BTCUSD - BITCOIN is Super NOT Healthy - Here is WHY!
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The Bitcoin market crashes right before we enter the month of December. Based on the seasonality chart, December has always been a bullish month for Bitcoin . Then again, so was October and November! So why is the market crashing then?
If you follow the facts and NOT the hype that the permabulls are selling, you would realize that Bitcoin just exited from a multi-year bull trend. It is true that was almost a year ago but time is of no concern here. The miner cost is of no concern either. What matters is that there are still permabulls out there. As long as you see those, it means the market has not really capitulated.
When Bitcoin was still trading at $4300 yesterday, I told you guys that the market was gonna crash and it did. Don't believe me? Check out my yesterday's post below.
Please give this chart a LIKE if you like what you are seeing so far. Thanks!
Nevertheless, what done is done, of course! But it's not too late yet my friends.
See that ascending trendline on my new chart? That is what's keeping price afloat. Call it the last line of support for Bitcoin and it's not gonna hold much longer. Why? The Bitcoin price is currently trading below sloping EMA resistance and the 4H RSI isn't looking too hot either with a lot of room for price to go downhill. That means the path with the least resistance is to the downside. Of course, there could still be a small bounce from here to trap permabulls but as soon as you see price drops below that trendline , just be sure to get out of the market!
My PRO members are waiting comfortably at their buy entries right now. You can be one of them too!
If you follow the facts and NOT the hype that the permabulls are selling, you would realize that Bitcoin just exited from a multi-year bull trend. It is true that was almost a year ago but time is of no concern here. The miner cost is of no concern either. What matters is that there are still permabulls out there. As long as you see those, it means the market has not really capitulated.
When Bitcoin was still trading at $4300 yesterday, I told you guys that the market was gonna crash and it did. Don't believe me? Check out my yesterday's post below.
Please give this chart a LIKE if you like what you are seeing so far. Thanks!
Nevertheless, what done is done, of course! But it's not too late yet my friends.
See that ascending trendline on my new chart? That is what's keeping price afloat. Call it the last line of support for Bitcoin and it's not gonna hold much longer. Why? The Bitcoin price is currently trading below sloping EMA resistance and the 4H RSI isn't looking too hot either with a lot of room for price to go downhill. That means the path with the least resistance is to the downside. Of course, there could still be a small bounce from here to trap permabulls but as soon as you see price drops below that trendline , just be sure to get out of the market!
My PRO members are waiting comfortably at their buy entries right now. You can be one of them too!
Comment:
As I said before, Bitcoin is not healthy. Price has broken down from my ascending trendline and has found temporary support around previous lows. But that won't hold for long. Again, we may see a dead cat bounce from here over the next couple of days but after that, it's bungee time!
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We have been lied to most of the year, lied to by both people who are for Bitcoin and people who are against it, all for selfish gain. I believe Bitcoin will recover and ultimately be stronger than ever.
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maybe we come up to test these areas in next 48-72hrs, need that weekday market back to find out
A winter sunday play on Bitcoin, bulls towards $4600
good trades and thanks for the chart
A winter sunday play on Bitcoin, bulls towards $4600
![A winter sunday play on Bitcoin, bulls towards $4600 [BTFD]](https://s3.tradingview.com/g/gQZ3inSq_big.png)
good trades and thanks for the chart
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This is new trend line which we need to monitor in upcoming days. If it's broken, we will see new low values in 2018. I hope it's going to be ~$3150 ( Based on 200 EMA weekly chart ). Thank you so much for posting this. Keep it up!
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