Bitcoin: death cross, bearland, bulltraps, and delayed Lambos.
Hi traders,
Just a quick TA regarding the monolith king.
What do we have new: a beautiful 12h chart death cross that just happened, last time it happened was after the Mt Gox crash, and it left Bitcoin in a tricky "under 1.000$" situation during some long and painful months before recovering.
This does not mean that Bitcoin will magically dip under the 1.000$, Bitcoin is a bit too high for this, but let's say a death cross is generally not a very bullish signal for an asset.
Funny thing is that on my last TA, i wrote that Bitcoin created a bearish flag right on its line of life, which meant Bitcoin has a bearish life.
Then Bitcoin broke the bearish flag from its top, created a nice and clean small bull trap (yes i'm sure you felt the FOMO as well yesterday if you traded Verge, Ltc or Xrp) to then plunge back into its line of life, and it is currently testing it again by resting slightly below it, which is a very bearish move.
Charts generally don't lie, and this move confirms that indeed, Bitcoin is having a bearish life, which means this current cycle is still compromised for the moment.
"Should i die or should i revive from this point?"
If Bitcoin decides to revive from this point, the upwards targets are still the same : 7.200, 7.700, 8150, and the main resistances.
If Bitcoin decides to die, it will possibly retest a double bottom around the 6.400$, the 6.000$, or go to the 5.650$ to possibly have some nice reaction from this double target zone.
We might possibly still need some nice Butcher chainmail gloves for some time, as catching falling knives is not the best sport ever created for physical and mental health.
Good luck trading.
Just a quick TA regarding the monolith king.
What do we have new: a beautiful 12h chart death cross that just happened, last time it happened was after the Mt Gox crash, and it left Bitcoin in a tricky "under 1.000$" situation during some long and painful months before recovering.
This does not mean that Bitcoin will magically dip under the 1.000$, Bitcoin is a bit too high for this, but let's say a death cross is generally not a very bullish signal for an asset.
Funny thing is that on my last TA, i wrote that Bitcoin created a bearish flag right on its line of life, which meant Bitcoin has a bearish life.
Then Bitcoin broke the bearish flag from its top, created a nice and clean small bull trap (yes i'm sure you felt the FOMO as well yesterday if you traded Verge, Ltc or Xrp) to then plunge back into its line of life, and it is currently testing it again by resting slightly below it, which is a very bearish move.
Charts generally don't lie, and this move confirms that indeed, Bitcoin is having a bearish life, which means this current cycle is still compromised for the moment.
"Should i die or should i revive from this point?"
If Bitcoin decides to revive from this point, the upwards targets are still the same : 7.200, 7.700, 8150, and the main resistances.
If Bitcoin decides to die, it will possibly retest a double bottom around the 6.400$, the 6.000$, or go to the 5.650$ to possibly have some nice reaction from this double target zone.
We might possibly still need some nice Butcher chainmail gloves for some time, as catching falling knives is not the best sport ever created for physical and mental health.
Good luck trading.
Comment:
Let's gamble!
Comment:
Yes that's it, pump it just right when the H&S would have been finalized lol.
Yes that's it, pump it just right when the H&S would have been finalized lol.
Comment:
Nota: if this H&S harmony is finalized and that it takes effect, the target would be 5.800$, which curiously is the exact target of the Ferbruary low double bottom
Comment:
www.tradingview.com/x/dIwS5XT
Extreme low volatility right now.
If you pay attention to the volumes, there are almost no buy volumes.
What does it means? simply that almost nobody wants to purchase some Bitcoin when it is priced at 6.600$.
Buyers did not even follow the small local pumps, this is not a very good sign. N/
Extreme low volatility right now.
If you pay attention to the volumes, there are almost no buy volumes.
What does it means? simply that almost nobody wants to purchase some Bitcoin when it is priced at 6.600$.
Buyers did not even follow the small local pumps, this is not a very good sign. N/
Comment:
Comment:
Under its line of life, testing it + trying to break through the local downtrend line (black line).
The cumulation of these two lines are heavy to break through, if Btc makes it, it will be encouraging
The cumulation of these two lines are heavy to break through, if Btc makes it, it will be encouraging