Bitcoin Masterpiece - Fact Not Forcast. Bearish with proof.
Hello,
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 RSI reacts to. Also the points where the MACD indicates a new trend.
IF anyone out there tells you that we are in a bullish cycle now, with all respect... IGNORE him.
The RSI 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 MACD 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 RSI, then you know that we are in a new uptrend wave. Use RSI along with MACD, and these two indicators will clearly show you the trend. You can use these support/resistance 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.
DCFreak.
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 RSI reacts to. Also the points where the MACD indicates a new trend.
IF anyone out there tells you that we are in a bullish cycle now, with all respect... IGNORE him.
The RSI 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 MACD 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 RSI, then you know that we are in a new uptrend wave. Use RSI along with MACD, and these two indicators will clearly show you the trend. You can use these support/resistance 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.
DCFreak.
Comment:
So Here is a quick update, The MACD is at the critical point that we need to watch out for as mentioned in the idea above!
Will keep you updated
Will keep you updated
Comment:
Two scenarios for the MACD:
1) Death Cross: A much stronger downtrend.
2) Golden Cross: Uptrend.
This week determines everything.
1) Death Cross: A much stronger downtrend.
2) Golden Cross: Uptrend.
This week determines everything.
Comment:
We are at a very crucial level. If it goes below the previous lows, we are looking at 8k$ or even lower.
Comment:
Don't ask me questions about this... It's just for the sake of it.
Comment:
All new updates will be posted in this new idea:
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.