Bitcoin : King of cryptocurrencies still in danger
Hi traders!
Let's have a new fresh TA for Btc usd.
Let's recap quickly what happened during the past few months :
- 0.382 Fibo level was a very strong support that ended up beeing broken
- Main Fibo trend line (cyan) gave a good support to Btc during its very important fall
- 0.5 Fibo level blocked Btc raise, and formed a nasty double top, that kept Bitcoin continue its fall
- Btc slightly bounced around the 9200 support
- Btc bounced stronger around the 7900 support thanks to non negative news from G20 meeting, even if it moved more below it.
Now i want to point out that an important potential danger might be coming : the 50 SMA and the 200 SMA are possibly about to form a death cross.
As Btc is in a bubble burst pattern type, a death cross forming would confirm further downside with very high probabilities.
If Btc doesn't find a way to exit its main downtrend line and become bullish again, this death cross is really possible to happen.
To be clear, last time these two SMA did a death cross, it was during the 2014 crash, and this left Btc below 1.000$ for years
We are indeed having a bounce now, but we are still forming lower highs, so i am still thinking we did not reach the bottom of this crashing market and we are forming another bull trap.
My targets are still the same : a possible bounce around Btc local line of life (dark green) and the crossing of the 0.786 Fibonacci Level, then the crucial support is maybe to be hit (dark orange).
If those supports end up beeing broken after Btc bounces on them and end up falling below, then the capitulation sell-off target could become valid.
I am bullish in the long term, i am indeed pessimistic right now for the next month(s).
Let's have a new fresh TA for Btc usd.
Let's recap quickly what happened during the past few months :
- 0.382 Fibo level was a very strong support that ended up beeing broken
- Main Fibo trend line (cyan) gave a good support to Btc during its very important fall
- 0.5 Fibo level blocked Btc raise, and formed a nasty double top, that kept Bitcoin continue its fall
- Btc slightly bounced around the 9200 support
- Btc bounced stronger around the 7900 support thanks to non negative news from G20 meeting, even if it moved more below it.
Now i want to point out that an important potential danger might be coming : the 50 SMA and the 200 SMA are possibly about to form a death cross.
As Btc is in a bubble burst pattern type, a death cross forming would confirm further downside with very high probabilities.
If Btc doesn't find a way to exit its main downtrend line and become bullish again, this death cross is really possible to happen.
To be clear, last time these two SMA did a death cross, it was during the 2014 crash, and this left Btc below 1.000$ for years
We are indeed having a bounce now, but we are still forming lower highs, so i am still thinking we did not reach the bottom of this crashing market and we are forming another bull trap.
My targets are still the same : a possible bounce around Btc local line of life (dark green) and the crossing of the 0.786 Fibonacci Level, then the crucial support is maybe to be hit (dark orange).
If those supports end up beeing broken after Btc bounces on them and end up falling below, then the capitulation sell-off target could become valid.
I am bullish in the long term, i am indeed pessimistic right now for the next month(s).
Trade active:
Very very bullish, finally some news that are not bad from G20 members, it could have been so much worse.
No regulations to be seen yet.
Very very bullish, finally some news that are not bad from G20 members, it could have been so much worse.
No regulations to be seen yet.
Comment:
Btc is trying to form a breakout
Comment:
As commented 2 updates ago, this area is very resistive, bears are blockading bulls.
Let's see how it evolves.
Let's see how it evolves.
Trade active:
Btc just tried to break out 4 times in 45 minutes, this in insane.
It is lacking buy volumes yet
It is lacking buy volumes yet
Comment:
9200$ resistance rejected Btc.
Now it's testing the local Sma200 as a possible support
Now it's testing the local Sma200 as a possible support
Comment:
Comment:
Bitcoin in a local sandwitch between the two SMA.
Which side will win?
Which side will win?
Comment:
Still possible and valid
Still possible and valid
Comment:
Bearish evening star candle, followed by a bearish candle
Comment:
Looking dangerous again locally.
Comment:
There was a local reversal pattern.
Average buyer sentiment : bullish and hesitant
There was a local reversal pattern.
Average buyer sentiment : bullish and hesitant
Comment:
Local trend line still active so far
Local trend line still active so far
Comment:
Local downtrend still not broken yet
Could happen if Btc can't get to /fails to settle above the 9200 resistance/support