Welcome to this update on the most accurate Bitcoin Technical analysis on TradingView :)
Hit LIKE to enjoy and profit from the following free trade signal.
Along with fundamentals and indicators we do have very clear situation i would say (regardless of hair stylists and taxi drivers write 3000$ BTC, 1,700$ Btc and so on.
They don't understand a nickle i'd say, because, with little fundamental knowledge on Bitcoin, they would not talking so.
They don't care, since it's not about them, it's about their money they will burn (your money) if being influenced by desperate FOMO.
Those influeced by FOMO with drop deeper, buying Bitcoin on all price levels while shouting " MOON, MOON" and will fall with MOON :).
This is a follow up on my previous idea, which forecasted Bitcoin uptrend posted at 10 days ago .
Now What is ahead of us?
Double bottom (as making lowest low in the cycle=3800$)
And there we should place long positions to 4500, then shorting them to 4150 and going long to 5700-5800), then shorting again ( we dump).
If we take a look at the altcoins, we could notice that most of them didn't utprended and most the of them are either very much at the bottoms or near it.
Along with BTC , entire market colided and also deflated altcoin ratio over BTC .
Depth of fall was nearly 45% !!!
As per FA and TA given we could conclude next :
- StochRSI is uptrending on daily graph and on slight drop on 4h chart.
-RSI is also uprising on daily as being on very bottom and now bending upwards.
-MACD crossover on weekly is promising.
-I do expect rebound to 5750 in a form of a bulltrap.
-Dump again.
-Uptrend to 6.250/6550 (but that can be speculative and risky).
Well at least if you are lucky, the short position that was opened could offset most of the losses or even provide some gains...was clearly not the best strategy though
AtlaStar
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So this is exactly what I was getting at yesterday and why I was so critical of your TA.
Your entire strategy relied on there being a significant pump in order to get the position rolling. There is one or two periods left for it to occur yes, but the chances of reaching your first mark is very low.
This is what I meant when I asked what makes you think that we will hit 6k in the timeframe you gave. The timing of entering a position is crucial, and it is clear that if there is to be a bullish movement that the position was entered too early, which makes the timing of the future parts of your strategy fall apart. Things may start to trend towards what you originally said, but I still don't see anything in your original TA that suggested it was wise to enter into a long position when you originally suggested.
Finally, you are using the standard RSI incorrectly. RSI only gives signals when it is outside of the bounds in overbought/oversold territory and then enters into the band. There are additional tests to confirm the reversal signal like it being oversold, going into the band, then going back into oversold and back in and having those low points be increasing while price is decreasing, but RSI has the strongest signals when it matches the long term trend. Movements inside the band mean nothing unless it recently entered from overbought or oversold territory. All analytics on the long term data suggests a longer price squeeze as the current trend is quite strong as support and resistance lines converge...but not a squeeze on the long term charts that will occur within the time frame originally presented.
That all said, if my original discussion came off as rude I do apologize...but I didn't see what you were seeing then, and still don't see it if you are still feeling bullish for the period of time you gave.
Wavema
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At the bottom, they made another bearflag, start of a "dump of the death to 3k". It was time to buy the dip... Immediatly after, the big pump expected by Milanjelic ! It help really to have an idea of what's going on in this strange world.
milanjelic
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@harlmington,
It's me against influencers :)
Nothing apart from that.
Always on a side of a little man.
Not providing 5-6 digits, nor delusional 3.000$ BTC or even lower.
Time will show as always.
Thank you :)
Wavema
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@milanjelic, we are the 5 dec 2012 near 14:00: we remain at the bottom 3.9k , we are not at 4.4k. Failed
Boon2
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BTCUSD H4 Update. Checkout the idea detail's and update's for the complete picture!
In the nearest future.