Mixed Signals Show Up in BITCOIN! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! Welcome to this update analysis on Bitcoin! Let's get it! Looking at the four hour chart, you can see that BTC remains inside of a bear flag consolidation. It has surpassed the pink trendline , but it's done so in the form of a bear flag . You can see that the flag is getting to be a bit extended, so we can use the 20 EMA (in blue) as an indicator of it's survival. In other words, if BTC rallies up above the 20 EMA , we con probably throw out the bear flag as a possibility. Looking at the volume , you can see that it has been steadily declining, while BTC has been in this bear flag consolidation. The decline in volume increases it's legitimacy as a bear flag , so we really have to see how it this price action responds to the 20 EMA , if/when BTC gets up there. During this entire downtrend, from 3/5, BTC hasn't tested the 20 EMA a single time, so it wouldn't surprise me if we test it in the near future. On the MACD , you can see that a bullish crossover has occurred, almost perfectly on the rising dotted MACD support level .

So, overall, we have some mixed signals here. There is a bear flag , that has crossed above the pink trendline , while a bullish MACD crossover has occurred. The bear flag has falling resistance levels passing through it, and decreasing volume , which is expected from the flag pattern . Therefore, until we see a move below the bear flag , or above the 20 EMA , it's best to exercise caution here.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

Dear MagicPoop: u have very good chart analysis. Good job, mate. I would like to show u my opinion: what do you think about that?
Hey MPC, thanks for your analysis! The mixed signals you mentioned choose bullish at the (short term) end :)

Bitcoin has been following the lines from my last week's BTC USD analysis. I think a 10k break will be very important, it's right at my lower October / November 2017 trend extrapolation. Here are my targets in case we will see a short term upward or downward break:
+1 Reply
That ain't no mixed signal no more ! Bullish as hell now ! Yay Bitcoin. Again
venturetrade sumastardon
@sumastardon, no my friend. you got double bear flag then bull flag this is bull trap.
dinopiccinin sumastardon
@sumastardon, lol....
hi MPC, i still read your charts, even tho' 'me no like you'. This is what's gonna happen BTC 14 this month
None of this mumbo jumbo means a hill of beans unless new money comes in. Fresh liquidity. All it is is people moving capital from alts to btc and back again. Its just moving stones from one pile to another and back again. While entropy and diminishing returns steadily degrades the market. The big rush of new money that created the ATH is steadily being cashed out by folks who got their feet wet, got burned and are cutting their losses. Hence the total marketcap of crypto writ large. New money on the retail side is created by buzz. Media buzz. And right now there ain't any. Except bad buzz. What is needed on the institutional side is maybe ETF's. If that happens, then massive liquidity will come in creating buzz and the cycle can begin again. Until then all these charts are not much different then throwing bones, reading tea leaves or consulting the stars because there are hidden forces at play- whales and manipulators and bots- that are affecting the market. Good luck trading this. How's this for a prediction, BTC is going up or its going down.
+13 Reply
castaneda johnhawkk
Thank you!
Cybermosfet johnhawkk
@johnhawkk, I totally agree, the total market cap isn't changing that significantly. And looking at google trends for searches on bitcoin shows that the interest is declining. Crypto will rise again when all the people who decide to sell, have sold, and the ones who hold, keep holding. After that the volatility will become nearly zero for a while, and only then the market is ready for a new bull run which will make new all time highs. Now is a risky trading environment.
+4 Reply
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