BITCOIN may be almost as as bearish as it was bullish 2 month ago and may likely touch $2500 in less than a month
keywords for newbies: Rising wedge. vs Ascending triangle. Faster trends break. Faster is weaker. Horizontal lines are no trends.
Tradingview didnt fix the bug since years making it impossible to publish angle measurements for different screen/windows sizes
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The same angle as in july kept it exciting for bulls these weeks despite they may be the smaller party now. The similar trend It is their last hope in bitcoin to keep multiplying in price soon. Any slower trend angle and maybe noone would have dared to keep buying above $4000 these days. But as long as they beleave in this their incentive seems bigger. They hope to win 50% up to "unlimited". Bears also rationally await to win >50%, yet they just dont have much more to dream of.
So it is possible that only 1/3 of people are bulls but they still drive up the market for a while. Unfortunately there are always market participants who are gambling hoping to catch up the past multiplying their money - and who will hurt themselfes badly. So they will risk double. Lets think of them for a minute.
Lets not be greedy bears. If you have bitcoins when would you sell them in 2010-2020, if not now? you can always buy some back.
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retracement 61.8% is still harmless, it would require crazy bulls to try much more right now.
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the bubble retraced almost fully but respected the 78.6% level enough to not even touch it. So the next relevant/exciting level could be <=$2900 again
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bears stay all confident below the 50% level and below $4300
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(patterns like "descending triangle can have any timeframe, besides that short ones just dont matter usually or only to robot trading)
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completion of this big M would bring the price below the 50% level for the week again and reasure the bears
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*of the week
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Goodbye Bitcoin, we may buy you again next year
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MEGAFONE particial rise, preceding breakdown? (and right shoulder as of previous screen)
Sweet, i'll be waiting on 3000 and 2000 USD (maybe 2500 instead now)
Bitcoin Gold should in my mind fuell a huge alts sell of an BTC buy, and then afterwards we will see a BTC selloff and people re-entering alts and in longer term also BTC with their Bitcoin Gold, which i don't view as a sustaniable currency long term, BCH made med 900$ Let's see what happens this time!
fineregex
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@simo110j, i said 2500 since it may happen likely and soon and pause there allowing to think again, what you will believe in next such as 2200, 3000 , 1850 or 1250 .
simo110j
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@fineregex, so you don't think a retracement would fuel another extreme bull run?