Where to Bitcoin ? Trying to look at it in a matter-of-fact way
Welcome, friends!
Just a quick today's thought on the recent Bitcoin price development, the way I currently see it.
I think it's worth almost nothing trying to analyze the chart on smaller scales (the most analysists on site here do), at least not at the moment. We need to step back and have a look at the bigger picture.
It's my firm belief that nothing can turn around the bigger trend all of a sudden, there are no overnight miracles in trading.
What you might want to keep in mind are just a few simple rules:
- Big movements take time to develop.
- Wishful thinking must be banished.
- Don't believe most of the TA being posted here by so-called chart experts! Most of them don't have a clue. The more they write the less they know.
- Use your own brain, and, most importantly, back your judgment until the action of the market itself confirms your opinion. Markets are never wrong - opinions often are.
- Beware of wishful thinking and insight TA information. If there was easy money lying around, no one would be forcing it into your pocket!
So, my current assessment is plain simple: Overall, the picture is bearish and will remain so in all likehood until the beginning of June.
In my opinion it's wise to wait for the decline to end before attempting a buy.
I will try to post updates when a reliable pattern develops.
Stick around, more to follow. No long-term future predictions here, it never works.
I will be posting my thoughts as the events unfold.
Best,
ReallyMe
Just a quick today's thought on the recent Bitcoin price development, the way I currently see it.
I think it's worth almost nothing trying to analyze the chart on smaller scales (the most analysists on site here do), at least not at the moment. We need to step back and have a look at the bigger picture.
It's my firm belief that nothing can turn around the bigger trend all of a sudden, there are no overnight miracles in trading.
What you might want to keep in mind are just a few simple rules:
- Big movements take time to develop.
- Wishful thinking must be banished.
- Don't believe most of the TA being posted here by so-called chart experts! Most of them don't have a clue. The more they write the less they know.
- Use your own brain, and, most importantly, back your judgment until the action of the market itself confirms your opinion. Markets are never wrong - opinions often are.
- Beware of wishful thinking and insight TA information. If there was easy money lying around, no one would be forcing it into your pocket!
So, my current assessment is plain simple: Overall, the picture is bearish and will remain so in all likehood until the beginning of June.
In my opinion it's wise to wait for the decline to end before attempting a buy.
I will try to post updates when a reliable pattern develops.
Stick around, more to follow. No long-term future predictions here, it never works.
I will be posting my thoughts as the events unfold.
Best,
ReallyMe
Comment:
OK, it's time for an update. Good news: It looks like the Bitcoin has managed to pass the lowest point @7035 USD and started a new uptrend (since May, 28 2018). Here is the current "big picture":
On the positive side, and this is quite important, in my opinion, the last low on May 28, 2018 was about 540 USD higher than the previous one on Apr 5, 2018. That is, the market is bullish not only in the current uptrend but also on the bigger scale, too.
Comment:
Comment:
Let's face it: the supposed "uptrend" loooks more and more like a hige bull trap.
Unless... a miracle will happen shortly and the Bitcoin goes up to 7800 all of a sudden. I wouldn't bet on it...
Unless... a miracle will happen shortly and the Bitcoin goes up to 7800 all of a sudden. I wouldn't bet on it...
Comment:
Comment:
As of yet, it's still on the razor's edge, as I see it: should the price fall below the green dotted trend line again we shall continue to worry, if it stays over it, the nail-biting part goes into extra time.
Comment:
As suspected, it's official now: Uptrend definitely denied!
It turned out to be just another huge bull trap...
It turned out to be just another huge bull trap...
Comment:
No use guessing, we shall wait and see. No trade setup yet.