Hey guys,
I know it's a little messy, but this one isn't a trade setup so don't mind it.
A fellow trader asked for a long-term chart on Bitcoin, and I thought: Why not? Let's get technical.
I'm using Ichimoku, Fibonacci, Stochastic RSI, and the Bollinger Bands.
Let's do a recap on what happened:
When Bitcoin was about to do a breakout, the Bollinger Bands started to squeeze and then made a neat Bullish Formation:
Made several ATH areas and then consolidated in a wide price range until we entered May.
What happened in May? China regulations and Elon Musk destructive tweets:
Which led to this price range we've stuck around for the past few weeks. But as you can see, this price action is getting calmer every day and is easing into a small range. The Bollinger Bands are squeezing again while the market is still busy. What does that show? One thing that it does show is that it's a consolidation. But this consolidation is happening inside a Bearish Formation.
Remember how the Bollinger Bands can affect the market?:
My point is that it can go either way. But if this price keeps on pushing down the Bollinger Bands, a crash is more likely to happen.
Let alone the fact that the price is still under the Ichimoku clouds in the red zone and the Stoch RSI indicators are showing weakness!
But that's just me. What I want to know are your ideas.
What do you think?
What can happen this year?
Are we going to experience the 19K channel? Or that's it and we're going up soon?
Describe your ideas. Like and Share!
Follow for more updates.
I know it's a little messy, but this one isn't a trade setup so don't mind it.
A fellow trader asked for a long-term chart on Bitcoin, and I thought: Why not? Let's get technical.
I'm using Ichimoku, Fibonacci, Stochastic RSI, and the Bollinger Bands.
Let's do a recap on what happened:
When Bitcoin was about to do a breakout, the Bollinger Bands started to squeeze and then made a neat Bullish Formation:
Made several ATH areas and then consolidated in a wide price range until we entered May.
What happened in May? China regulations and Elon Musk destructive tweets:
Which led to this price range we've stuck around for the past few weeks. But as you can see, this price action is getting calmer every day and is easing into a small range. The Bollinger Bands are squeezing again while the market is still busy. What does that show? One thing that it does show is that it's a consolidation. But this consolidation is happening inside a Bearish Formation.
Remember how the Bollinger Bands can affect the market?:
My point is that it can go either way. But if this price keeps on pushing down the Bollinger Bands, a crash is more likely to happen.
Let alone the fact that the price is still under the Ichimoku clouds in the red zone and the Stoch RSI indicators are showing weakness!
But that's just me. What I want to know are your ideas.
What do you think?
What can happen this year?
Are we going to experience the 19K channel? Or that's it and we're going up soon?
Describe your ideas. Like and Share!
Follow for more updates.
