The Downtrend Continues! BITCOIN! (BTC) >=D
Updated
Hi friends! Welcome to this update analysis on BITCOIN! Now, allow me to dispel any bullishness that may be plaguing your minds. Without further ado, let's get right to it!
As you can see, I have left my daily chart relatively unchanged, since it was first published on May 21st. In that original analysis, I outlined the general path that I expected BTC to take, with a set of green and red arrows. I detailed exactly why I believed BTC would follow that general path. If you would like to reflect on that analysis, it is linked below.
When comparing BTC's movement to the path that I outlined in May, you can see that it is pretty similar. However, BTC fell from the triangle sooner than I had originally anticipated, which is a testament to it's overall weakness. You can see by my arrows that I did expect another gyration inside of the triangle, but that never materialized. Instead, BTC dropped straight through the triangle to form yet another lower low. Since then, BTC has continued to display undeniable weakness. Here's how.
After forming the new lower low, BTC reversed in a relief rally that pushed the price above the 50 EMA (in orange,) the triangle apex, and the 200 EMA (in purple.) However, this was all in vain, since BTC has since made a sharp reversal back to the downside, smashing straight back through all of those extremely significant levels in the process. So, not only did BTC just print a huge failure in it's attempt to rally over and hold powerful overhead resistance, but it also formed yet ANOTHER lower high on the chart. Make no mistake people, we remain in the midst of an overwhelming bear market. The definition of a downtrend is lower highs and lower lows, and this chart certainly fits that definition. So, be careful listening to all of those analysts out there, who are calling for the moon and Lambos without even seeing a higher high or low on the chart — Unless you like it when people blow smoke up your hoo ha. =D
On my May 21st chart, I said "I think that, in general, there is a high probability that we will continue to gyrate inside of this triangle into the summer. Then, we're likely to see a breakdown sometime in late June or July. The path from there is questionable. However, it's common for price to return to the apex of a triangle, to test it as support or resistance. For that reason, I think it is likely that BTC could retrace to the triangle apex." We just retraced to the apex exactly as I had anticipated, and failed to hold it as support. So, essentially, BTC has defined the apex as powerful overhead resistance.
I would like to draw your attention to the purple lightening bolts on the MACD. Each lighting bolt is placed where the MACD crossed below the zero line. Since the all time high, without fail, this signal has been a precursor to immense selling, and it just happened again. Coupled with the aforementioned demonstrations of extreme weakness, I think it is highly likely that we will see a test of the rising black trendline, somewhere around $5,200. So, that's what I'm expecting in the near future. Good luck everyone!
PS. To those who are wondering, $3,000 is still in the cards. >=D
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
As you can see, I have left my daily chart relatively unchanged, since it was first published on May 21st. In that original analysis, I outlined the general path that I expected BTC to take, with a set of green and red arrows. I detailed exactly why I believed BTC would follow that general path. If you would like to reflect on that analysis, it is linked below.
When comparing BTC's movement to the path that I outlined in May, you can see that it is pretty similar. However, BTC fell from the triangle sooner than I had originally anticipated, which is a testament to it's overall weakness. You can see by my arrows that I did expect another gyration inside of the triangle, but that never materialized. Instead, BTC dropped straight through the triangle to form yet another lower low. Since then, BTC has continued to display undeniable weakness. Here's how.
After forming the new lower low, BTC reversed in a relief rally that pushed the price above the 50 EMA (in orange,) the triangle apex, and the 200 EMA (in purple.) However, this was all in vain, since BTC has since made a sharp reversal back to the downside, smashing straight back through all of those extremely significant levels in the process. So, not only did BTC just print a huge failure in it's attempt to rally over and hold powerful overhead resistance, but it also formed yet ANOTHER lower high on the chart. Make no mistake people, we remain in the midst of an overwhelming bear market. The definition of a downtrend is lower highs and lower lows, and this chart certainly fits that definition. So, be careful listening to all of those analysts out there, who are calling for the moon and Lambos without even seeing a higher high or low on the chart — Unless you like it when people blow smoke up your hoo ha. =D
On my May 21st chart, I said "I think that, in general, there is a high probability that we will continue to gyrate inside of this triangle into the summer. Then, we're likely to see a breakdown sometime in late June or July. The path from there is questionable. However, it's common for price to return to the apex of a triangle, to test it as support or resistance. For that reason, I think it is likely that BTC could retrace to the triangle apex." We just retraced to the apex exactly as I had anticipated, and failed to hold it as support. So, essentially, BTC has defined the apex as powerful overhead resistance.
I would like to draw your attention to the purple lightening bolts on the MACD. Each lighting bolt is placed where the MACD crossed below the zero line. Since the all time high, without fail, this signal has been a precursor to immense selling, and it just happened again. Coupled with the aforementioned demonstrations of extreme weakness, I think it is highly likely that we will see a test of the rising black trendline, somewhere around $5,200. So, that's what I'm expecting in the near future. Good luck everyone!
PS. To those who are wondering, $3,000 is still in the cards. >=D
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Note
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.