Zoom out. Use the most basic and simple TA. $35k price target.
Long term bear flag on daily with a price target to $23k. The question is how do we get there? flash crash now or a slow bleed down.
Im still beairsh atm, i have taken some profits today on my short, but also still think we haven't bottomed yet. Will update if i change my mind.
Still bearish. Bear flag and more downside today. Set up for making new lows this week.
BTC is very bearish technically. Dont fall for twitter hype.
The Daily Volume is still very low so not convinced we have bottomed on bitcoin price yet.
Expect BTC price to further fall. I am still Short. DXY made new highs and stock indexes more lows today. Not good for bitcoin and crypto market.
Very bearish today with all major stock indexes down significantly. Weekly charts show weakness from bulls. I think we are now going to make lower lows and highs from here. Short term short til $38k and i will take some profits off the table.
To me looks like a Dead cat bounce could playout at the golden ratio Fib level. We also have a CME gap at $42700. So very likely gap gets filled this coming week. I am still bearish on BTC. But lets see what happens in the next few days.
Resistance at the bottom of 1hr Gaussian channel. Very little buyers stepping in currently. Volume dead. So far my bearish thesis has been playing. If we breakout this descending parallel channel then i will take some profits off the table and reevaluate.
I remain bearish short term unless we breakout the descending parallel channel. Target price near $40000.
Updated from earlier trade idea. Bear flag and bounce off 1hr gaussian channel. Weekly BTC chart now looks very bearish if price stays below $42500.
Look back on the BTCUSD price chart, whenever price chart has the daily 200 MA trending down usually we see some months of price depreciation.
HVN indicator gives a strong sell signal on Down Jones. Looking at internet bubble and 2008, a similar 30-50% crash over next several months could play out if history repeats. Theres some bearish divergence on monthly chart too.
Bounced off the 1hr Gaussian channel, usually a bearish sign. So far my thesis from $48000 is playing out so far.
Earlier trading idea has been updated. I still see $40k coming given DXY is looking bullish. And disappointment that was the Bitcoin Miami lol.
In a descending parallel channel with an Elliott wave count moving to wave 5 if price drops from here. Otherwise will be a dead cat bounce to $44800 area. Lets see how it plays out. I am still SHORT.
Why being Long now could be a bad mistake (I just closed my long) -Daily MA resistance at $48300 -Weekly 200 MA at $20,300 -Weekly Gausian channel hasnt turned red this cycle. -No volume on this breakout on Sunday/Monday -Whales not buying according to on-chain data -Inflation is getting worse, meaning retail investors cannot afford to invest in assets like...