btc_joe

Bitcoin and the myth of the Ramen

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
2115 13 25
I know I know the bitcoin             bubble has popped. I’m not convinced, at least not yet. Sentiment IMO             is the lowest we have seen since the $6k bottom which was pretty bad. Is the crowd right? It's possible but I don't think so. The price is definitely at a pivotal point...if these levels of support do not hold the outlook for the coming year does start to look ominous, yet why assume they will not? Is the the time to be buying or selling? Want to short into strong support? Go for it.

TA: First things first, we had the inverse head and shoulder( ish             ) pattern that everyone and their mother was watching and then it failed which is not so surprising (as everyone was watching it lol). And now because it failed we have tested the bulls patience everyone is sure that this was the great bull trap of 2018 and we are in for a long bear market. The culmination of this double fake out has now morphed the price action into what looks like a clear bullish ascending triangle to me (which if broken to the upside should at least test ATH's). *If that happens it opens up possibilities for some type of ascending triangle inception LOL...but take it one step at a time.

Can I be wrong and all support will break? Of course, be careful out there (I think we would need some type of catalyst but who knows panic is unpredictable).

Good luck and most importantly have fun!!

Comment: Price clearly respecting support (bullish reversal candle yesterday and a retest of 9k was successful at least for now. I count 8 different times the price action has told us overhead resistance is a very important level to watch, a daly close above should very likely lead to an ATH test.
Comment: Hidden bullish divergence on Stoch RSI:
Comment: Broke the "ramen line" lol...daily hasn't closed but looks like its about to get rekt.

Oh well, here's the bear scenario:


Possible its just one last shake out but the way this candle is shaping up...seems like the bear scenario is coming.
Comment: Ain't nothin gonna save this daily candle folks...looks like the ramen is real lol.
so thats it eh?
Reply
btc_joe renkcub
@renkcub, Prolly good for a run to 9k or a bit higher (posted this on twitter last night) but in the big picture the price is below all support and death cross is approaching on the daily chart. On the 4h chart 50 Ma crossed down below 100 MA which is usually a very bad sign.

Is it possible the bull picture and general idea is still alive/we just saw the bottom? Sure it is, but so far it seems like demand is dead in this market and the big players want lower prices before they start entering the market again. For the bull picture to remain alive we would have to start closing daily candles back above the 200 MA again...could happen but seems less likely at this point.
Reply
renkcub btc_joe
@btc_joe, agreed. >200ma odds decrease with each passing hour below.
+1 Reply
we still have the masters trend line at 7k ish



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Johnsdad Johnsdad
I'm going all in there
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Any hope now?
Reply
btc_joe renkcub
@renkcub, Still hope, but not looking good at the moment. Gotta get back above the trendline...
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@D4rkEnergY on the way down to EUR 9,500 =)))
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the 50 crossing under the 200 day is all but assured now (there was hope if the breakout above $11,800 occurred since significant upside was on the table) and it will be tough for that to not drag BTC under water...the support is very weak under this 200 day average.
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btc_joe Duffy08
@Duffy08, It hasn't crossed yet, but yes if it happens that would be a very bearish sign. We'll see so far the price seems to be bouncing very well off of support (it's above the 200 day MA at the moment). That trendline is a good one to watch...it bounced the price at the bottom and now potentially again for a higher low. If the price starts to close below it than I would definitely be concerned.
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