AdrianZieniewicz

BTC bearish - when reversal?

POLONIEX:BTCUSDT   Bitcoin / Tether USD
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I think the market has lost a lot of its enthusiasm and we may see Bitcoin entering a nuclear winter. If we start breaking resistances - we may start gaining momentum, if we don't and the damage done was too great, the recovery may be slow and painful.

If we manage to stay around the current Fib level and break the nearest resistance the outlook should be positive, if we stay under we will go further down. Even the RSI is hitting a resistance and MACD is far from positive but the reversal should come eventually - the longer term trendline should act as a pretty strong support.

Jan 19
Comment: The current stage of BTC cycle looks an awful lot like ETH about half a year ago.

 
Jan 19
Comment: Therefore I'm expecting a harvest time in the summer.
Jan 21
Comment: The daily chart looks, well... still not good. I mean we attempted an attack on the first resistance and understandably there was a small sell off there. Now we're at a pretty neutral level and I -think- that we may attempt another attack on the resistances. I mean - we picked up nicely from the bottom and the likelihood of going so low again seems distant. Yet again we're in a descending price channel, so we're far from really bullish.

 
Jan 25
Comment: Bitcoin doesn't look any different than it did in 2013/2014. And with Tether being the second Mt Gox in the making, I think I know where this is going.

 

Comments

For now that looks perfect :) the price bounced from 0.5 Fibonacci and resistance line. let's see where it goes now..
+2 Reply
@vi_post, yeah, and the resistance is near that level. A breakout would be a bullish signal.
Reply
Yeah, even if we break up from the current consolidation, we would have to go above at least 14 000 to break the larger downtrend. I don't see that happening yet in a sustained way. I'm not particularly concerned about tether either though, and I don't think we are heading for a year long bear market.
+1 Reply
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