DontWatchDoc
Short

Case of The MOOOONDAYS: Bitcoin (BTC)

POLONIEX:BTCUSDT   Bitcoin / Tether USD
Happy(or not?) Moooonday everyone!

Hope your weekend went well! Unfortunately Bitcoin's hangover is not responding to fluids, aspirin, or even greasy food like mine did. Guess all the traders in Philly sold before they went to flip cars and climb light poles. No disrespect to Philly though, its my hometown(go Eagles yipeee!!) and it was a great game... But I digress. Onto the analysis.

Observing the 4 hour chart, the price clearly took a major hit last night, dropping from ~9200 to a low of 7200. RSI is still angled downwards, with no sign of positive divergence... Even if there was, I wouldn't be taking it too seriously (see my Zcash analysis for a case of positive divergence which didn't hold up: https://www.tradingview.com/chart/ZECUSDT/1mug032Y-Waiting-for-the-Super-Bowl-to-start-Don-t-Watch-Zcash-ZEC/). The point is, positive divergence needs some other evidence if its going to be proved valid. Just like anything else in technical analysis , there is no ONE indicator good at everything.

For the MACD , the short term average already crossed below the long. It doesn't look like it's looking to come back for a while either. Closest support is 6950s (Green dashed line) with closest significant resistance at 9470s (Red dashed line). There are a bunch of tiny supports and resistances in-between, but both of these levels have been tested many times before(even back in November on the 1 day charts).

Overall, I expect that BTC             could bounce back close to the yellow star(8200s), but do not be fooled. As we have seen, BTC             has had many failed breakouts which have cost buyers thousands of dollars. Check my past post if you want to see an example of a very recent failed BTC             breakout (https://www.tradingview.com/chart/BTCUSDT/YsC7XOrV-In-Bits-and-Pieces-Don-t-Watch-BTC/). Fool me once Bitcoin             , shame on you.... Shame me twice well, then ill stick with Ramen and save my money in a long term savings account with .00001% interest.

After the failed breakout, I expect BTC             to settle around its support at 6950s.

Hope your Monday goes well! ^_^

-Doc


Trade closed: target reached: Wheeling BTC to the ICU now... gonna hook up the IV and get a critical care consult. BTC clearly just broke through the immediate nearby supports. I will update later once I'm home.

Remember, don't try to catch a falling knife.
Best of luck,
-Doc
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