I have seen dozens of charts for Bitcoin of people using a 1h - 4h chart to tell the long term trend of bitcoin .....Which doesn't make sense to me.
This chart shows you Bitcoin's trend since 2015. I'm using a 1 week candle which makes perfect sense to me.
Anyway, enough with that. The chart above shows you the lines/levels that the reacts to. Also the points where the indicates a new trend.
IF anyone out there tells you that we are in a cycle now, with all respect... IGNORE him.
The is going to hit the previous support line thats a fact not a forcast. So that's more price correction (Price will fall more).
Also the 1 week is agreeing with the statment above (more correction).
So, instead of asking around if correction is over, use this chart as a reference, if you see a bounce from the support line in the , then you know that we are in a new uptrend wave. Use along with , and these two indicators will clearly show you the trend. You can use these lines even for the next couple of years for BTC .
If you see anyone out there saying that correction is over; Tell him look at the 1 week candle chart.
I'm using two of the most fundamental indicators that can be used, thats all you need to tell a long term trend. No need for channels, triangles, and predictions.
I just felt the need to post this idea as I saw a lot of bullish charts and people saying the price will reach 20k in a couple of days and so on.. Personally I'm out of the market until this RSI line is touched. Feel free to do whatever you feel comfortable with. Just had to show you some tricks that you can use in the future without waiting for someone telling you what the trend is.
Will keep you updated
1) Death Cross: A much stronger downtrend.
2) Golden Cross: Uptrend.
This week determines everything.
Was I truly wrong thought? That bounce to 10800 was completely unpredictable to me.
I could have looked at rsi and bounce volume and HH HL & rode the wave, but as someone with a job I can't watch things that closely all the time sigh.
You can't hold the stick in the center. Determine if you are a day trader and have the time to do it, or if you are a long term trader.
Long term traders can switch to short, but short can't switch to long term.
Most of my charts, specially for BTC are 1D candle charts for a reason. I don't pay attention to the price each min, because I don't care. I'm a long term trader and will take profits in short term if the situations change.
So 10k and 9k supports have been holding up pretty well. But if 10k breaks I suspect that 9k will do as well. Watch out from the 26th of this month.
It seems to me that after the weekend, 10k USD per Bitcoin will prove to be a fairly solid floor, and by Wed, Bitcoin will rebound. We are focused here on technical analysis but in addition to seeing 10k give some support, I would think that for some investors, psychologically, 10k mark would seem like a buying opportunity. Again, the point is not a claim but more a thought. Would be glad to get your idea on the 10k mark, in the technical aspect, and, individually, hear your thought of how a round number and a higher price in investors' mind may have some potential to affect the technicals as an additional factor. Last but not least, while the news and negative sentiment of Bitcoin is not positive these past 2-3 days, it was much worse before, so there is some relative improvement. We might be seeing the last wave of the current drop before a correction starts later today or Tues, and Wed reaching a new corrected high.
Thanks for thinking :)