Hello traders! BTC is not looking Bullish including All other coins. Be careful Buyers.
If we see the current formation it's a rising Wedge Formation and it always formed to drop hard and if we see the nature of this formation, whenever it forms on the peak it gives a small breakdown then moves up again to make new highs but this time it is formed below the peak so it's not a good situation for buyers as once It breaks this formation there is no chance to come back.
At 42k There is the first Major support which will work as short-term support but it cannot hold the price longer as the Market is aiming to break a very old trendline line which is at 20K Target. This call is not just a panic call, It's a calculative one.
Once it breaks 20K price it is good to go for Buy. The market will keep pushing down for this whole year.
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adil i liked you so much before this but with all this hype and news and banks and goverments turning to btc don't you think such things like biggest dump in history is kindda debunked ?
or is it just to get more attention and followers ?
Aadil1000x
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@exogenesis31, From 20 oct 2020 it's moving only up and just look at the angle, do you think this type of structure can hold longer. it will form a leg that will touch 20k.
ianrdouglas
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@Aadil1000x, I don't think it's useful to think of price as precariously overextended. Below the price line is the volume of stored capital, as well as buyers waiting at numerous levels. So it's more like the attached than a line hanging in space. This is not to say crashes can't occur, obviously, and one is coming in my view for BTC, as part of its natural cycle. On ascending wedges, there is practically no sustained upside impulse that doesn't form one.
Aadil1000x
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@ianrdouglas, Bro, If you know a crash can occur then why don't you think it's the best time for a crash. If its not a good time for crash then what will be a good time? Market will fall slowly not rapidly.
ianrdouglas
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@Aadil1000x, I see BTC as repeating a seven-wave structure we saw in February, and also in 2017. Three peaks, strong dip, and ascent to the cycle peak. It's not impossible that this structure fails. But in my view BTC hasn't yet reached out to full extension. I'm charting that extension based on analysing the previous bull runs, and using the retracement rally prior to capitulation as a measure from which to project a 4.238 extension. This also aligns with fractal analysis. Personally, I don't think the crash will be slow. In my view, it will be the same as all cycle peak crashes. In addition, while alts have been making good gains, and while BTC.D is down at 47%, alts haven't decoupled yet and logged the monster gains that comes with that decoupling. Going from previous bull runs, this decoupling should start at the time of the low of the initial downside impulse of the crash. In 2017, this initial downside impulse during the start of the crash was -47%. The last lowest low we saw on BTC was -27%. In short, for many reasons I don't think we've reached the cycle peak yet. But we're close. All that said, I could be wrong and you could be right.
JadeBautista
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There is hype and talk. No banks or governments are directly involved or invested. The 3 main drivers behind BTC are trying to coherce the banks to get involved as they know themselves if there is no new money they will end up with a huge loss. The only thing driving BTC and others are FOMO and tweets of nonsesnse from the 3 main manipulators. Don't get me wrong, I'm not against BTC, but the market lacks true fundamentals and in order to maintain not even reach new highs we need a pull back to show the overall health of the market.
exogenesis31
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@JadeBautista, the thing is my friend btc is not a money and it is and will be used an a valuable asset not money
tether is money but btc is an asset and in the future it will replace gold not dollar don't get it mixed up
BLADEBG
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Whole lotta crap
pikuda42438
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@BLADEBG moon boy with no publication or TA chart spotted
jhaider58
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Oh man, was tired of seeing all the same bullish fomo ideas. Glad to see some contrary POV. I myself was skeptical, seeing daily RSI since the start of 2020. It's been making lower highs and lows while the price was rising. The divergence concerned me.
or is it just to get more attention and followers ?