Bitcoin Masterpiece - Fact Not Forcast. Bearish with proof.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar

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.

Comment: To clarify... Bitcoin is bearish until that RSI support line is touched. After that, using MACD, RSI, and price support levels we can tell what the next move and whether the bearish trend is over or not.

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.
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
Comment: Two scenarios for the MACD:

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 cancelled my orders around 10k because it looked bad, the price was dropping from 10300-10400 only didn't think there was a good chance it goes far, so risk to reward seemed weak.
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.
DCFreak MrRenev
@MrRenev, Don't chase a trade.
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.
+1 Reply
Thanks for all your work. You and "MagicPoopCannon" called this one perfect!!!
+1 Reply
DCFreak argonaut802
@argonaut802, Thank you!
just wanna thank you, keep up the good work, good and clear TA. easy to understand, great !!
@creck, Much appreciated man.
+1 Reply
What if doesnt go below? Untill now, i've seen your successful predictions and analysis at all. Thank you for all!
DCFreak SelcukDrinkwater
@SelcukDrinkwater, thank you for your comment!

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.
+1 Reply
Very balanced and intelligent analysis, keep up the great work! Following :)

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 :)
@dufik, CME expires on the 26th, this could be another big drop. If not then I would say this week is the last for correction.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out