2020-02-21 No one will forget that date when btc drop from 10k level to below 4k 3 months ago in a matter of couple weeks
We still have the same view for btc and its still correcting on long term although btc recovering and touching 10k level once again but same reasons on chart and indicators does match the previous situation .. Its time to be careful
My advise is to watch closely this deadly hidden bearish divergence that could play out on daily chart the first sign will be the break down of the uprising channel support.
Yes we are probably headed back down especially with all of the bad economic news. The question is how much higher will BTC go before plunging? Will we reach 10.5k? Or will the wales already realizing a lot of shorts are sitting at 10.5k, decide to plow through it to 11k just to trigger the stops before it drops? I think we should expect the unexpected and it could go up a little more just to lure in more bulls and wreck the shorts. It will be another 4 years before we see another halving, so the whales may play it for all it's worth.
chartingman43
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@BDG, I can either see the downtrend begin from this local top area 9.7-10K range,and we go down again in 3-4 weeks to the local bottom near 4k, Or we continue the rally to 11.3-11.5k and then potentially retest support again. While someone would say we would be in a new bull market if we hit 11k+, I disagree since in all of bitcoin bull cycles it had corrections of no more then 25-35%. We hit 71% down from all time highs of this bull cycle at 3800, which tells me this is just a over extended bear rally. We also have to consider how 95% of retail is saying the same propaganda " halving= bitcoin bull cycle" , so its best to hold a contrarian stance
BDG
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@chartingman43, well, that was fun! :0
From 9800 to 8100 was a big elevator drop. Now it is sitting at 8700, waiting for the next move.
chartingman43
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@BDG, Yes. The Top is in for sure. I plan to short the bounce following this big dump.
phillipdionysiou95
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Thanks for the update @Jocoin. Good to have you back
thatsblatzphemy
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I disagree
phillipdionysiou95
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Hi Jocoin, can you please give us an update on the current bitcoin price. Cheers!
on 2nd chart move all time high trend lines down to the body of candles and it's close to if not a breakout. and in first chart your macd trendline isn't accurate. move it to touching previous highs and you got a breakout or close to one. but i agree with bearish sentiment based on the real simple analysis, if price is under 10500 it's still a bear market