Bitcoin 64895 or 10000 Extended analysis, must see!
Updated
Dear traders,
Bitcoin seems to have sunk through the floor but is it really? I wanted to check that out and to do so I checked 10 years of Bitcoin history.
What turns out, the Rsi of 32.39 has only been lower 4 times before in 10 years.
It was Oct.2014, Jan 2015, Npv 2018 and March 2020. That means we are extremely oversold on Bitcoin at the moment. Together with the ultra low fear index, it can hardly go lower or there will be a real crash. If we look at the volume during the decline it is extremely low. On the contrary, you would expect that with Bitcoin dropping so low, volume would increase.
What facts are there that could give a turn for this bearish looking scenario at this time?
1. Very low volume for Bitcoin, see chart. The real volume climax has already been on May 19.
2. Long-term trend line not hit yet.
3. Support on the long RSI and an ultra low. Only 4 times before have been so low in 10 years.
4. A very low fear index. This much fear is a contra indicator.
5. The manipulation done by the big funds to shake traders out of the tree.
6. Large funds also know that a bitcoin at 30,000 triggers a bear market. I think that's why they keep the price above the long trend line. that level is at 32500 currently but rising.
7. The 4 year cycle normally does not end until early 2022.
8. The drop went exactly to the 0.618 fib level and that almost guarantees a solid bounce. It is also a correction and not yet a bear market in Crypto currency markets.
9 we see a bullish falling wedge targeting the old all time high at 64895!
If Bitcoin does fall further and tests the old bottom, the longer term trend line has been broken as well as the RSI.
So we are definitely at a crucial point now. If we close below 33200 with a convincing close, I think this bull cycle is over on the other hand if we do not go lower the 33200 level we will probably see the old all time high .
Dear friends, please comment on these findings. What do you think, what other facts are there that could allow for a further bull market until the end of the year.
Good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Bitcoin seems to have sunk through the floor but is it really? I wanted to check that out and to do so I checked 10 years of Bitcoin history.
What turns out, the Rsi of 32.39 has only been lower 4 times before in 10 years.
It was Oct.2014, Jan 2015, Npv 2018 and March 2020. That means we are extremely oversold on Bitcoin at the moment. Together with the ultra low fear index, it can hardly go lower or there will be a real crash. If we look at the volume during the decline it is extremely low. On the contrary, you would expect that with Bitcoin dropping so low, volume would increase.
What facts are there that could give a turn for this bearish looking scenario at this time?
1. Very low volume for Bitcoin, see chart. The real volume climax has already been on May 19.
2. Long-term trend line not hit yet.
3. Support on the long RSI and an ultra low. Only 4 times before have been so low in 10 years.
4. A very low fear index. This much fear is a contra indicator.
5. The manipulation done by the big funds to shake traders out of the tree.
6. Large funds also know that a bitcoin at 30,000 triggers a bear market. I think that's why they keep the price above the long trend line. that level is at 32500 currently but rising.
7. The 4 year cycle normally does not end until early 2022.
8. The drop went exactly to the 0.618 fib level and that almost guarantees a solid bounce. It is also a correction and not yet a bear market in Crypto currency markets.
9 we see a bullish falling wedge targeting the old all time high at 64895!
If Bitcoin does fall further and tests the old bottom, the longer term trend line has been broken as well as the RSI.
So we are definitely at a crucial point now. If we close below 33200 with a convincing close, I think this bull cycle is over on the other hand if we do not go lower the 33200 level we will probably see the old all time high .
Dear friends, please comment on these findings. What do you think, what other facts are there that could allow for a further bull market until the end of the year.
Good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Note
No volume in Bitcoin, very strange ....Note
Dear friends!Here you see a detail of the volume and price on the Bitcoin chart
.
Notice that the volume is nothing more than a normal drop to a trend line. So NO panic so far. For a real drop you want to see panic and high volumes.
Volumes say it all.
Two possibilities quickly answered. This is a beartrap OR the real decline is yet to come. We will see that with the next candles. If the price goes back above the trendline and we see a bullish candle or another structure on a shorter timeframe then this probably was the drop but if we close with a few more candles and then even lower and the volume is slowly rising then the retest of the previous low is really coming.
Going back above need to show vgood volume as well.
Please share your idea's. What do you see happening and can you explain why also. A feeling is often wrong but facts are very interesting.
Thanks guys!
Note
Has everyone been stopped out? Then here comes a bullish falling wedge guys ;-)It is so unimaginable yet the fear in the market! People are fighting for Bitcoin at 64000 and think they are missing the boat and with a more then 50% discount on Bitcoin people are afraid to buy.
If you do this in the supermarket they are very happy to buy products for 50% discount yet with Bitcoin not.
Bitcoin is digital gold! Within 5 to 6 years it will be at 350,000 USD minimum! All forecasts studied in detail are pointing to this and some even more.
You can also turn things around and stop seeing your wealth in USD or EURO or any other currency but only count in Bitcoin! Euro and USD are being printed by central banks by trillions at a time! With Bitcoin you can't do that so it's the perfect solution to this problem.
Almost forgot, the target of this wedge is the red trend line in the chart.
Take care guys and please do share your opinion here!
Note
Dear friends,Here is an update with volume profile so we can see where the biggest volume is. This indicator indicates a reversal move to test the bottom of the triangle. Possibly we will go further and depending on what patterns are formed possibly even to 42000. Nothing is guaranteed this is a scenario that make sense on this decline.
The breakout upwards from the bullish falling wedge is now a fact. This wedge indicates a target up to the trend line of the triangle.
Do you see other things please your opinions and ideas!
The more info the better!
Note
Here some more detail from the wedge, the possible traject I expect. We could also form a Inverted HS in the triangle with a traget of 42000. That is also a keylevel to break.Please share your thoughts friends!
Note
New TargetHello friends!
Here we see what I expected already in the previous update.
Bitcoin broke out of the falling wedge and formed indeed the bullish inverted HS according the green traject.
The first target now is 36700.
Note
Possible dangerDear friends take a look at the bearish rising wedge forming.
If price break the lower boundery we are going lower again. But at this moment our Inverted HS formation is still in play.
Keep good stops in place! Do not trade in this market if you cannot follow it closely. Unfortunately we are not buying dips here but more countertrend trading and that has much more risk involved. Just my opinion.
The long term trend is still intact and that is good. The higher levels 37000 and 42000 will give an answer if the bull market contiunes.
Bitcoin dominance is rising and that indicates that traders see that danger and conflicting signals.
Trade safe friends!
Trade active
Wedge breakout to the downside!!Note
Note
SHORT SQUEEZE!Dear Friends.
After the false downward breakout of the rising wedge, a huge buy order was put in and caused a shortsqueeze. All traders who were short are now all out!
What is immediately noticeable are the volume spikes. Don't chase the price and immediately buy traders.
First wait for a new structure. The price will come back to test!
I hope my report has been of use to you!
Happy trading
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