Bitcoin Holy Smokes - is this true ?
As you can see i drew a little white triangle.
We have a major problem right now. We are about to be informed on the future of bitcoin any day now.
If the price of bitcoin falls lower then white lower line of the triangle, the price will most likely keep going down.
However, if it breaks through the top line and goes higher, then we could still expect some good news,
One thing to keep in mind is that in general professional analysts look at exponential moving averages to determine the future trend and try to forecast what will be the price of the instrument.
Here the part is that not only bitcoin is under the 60 exponential moving average, the price of bitcoin is also under the 20 exponential moving average.
This is like one of the worst news for bulls, however everything can always change, only time will show.
If you look at the relative strength indicator that is displayed in red color just below the chart, you could notice that the RSI ( line in red ) seem to be climbing higher.
At the same time, we have the price of bitcoin that keeps going down.
If you ever professionally studied trading at a high level, you would know that when such a case like this one occurs, and when when the price makes a lower high but the oscillator is making a higher high, then it is an immediate sign for bulls to take caution. They are really at risk. Alright, we are far from the apocalypse of this cryptocurrency but bulls are definetly more at risk of losing money. Only time will show. Some news events can completely change the future in the blink of an eye.
Trust your intuition and don't forget to always do your own due diligence.
In general, i am quite good at predicting future events for the cryptocurrency and the commodity market.
Recently, not long ago, well a few weeks ago, i remember when bitcoin was going up up and up, everyone were like short it , buy it, short it , buy. Some were saying it to short is at 7000$ and some were saying to short it at 6500$ and some were saying to short it 7500$. No one knew exactly.
As far I know and from my experience and from what i saw, i was pretty good at detecting future prices. If you go to my profile, you will see that when i told everyone to short bitcoin at 7800$ and that something will hit it like thunder, in 1 day, bitcoin fell down by almost 3000$ and most forecasters didn't even see that coming.
Maybe i am just being very caution, but when it comes to cryptocurrencies, the spread is high, the volatility is high and the risk is high, that's why just mentioning here what i think because for me everything is about risk management and when you don't have an upper or downward trend, its not always the best decision to invest or day trade when there's a sort of consolidation going in some way.
Good luck everyone and don't forget always do your own due diligence.
BTC is at risk.
#bitcoin #litecoin #cryptocurrency
We have a major problem right now. We are about to be informed on the future of bitcoin any day now.
If the price of bitcoin falls lower then white lower line of the triangle, the price will most likely keep going down.
However, if it breaks through the top line and goes higher, then we could still expect some good news,
One thing to keep in mind is that in general professional analysts look at exponential moving averages to determine the future trend and try to forecast what will be the price of the instrument.
Here the part is that not only bitcoin is under the 60 exponential moving average, the price of bitcoin is also under the 20 exponential moving average.
This is like one of the worst news for bulls, however everything can always change, only time will show.
If you look at the relative strength indicator that is displayed in red color just below the chart, you could notice that the RSI ( line in red ) seem to be climbing higher.
At the same time, we have the price of bitcoin that keeps going down.
If you ever professionally studied trading at a high level, you would know that when such a case like this one occurs, and when when the price makes a lower high but the oscillator is making a higher high, then it is an immediate sign for bulls to take caution. They are really at risk. Alright, we are far from the apocalypse of this cryptocurrency but bulls are definetly more at risk of losing money. Only time will show. Some news events can completely change the future in the blink of an eye.
Trust your intuition and don't forget to always do your own due diligence.
In general, i am quite good at predicting future events for the cryptocurrency and the commodity market.
Recently, not long ago, well a few weeks ago, i remember when bitcoin was going up up and up, everyone were like short it , buy it, short it , buy. Some were saying it to short is at 7000$ and some were saying to short it at 6500$ and some were saying to short it 7500$. No one knew exactly.
As far I know and from my experience and from what i saw, i was pretty good at detecting future prices. If you go to my profile, you will see that when i told everyone to short bitcoin at 7800$ and that something will hit it like thunder, in 1 day, bitcoin fell down by almost 3000$ and most forecasters didn't even see that coming.
Maybe i am just being very caution, but when it comes to cryptocurrencies, the spread is high, the volatility is high and the risk is high, that's why just mentioning here what i think because for me everything is about risk management and when you don't have an upper or downward trend, its not always the best decision to invest or day trade when there's a sort of consolidation going in some way.
Good luck everyone and don't forget always do your own due diligence.
BTC is at risk.
#bitcoin #litecoin #cryptocurrency
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