BrettduPreez
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Bitcoin losing strength

BITFINEX:BTCUSD   Bitcoin / Đô la
Seems that Bitcoin             is losing momentum from bulls. The ultimate test for now being the 50 period moving average (yellow).
Bình luận: I do not think that we will see a bull trap. The CCI has no room for one.

https://www.tradingview.com/chart/boWNv2aI/
Bình luận: Forming a perfect head and shoulders pattern. If we do not trade higher than 8500 in the coming 6 hours, we are very likely to be going down from here.
Bình luận: I'm still short. Do not be surprised if this is a Bull trap. We have experienced Bull traps on almost all of the previous stops in this downtrend.
Bình luận: The fall to 5000 USD has started. There was a bounce of the support formed by the 200 period weighted moving average and the downtrend line. Just a matter of time before this is also broken. Then next target is 7800 USD, which should also easily be broken, taking us further down.
The fall to 5000 USD has started. There was a bounce of the support formed by the 200 period weighted moving average and the downtrend line. Just a matter of time before this is also broken. Then next target is 7800 USD, which should also easily be broken, taking us further down.
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nice, ok lol, how u made that bend line (the green one)
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BrettduPreez girius7777
@girius7777, yes the green bend line was not so much to show an exact pathway, but to give an idea of why Bitcoin was losing strength and how this will end up in falling. Lets see how this develops, but I remain bearish on Bitcoin.
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girius7777 BrettduPreez
@BrettduPreez, ok i know what it means, thank you for repeating, but i mean how you draw it? i cant find how to draw a bend line here on TradingView
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BrettduPreez girius7777
@girius7777, ah, okay i see, my apologies for misunderstanding your question. I used the curve tool ( click on the fourth tool icon below your trading view letter (G in your case), then the curve tool is third from bottom). Let me know if you do not find it so I can send you a picture.
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girius7777 BrettduPreez
@BrettduPreez, Yes,found! Thank you very much, Sir
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In addition to my previous update, new money hasn't yet found its way into Bitcoin. I may be wrong, but the chances are that we will see another massive drop soon.
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Nice chart. I do think a pullback is possible, though bulls still have some strength. The curve you've drawn I think will dictate this movement. The bulls are weakening at the moment, since they're unable to take the price consistently higher with each high.

Volume profile on rounded tops are also inverted, so we could see more volume, and more bullish movement up to the top of the curve (or level with last high) and then I think a gradual change of hands to bears.
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as binance has been out of operation since 10 hours and will be out another 12 more, it is not reasonable to say the bulls are losing momentum. people simply cannot take part in the market.
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BrettduPreez retiringsoon1
@retiringsoon1, I do agree with you regarding this, but we should remember that Binance also has bears in their market. In addition, Binance does not constitute a major part of total trading and a large proportion of Binance traders will have accounts at other platforms. But I do see your point.
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