@chartwatchers, there was no blow off top, low searches on Google, beam indicator was max at 0.74.allnindicators said it was not the top. This might be a cycle like 2013.i didn't sell during the covid crash i just bought double. I didn't sell becsuse for me the upside was much greater min 100 k. Also if I sell its only to rebuy back Bitcoin at lower prices target is between 100 k and 300 k for this cycle. Cycle might be extended to 2022 that my only doubt. But most likely it will still happen in 2o21.also stock to flow gave a min of 100 k for 2021 and the indicator gave extremely correct amounts for 11 yrs even if model is newer. I don't daytrade bitcoins i hold real bitcoins
Totalfreedom1
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@chartwatchers, I'm still here. I haven't forgotten your chart lol. Bitcoin holders are the most stubborn people around. 6 digits by the end of 2021 or at max 2022. i will leave my next reply when the 6 digits will materialize.