Are we about to repeat the 65k crash?
Updated
My emotions tell me to be hyper bullish right now...
That means yours do too.
Historically... emotions never work out.
So turn to the indicators. What are they telling me?
This indicator pattern sure looks a LOT like the moment before the dump down to 28k a few months back. I think it's quite possible we are in the biggest fakeout bull rally ever.
1) The blue arrow below indicates bearish divergence strength on my divergence indicator. Whenever there is a good red chunk in that indicator bitcoin comes down at least a little bit. We just made a really good red chunk the past few days.
2) The yellow arrows above show what I feel is the repeating pattern. 3 yellow arrows making higher highs (each with bearish divergences) then a white arrow making a lower high (with bearish divergences).
Anyways I might be wrong and we might be heading to the moon. I just... don't trust it. Use a stop loss guys. Be safe right now.
I think it's quite possible we go under 28k this month.
______________________________
I want to add that I really do understand the bullish case right now. There's a TON to be bullish on right now. Just... this pattern really does seem frightening to me.
That means yours do too.
Historically... emotions never work out.
So turn to the indicators. What are they telling me?
This indicator pattern sure looks a LOT like the moment before the dump down to 28k a few months back. I think it's quite possible we are in the biggest fakeout bull rally ever.
1) The blue arrow below indicates bearish divergence strength on my divergence indicator. Whenever there is a good red chunk in that indicator bitcoin comes down at least a little bit. We just made a really good red chunk the past few days.
2) The yellow arrows above show what I feel is the repeating pattern. 3 yellow arrows making higher highs (each with bearish divergences) then a white arrow making a lower high (with bearish divergences).
Anyways I might be wrong and we might be heading to the moon. I just... don't trust it. Use a stop loss guys. Be safe right now.
I think it's quite possible we go under 28k this month.
______________________________
I want to add that I really do understand the bullish case right now. There's a TON to be bullish on right now. Just... this pattern really does seem frightening to me.
Note
I did just close all positions for all coins and I did put in a bitcoin short in the mid 49.5k area. Aiming for 25k. I think it's going to be a red october.Note
The very bottom indicator is MFI, or money flow index. It just peaked in the "potential sell area" today. It did that same thing right before the dump down to 25k.So ask yourself. Who's going to make a lot of money. Everyone who is bullish? Or the few who are bearish?
Does... EVERYONE make money in crypto? Or... is it the 10% who make money?
Again. Use a stop loss right now.
Note
bearish divergence on the 4 hour chart's RSI right now like a MF'er too. Most recent lower high on the RSI was around 70 level. The 4 hour is just begging for a reversal. This is exactly when things reverse, if they do.
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