Bitcoin: The bullish, the bearish, and the truth.
Updated
There are a lot of things happening in the crypto world, I certainly feel bullish, in a lot of altcoins, I see a daily divergence occurring. However, I do not see the same thing for bitcoin, and I don't know how I feel about this, but my goal is always to analyze as objectively as I can and determine the possible situations we are in.
Synopsis:
1.) After that falling three methods at occurred on the weekly, I am still leaning a little more towards the bearish side, because those long bearish candles still signal that the bears are still dominating the bulls. On the daily, I am convinced I see more of a bear flag because the volume of the drop (the pole) is much more significant than the candlesticks occurring after it. In addition, there movements are confined to a small range in which I have marked in blue. The price objective of that bear flag places bitcoin somewhere around 5500 which I do believe is much more plausible than 3000 considering how much buy volume there would be in the high 4000 to 5000 range.
2.) It is also possible that bitcoin is in a symmetrical triangle considering how hard the bulls are wrestling the bears for market dominance, volume does not validate this as much as the bear flag, but it is still a possible situation. If this would to occur, I would expect a movement to the mid 7000 and then another significant drop. However, if this would be the case, then the market direction would be a coin flip and I would give the bears a slight upper hand because they have dominance of the current field. If the symmetrical triangle comes to fruition, then there is a price objective for the bearish and the bullish, 4200 and 9100 respectively. In addition, if this were to occur, I do believe that there could possibly be another falling three methods on the weekly candlesticks.
3.) I will be posting on the 4 hour as well, because on the rsi, there is a rising channel that was just broken and there appears to be a type of topping formation occurring on that time frame as well. In addition, the rsi is showing a divergence, but when a bull run is occurring, as I have mention before, it is possible to see a divergence occur and movements to the upside. But they generally are not good signals, and to me it signals that there is market weakness occurring on the bull run.
Finally, I do think that bitcoin will be holding the rest of the market down until it is ready to make moves on the way up.
Trade Smart, Hedge Risk and make some money.
Previous Analysis:
Synopsis:
1.) After that falling three methods at occurred on the weekly, I am still leaning a little more towards the bearish side, because those long bearish candles still signal that the bears are still dominating the bulls. On the daily, I am convinced I see more of a bear flag because the volume of the drop (the pole) is much more significant than the candlesticks occurring after it. In addition, there movements are confined to a small range in which I have marked in blue. The price objective of that bear flag places bitcoin somewhere around 5500 which I do believe is much more plausible than 3000 considering how much buy volume there would be in the high 4000 to 5000 range.
2.) It is also possible that bitcoin is in a symmetrical triangle considering how hard the bulls are wrestling the bears for market dominance, volume does not validate this as much as the bear flag, but it is still a possible situation. If this would to occur, I would expect a movement to the mid 7000 and then another significant drop. However, if this would be the case, then the market direction would be a coin flip and I would give the bears a slight upper hand because they have dominance of the current field. If the symmetrical triangle comes to fruition, then there is a price objective for the bearish and the bullish, 4200 and 9100 respectively. In addition, if this were to occur, I do believe that there could possibly be another falling three methods on the weekly candlesticks.
3.) I will be posting on the 4 hour as well, because on the rsi, there is a rising channel that was just broken and there appears to be a type of topping formation occurring on that time frame as well. In addition, the rsi is showing a divergence, but when a bull run is occurring, as I have mention before, it is possible to see a divergence occur and movements to the upside. But they generally are not good signals, and to me it signals that there is market weakness occurring on the bull run.
Finally, I do think that bitcoin will be holding the rest of the market down until it is ready to make moves on the way up.
Trade Smart, Hedge Risk and make some money.
Previous Analysis:
Note
In this image, you clearly see the RSI rising channel that btc is in and it looks strong; however, it has hit resistance and I marked it with a red line in the center of the rising channel. Note
In this image you can see a possible head and shoulder topping pattern; however, is volume not the strongest confirmation of this pattern. But the divergence is a better confirmation, the orange lines represents the failure swings that are occurring and the red line is a signal that is has broken the significant support official stating that the divergence has begun to occur.
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