Bitcoin`s true capitulation hasn`t even really begun yet
Welcome!
Unfortunately I wish I had a more positive analysis to post on here but the fact of the matter is that the world is in a very unique situation right now, in a situation where financial markets simply do not matter as people are, due to the coronavirus crisis first and foremost worried about health, food, water and security and not capital gains on stocks, stock earnings or Bitcoin halvening for that matter.
What Bitcoin has done with yesterday´s price action, breaking the critical level of 7k, is basically confirming that we are in fact once again in a downtrend on a weekly AND biweekly basis.
The chart you are looking at is the biweekly and it is incredibly, incredibly bearish.
Two main reasons:
1. after basically consolidating (on a macro scale) for the last few months, biweekly bollinger width is the second lowest it has ever been, implying that a big move is coming.
If you look at the bbw and the relation it has to price action we see this kind of a setup only during mayor market cycle turning points and with biweekly very likely to close BELOW the bollinger bands on Sunday, the direction of expansion is very likely down
2. my most trusted indicator, the HMAs have a perfect sell signal on the biweekly. I understand most of you probably won`t understand the implications of it but it basically confirms this as a very, very high probability setup.
I will post a detailed chart with possible downside targets in the comments soon but at this point the price of 3000$ per Bitcoin is likely and I wouldn´t even rule out 1k as well.
Earth shattering moves are coming, not just in crypto but in stock market in general so stay safe out there. We WILL go through this as a society but not without some pain in the coming months.
Take care, stay safe and good luck
Unfortunately I wish I had a more positive analysis to post on here but the fact of the matter is that the world is in a very unique situation right now, in a situation where financial markets simply do not matter as people are, due to the coronavirus crisis first and foremost worried about health, food, water and security and not capital gains on stocks, stock earnings or Bitcoin halvening for that matter.
What Bitcoin has done with yesterday´s price action, breaking the critical level of 7k, is basically confirming that we are in fact once again in a downtrend on a weekly AND biweekly basis.
The chart you are looking at is the biweekly and it is incredibly, incredibly bearish.
Two main reasons:
1. after basically consolidating (on a macro scale) for the last few months, biweekly bollinger width is the second lowest it has ever been, implying that a big move is coming.
If you look at the bbw and the relation it has to price action we see this kind of a setup only during mayor market cycle turning points and with biweekly very likely to close BELOW the bollinger bands on Sunday, the direction of expansion is very likely down
2. my most trusted indicator, the HMAs have a perfect sell signal on the biweekly. I understand most of you probably won`t understand the implications of it but it basically confirms this as a very, very high probability setup.
I will post a detailed chart with possible downside targets in the comments soon but at this point the price of 3000$ per Bitcoin is likely and I wouldn´t even rule out 1k as well.
Earth shattering moves are coming, not just in crypto but in stock market in general so stay safe out there. We WILL go through this as a society but not without some pain in the coming months.
Take care, stay safe and good luck
Comment:
Weekly closed incredibly bearish - outside the bollinger bands and below the most important MA in Bitcoin`s history, the weekly 200 moving average
Comment:
The biweekly close is just.. I don´t have words for it really.
I am primarily a MA & bollinger band trader so seeing this kind of a bollinger band expansion on a BIweekly scale is just mindblowing.
Purely from a TA perspective, 900$ seems to be the most likely target
I am primarily a MA & bollinger band trader so seeing this kind of a bollinger band expansion on a BIweekly scale is just mindblowing.
Purely from a TA perspective, 900$ seems to be the most likely target