I am reading and seeing a lot of analysis on bitcoin suggesting that it is going to retrace soon. I'm seeing no evidence of this. It looks to me that BTCUSD is in a steady accumulation channel. The latest dip is very much correlating with this channel. Stay long people!!!!!!
1. Huge bearish divergence on the daily
2. Alts have been dropping whilst BTC has been gaining, which is a very bearish signal as well
3. Low volume
4. Resistance lines everywhere (most notably the 400 daily EMA)
To me it's clear; the big guys have been unloading last few weeks and we're in for more than a small correction.
crushinata
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@micmuc, Hey man,
there are a tonne of reasons to be bullish IMO.
We just completed a reversal out of a long time down trend confirmed by:
* chart patterns
- W bottom
- cup and handle
- bump and run
- golden cross of 50 and 200 ma
- price is above the ichimoku cloud
That is the GOD of confirmations!
We broke through MAJOR resistance with a massive push at around 4200
Fundamentally we are near what the intrinsic value of a BTC is, the cost to mine.
I don't see why you would say increasing BTC dominance would be bearish...? What is the rationale behind that line of thought?
I didn't write there aren't any bullish indicators to be found, but you did write you don't see any evidence of a retrace being impending ;-)
To me personally it's clear the bearish indicators are way stronger and I actually believe we'll see a new (lower) overall bottom within two months. We have been on the max of FOMO last few days and that's when it pays off to be contrarian.
Regarding your BTC dominance question, see this;
By the way, the first golden cross in the previous bear market actually turned out to be a bearish indicator.
Taylor1920
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I believe it will fall. If you look at the MACD and RSI both of them have bearish tendencies even though the price seems to keep going up. I believe it will have a correction down to 4700 and possibly to 4100 but not lower. Also if you look back to 2015 before the major bull run, bitcoin is almost mirroring what it did then.
crushinata
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@Taylor1920, Hey there, I don't think oscillators are the right tool for markets that are prone to trending. Sure if we were going sideways what you are saying would make sense. I guess we will see. My bet is that price will continue on its upwards journey at about 5400, not much lower than that.
Lets see! Good luck.
1. Huge bearish divergence on the daily
2. Alts have been dropping whilst BTC has been gaining, which is a very bearish signal as well
3. Low volume
4. Resistance lines everywhere (most notably the 400 daily EMA)
To me it's clear; the big guys have been unloading last few weeks and we're in for more than a small correction.