momo3HC posted: Hi all. I`m here again but this time will be a bit more different from the other ones. I`ll be short and most of you will not like the below chart may be, but in the markets we must be always emotionless. In short, BTC price could be at the edge of the cliff right now. When we look at the daily chart we’re seeing a very good looking ascending channel. That’s bullish right, but when we zoom out we’re seeing something a lot more different than bullish. That’s a bear flag. If you don’t know what a bear flag is then just google it, but a bear flag, like it`s name is showing, is a bear pattern. There’s no confirmation breakdown yet but if this happen we could see a price drop to the mid $20K - around $25000. We just got to be prepared and the world (and BTC) would NOT end with this. Will this happen only the time will show. When will be the bottom if this happen… Think I have something in my pocket to point the bottom but I`ll tell you more about this if and when this drop happen. That’s it for now. A simple and clear chart. I hope that such negative charts will be less and less in future but that`s the real life. I have something positive prepared for the next time too plus some trading strategies testing but for all of this… when the time have come. See ya.
Oh, wow. Your chart was really well-done with that 25,6k level. 😳
Instruments move up and down for sure so a 'negative' chart is just as good as a positive one to those that trade leverage ;) I think itll go to 12kish but it has stabilised around the 21k mark for the moment
CraigMcG2020 posted: Instruments move up and down for sure so a 'negative' chart is just as good as a positive one to those that trade leverage ;) I think itll go to 12kish but it has stabilised around the 21k mark for the moment
Bitcoin has been bullish so far this week. Today's candle may close as a bullish candle as well. However, there is a down trending trend line in the weekly chart. The price may not get bullish in the bigger chart until the price breaches the resistance of that trend line.
Freddy4Taylor posted: Even though cryptocurrencies have fallen in value, I think bitcoin should strengthen by the end of the year.
I think so too, it wont take much for it to start pushing up again and sentiment to change. I dont think it will be a rapid rise though as lots dont have disposable income with inflation to jump back on board
Felhagamand posted: Honestly I do not believe that the BTC will be somewhere around that levels anyway. How we can go further with that matter totally and completely? I wish I was able to invest in BTC when it was worth peanuts and will sit now and discuss what to do with it honestly.
Yes the high it had was because of hype from Elon and having money to spend.
Bitcoin gets caught within a horizontal range. The level of 21K has been working as a level of resistance. If the level of 17875K works as a level of support, then it may be traded within this range for a while. A bearish breakout may drive the price towards 15K.
Bitcoin seems to have found its support in the daily chart. However, the weekly still looks very bearish. Thus, the level of support is to hold the price for at least a week more and produce some bullish momentum in the weekly chart before getting bullish. Let us wait and watch what happens next.
The level of 18650 seems to be working as a level of support in the daily chart. The price has been bullish upon having double bounces. It may head towards the North for a while. The level of 27500 may work as a level of resistance in Bitcoin.
For the last 1 week, the BTC value has been fluctuating around 23k usd price level. We can expect it to rise in the coming week as the price level is gradually increasing. Although a recent news article by cloud wisdom suggested that nearly 36% crypto traders expect bitcoin to reach $30k mark by the end of this august, most economic analysts have kept the $36k mark as a target by the end of this year. Since the US Fed rates are increasing, and an economic recession is likely to happen, we cannot expect a high recovery of bitcoin too soon. However, bitcoin is sure to rise within 2-3 years timeframe.