Bombita
Short

Detailed and transparent analysis / Bitcoin will soon die ? v2.0

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
General analysis

1) Fibonacci
A) The blue rectangle indicates the area of possible rebound to continue movement
B) The red rectangle indicates the area that calls into question the continuation of the movement
C) The black rectangle cancels continuation of trend

The price dropped to the black rectangle and on 6th             of February the trend was changed to a downward trend .

2) Inverted cup and handle
For two months the model of the inverted cup and handle has been generated , this model indicates a continuation of the downward trend , the target level is indicated on the chart

Midterm analysis
The price range is narrowing , on the chart you can see the emerging triangle , usually breakthrough occurs in the direction of the trend .
Comment: Status
wait for the breakthrough of the triangle
Comment: indicators confirm a breakthrough , we must wait for the closure of the four-hour candle
Comment: LOL ,the price broke the main downward trend line .
in my opinion it's just a market manipulation
Comment: To reduce risks, wait for the day candle to close
Comment: The huge volume
Comment: For new readers

I don't make any predictions
I just use technical analysis and I calculate the formations on the chart
Comment: we test the resistance line , wait for the day candle to close above the resistance line
Comment: The price was fixed above the downtrend line
at the moment we are testing the support line of 7770 and i don't see the correct entry point
Comment: Everything looks good , but there is no entry point .
You should understand that experienced players came to the market and this can be a bull trap
We need to wait for the correction to check the movement
Comment: indicators don't confirm movement , correction is possible
Comment: ENTRY closing a four-hour candle above the descending line
Comment: there is a risk of slippage , safe entry - 3% of the breakdown point
Comment: IMPORTANT We need a three percent breakthrough of flag and closing four hour candle above the descending line for continue the movement
STATUS Don't trade
Comment: On the chart, we see the breakthrough of the flag ,
ideally we need to wait for the closure of the four-hour candle
The resistance zone is 8900 - 9200
The target level of flag is 9600
Comment: bearish absorption is possible and correction too , be careful

Comment: The bearish absorption is possbile and correction too , be careful , better sell

Comment: closing the four hour candle below the level of 7240 will mean a correction movement
Comment: it looks like a pennant , closing the four hour candle above the level of 8400 will mean a continuation movement
Comment: In case of continuation of the price reduction, closing the four hour candle below the blue rectangle will mean doubt in the upward movement
STATUS Don't trade
Comment: The bearish absorption on the day chart , be careful , the very bad sign
Comment: On the chart we can see the breakthrough of the flag .
The target level is 7518
Comment: Honestly , I don't know what is this
In the red circle we can see the small volume
I think it's the trap
Closing the four hour candle above the blue line will mean the continuation of the movement
Comment: I noticed the form of head and shoulders on the chart .
Most likely the last jump in the price is another manipulation for save .
It's only my guess
Comment: On the chart we can see the bullish absorption , it's the good sign for price growth
SAFE ENTRY Closing the four hour candle above the blue line
Comment: The price rebounded from the blue line
Wait for the closure of the four-hour candle
Comment: The four hour candle closed above the blue line

The indicator shows the forming of the trend
Comment: Everything looks good.
The candles closes with the a new high , it's the good sign of start the bullish movement.
Comment: with a new high*
Comment: Ideally we need the closure of the day candle above the blue line
Comment: Important , especially for smart ass

I don't claim that bitcoin will die or will become much cheaper , I'm just analyzing the chart and i don't manage the price / market
Comment: The four hour candle closed above the resistance zone ( the red rectangle )
It's the good sign for price growth , the approximate target level is 9500

On the day chart we can see the three candles with a new high , it's the sign of acceleration.
The closure of the day canlde above the red rectangle will be a good confirmation sign
Comment: day candle*
Comment: The price confirmed the previous resistance as the support , it's the good sign
Comment: The falling star pattern , the reduction in price is possible , be careful
I think maybe you're using the tools wrong? Who knows, maybe BTC can go to -3482.50? I will definitely buy those!

Death is indeed coming.

+1 Reply
Bombita arthax0r
@arthax0r, LOL
+1 Reply
Looking at the top most charts... is that a dead cat bounce?
+1 Reply
Bombita arthax0r
@arthax0r, What do you mean? I don't claim that bitcoin will die or will become much cheaper
I'm just analyzing the chart and now there are bullish signs
Reply
@Bombita, I've learned how to see any kind of sign I want to see. Now I'm learning to see the truth... which is also rather subjective. :)
Reply
Bombita arthax0r
@arthax0r, good for you
Reply
@Bombita, Oh, and you know... dead cats don't bounce very well.. but you might get one or two if it falls from high enough.
Reply
This is the funniest thing I have ever seen. I'm not making fun of you, but this was entertaining to read.

I'm not a TA guy, I'm a social scientist. But what I just read is an example of when someone uses data to confirm their theory instead of letting the data drive your theory. In experimentation, we "test" our theory, but our theories are derived from the existing data. Then we go collect more to test that theory.

It really does look to me like you "expected" Bitcoin to fall and so you found that story in your data, no matter what the data was saying.

That update from 10 hours ago was what I was waiting for when I read all of this when you said "Honestly , I don't know what is this" :)

Again, I'm seriously not trying to make fun of you. Best wishes and thanks for all your work here.
+3 Reply
Bombita BitcoinCensus
@BitcoinCensus, LOL , so bullshit
Reply
arthax0r BitcoinCensus
@BitcoinCensus, You are super right.
+1 Reply
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