BTCUSD going DOWN: Double Top on BitCoin...Just like March 2018!
There's been a big sympathetic bullish move on BTCUSD recently, very likely related to the move on FB to legitimize cryptocurrency with Libra. It's kind of ironic, because near total control by a massive corporation like FB of a cryptocurrency pretty much goes against the very basic fundamental idea of what an ideal cryptocurrency should be: A form of digital exchange for the masses that isn't beholden to anybody, especially a major company or corporation. But the point is, when a big name like FB gets involved, crypto investors start seeing $$$$$ signs, and a sympathetic bullish move on BTCUSD (and actually ANY other crypto) was totally predictable once the announcement on Libra came out. The bullish BTCUSD move was clearly too much too fast, and Trump/Munchin's recent negative tweets and threats of governmental oversight put a big block/resistance (at around $13500) to a near repeat of a parabolic move from the 2018-2019 lows of BTCUSD of $3000
Forget the fundamentals for a second, from a strict technicals standpoint, the BTCUSD chart is showing very ominous signs of breaking down. We clearly see a formation of a #doubletop, which is a very bearish sign. I should point out this #doubletop also occurred during March 2018, after the initial January 2018 breakdown that led to the recent downtrend and lows of BTCUSD. In addition, you can see (circled on the daily chart) the formation of a #deathcross on the Moving Average Crossover indicator as WELL as a negative/downward bearish move on the MACD Crossover indicator. About the only thing that is positive is the RSI indicator, which seems to temporarily indicate that we are in an oversold period that could lead to a temporary small buy-back.
My thesis? Simply put: BTCUSD is going to clearly break down even further, down to $6000 or even $5000, although the first level of support is around $7500. There MAY be a brief buyback period first before the big breakdown, but unless BTCUSD makes a strong move above the resistance of the double top around $13500, it's unlikely to last. Therefore, I would say now is a HORRIBLE time to buy BTCUSD, and if for some reason you were lucky enough to buy it down at the lows of 2018-2019, you should probably take some of the table and lock in your profits now. I definitely would not add to any BTCUSD position until the $7500 support line holds OR the top/resistance of the double top is breached and that breach holds. If the $7500 level breaks, again we could easily see lows on BTCUSD of $6000, or $5000. Or in a very bearish environment back down to the lows of $3000.
Don't believe me? Maybe I'm wrong...I'm just looking at technical patterns, and have no position/skin in the game. But I want to point out that back in December 2018 (see link below), I was able to predict/call the top of BTCUSD looking at a clear Descending Triangle chart pattern that was about to break down.
Let's see if I'm right again...My prediction is the strong move downward will occur very soon, likely before the middle of August 2019. Hold on to your hats, crypto boys and girls!
P.S. That guy, Peter Brandy, who thinks BTCUSD is going to hit $100000/Bitcoin soon is clearly high as Snoop Dogg at a marijuana dispensary Black Friday sale ...At least for the short-term future! :P
Forget the fundamentals for a second, from a strict technicals standpoint, the BTCUSD chart is showing very ominous signs of breaking down. We clearly see a formation of a #doubletop, which is a very bearish sign. I should point out this #doubletop also occurred during March 2018, after the initial January 2018 breakdown that led to the recent downtrend and lows of BTCUSD. In addition, you can see (circled on the daily chart) the formation of a #deathcross on the Moving Average Crossover indicator as WELL as a negative/downward bearish move on the MACD Crossover indicator. About the only thing that is positive is the RSI indicator, which seems to temporarily indicate that we are in an oversold period that could lead to a temporary small buy-back.
My thesis? Simply put: BTCUSD is going to clearly break down even further, down to $6000 or even $5000, although the first level of support is around $7500. There MAY be a brief buyback period first before the big breakdown, but unless BTCUSD makes a strong move above the resistance of the double top around $13500, it's unlikely to last. Therefore, I would say now is a HORRIBLE time to buy BTCUSD, and if for some reason you were lucky enough to buy it down at the lows of 2018-2019, you should probably take some of the table and lock in your profits now. I definitely would not add to any BTCUSD position until the $7500 support line holds OR the top/resistance of the double top is breached and that breach holds. If the $7500 level breaks, again we could easily see lows on BTCUSD of $6000, or $5000. Or in a very bearish environment back down to the lows of $3000.
Don't believe me? Maybe I'm wrong...I'm just looking at technical patterns, and have no position/skin in the game. But I want to point out that back in December 2018 (see link below), I was able to predict/call the top of BTCUSD looking at a clear Descending Triangle chart pattern that was about to break down.
Let's see if I'm right again...My prediction is the strong move downward will occur very soon, likely before the middle of August 2019. Hold on to your hats, crypto boys and girls!
P.S. That guy, Peter Brandy, who thinks BTCUSD is going to hit $100000/Bitcoin soon is clearly high as Snoop Dogg at a marijuana dispensary Black Friday sale ...At least for the short-term future! :P
