"You can lead a horse to water but you can't make it drink" - This analysis is what Bitcoin will almost certainly do. I am saying this as to warn the bulls in advance.
Bitcoin is in a technical juncture. Price has been at the mercy of technicals which just keep getting the better of BTC at every turn. It recently found resistance on long term side-wards resistance, and more recently used the 200 moving average as a resistance before coming lower. When it used the 200 this was the start of a down trend on this time frame. As it stands, there is only one support level left before Bitcoin potentially tanks to the downside, and that is the side-wards support line drawn on my chart which is sat right on current price action. If price breaks below the side-wards support level, and retests it as a resistance, then we're going much lower in a breakout type move, likely to an incredibly strong support zone between 5770 and 5610 levels. This support is very strong why? It's the long term side-wards support line level, and a ong term horizontal support zone level. This zone would quite likely hold up for a bounce.
The ONLY way this analysis would be at all invalidated is if price breaks above 6790 (A break of the side-wards resistance and the 200 moving average resistance) AND retests it as a support! ANY other conditions do NOT negate this analysis. Below 6790 - bearish. Above 6790 - bullish.
Where do YOU think price is headed? Leave a comment with a chart below and let's share our thoughts!
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Thank you for your support.
Comentarios
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Having a nice up day today which is interesting. Looks like we are staying within the triangle for a while longer.
Alongs it doesn’t break and close above 6790 then this analysis stands.
Please leave a LIKE. I’d really appreciate it. :-)
“I am saying this as to warn the bulls in advance.”
Sounds like a flip flop to bearish. Author’s recent posts were more in favor of a bullish short term development. Now they are not.
What I’m seeing is the exact behavior you’d expect from a “heard of contrarians”. Step 1. Say that “we are different, we don’t move with the herd”. Step 2. Join the herd and run with the rest.
Potential Step 3 - say price has 50/50 chance moving up or down.
But wait, here is a brilliant move: “ANY other conditions do NOT negate this analysis”. Brilliant.
_justsome_guy_
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@BorisPoff, as a matter of fact, Tom has recently been calling for a downturn in BTC. He is a major reason why I have move 50% into cash, as of last week. Please read his recent posts.
@BorisPoff, Reported the comment to moderators. :-)
Btw, read next time, you're wrong. ;-)
BorisPoff
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@TomProTrader, you have to report me to moderators? Be careful what you wish for and here is why:
You are misleading the audience with your irresponsible advice. Please read carefully what @tradealert wrote above and clean up your act.
For some examples of high quality educational content please take a look at the most recent post by EXCAVO “Types of false breakdowns”. He is not “warning the bulls” or makes any judgmental calls about direction of the market.
You recent posts were an example of a herd mentality instead of educational content that TV is striving to provide.
@BorisPoff, lets see who gets rekt this week. I just sold at 6600. Funny that you mentioned Excavo because he has had two losing charts in a row that cost me around 1000 dollars because I listened to him on both occasions unfortunately. If you check .y posts you will see proof of this im not making this shit up. Tom has never failed me, not once. I'll post back in a few days but everyone will know by then anyway. I'm in cash for now.
csdailey
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@BitcoinNewb, You make trades based on other peoples charts. There's your problem lol. I look at other peoples charts to get a collection of thoughts/scenarios incase I miss any. Otherwise, I base all of my decisions on my own research and ideas.
BitcoinNewb
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@csdailey, I'm not a trader. I'm just an investor. So why would I trust myself over guys who do it for a living and have for years? I'd say that is a problem. In my trade it took me almost 20 years before I was confident in what I did. That's 8 hours a day for 20 years. I don't have that to give to trading so I must rely on the knowledge and experience of others. It's that simple.
BorisPoff
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@BitcoinNewb, “I’m just an investor”. Lol. That’s why you sold at 6600? Enough said.
Sounds like a flip flop to bearish. Author’s recent posts were more in favor of a bullish short term development. Now they are not.
What I’m seeing is the exact behavior you’d expect from a “heard of contrarians”. Step 1. Say that “we are different, we don’t move with the herd”. Step 2. Join the herd and run with the rest.
Potential Step 3 - say price has 50/50 chance moving up or down.
But wait, here is a brilliant move: “ANY other conditions do NOT negate this analysis”. Brilliant.