Sorry to say this bulls but right now through a momentum POV, Bitcoin looks bearish and is most likely going to be a dead cat bounce Intill we can find a new bottom to build up from. When looking at the data BTC is below all key MA's and support lines and it's unrealistic to think that BTC is going back to 64k in a couple of weeks In my opinion. 27K area could be a nice bounce because thats where the golden Fibonacci support line is located and could be another swing trade opportunity if your an advanced trader. Again the BEST buying opportunity is 20k flat, thats when you start loading up on Altcoins and BTC and hold, if another bull-run starts you can make incredible gains of 10x or higher if your holding great Altcoins.
Momentum Indicators (Daily timeframe)
Williams alligator: Bearish
DMI: Bearish
Directional Momentum Chart: Bearish because of the fact its creating lower high's. Also known has (Bearish divergence)
What are your thoughts? Are you Bullish or Bearish? If anyone has any questions i will be more than happy to answer them just post a comment... 😊
freddie1779
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@Popwwe123, Would a breakthrough of 42k cancel your theories? :)
Popwwe123
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@freddie1779, No necessary it would just bleed longer, but if it broke 46k-48k and holds yeah the momentum analysis would fail and BTC would most likely push up again...
mahatango747
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@Popwwe123 I think now we are neutral to slightly bullish. At most I think we will retest the lows again, I’m not seeing a breakthrough yet below 30k. You think that’s probable?
Popwwe123
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@mahatango747, 20k is farfetched but just was just showing how if we ever got into the 20k range 20k is the absolute bottom of BTC and would be the BEST BEST BEST time to buy strong Alt coins or Bitcoin depending on what u like. Would could also bottom out at 30k and then build from there but we are below all critical MA's and support lines so it might be difficult to hold. Overall Bitcoin will be choppy and trade between 30k-40k and will decided to either breakout above or below
mahatango747
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@Popwwe123 yeah I’m in cash at the moment, I think we’re going for a retest. If it gets to 20k that would be great and actually there would still be hope that btc makes new highs this year. But 20k would need to hold. What’s your long term opinion on btc price?
Popwwe123
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@mahatango747, Thanks for asking such a good question, If BTC hits 20k and bottoms out I would be even more bullish on Cryptocurrency and could realistically see a 200k Bitcoin. Again I am a realistic trader and a top of 200k seems quite possible in half a year or a year after we bottom out. IMO the lower we bottom out the larger the top will be for BTC
Popwwe123
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@mahatango747 Hello once again, it took a year but BTC is headed towards the 30k - 20k area