Bitcoin is A Falling Knife! Don't Try To Catch it. (BTC)
Hi friends! Remember all the haters who were throwing shade on my charts? I wonder where they are now? (looks around) That's funny... I don't see them anywhere. LOL If you've been a loyal follower, perhaps you remember a BTC chart that I posted on the 14th, called "Beware! Bitcoin Sets Up For Collapse! (BTC)." Like many of my charts, it was subjected to undue criticism. At that time, BTC was trading at $13,628. Today, it reached $9,005. I've been screaming from the mountaintops, that BTC and the entire crypto space could collapse like this. Perhaps people will see the value of my analyses now. On to BITCOIN!!!
When you're assessing a heavy selloff like this, it's very important to watch indicators like the MACD, Volume, the RSI, Bollinger Bands, Fibonacci retracement levels, etc, in order to understand the complete picture. Looking at the chart, we can see that red volume is still surging higher, and the MACD is showing no signs of slowing down, as it expands dramatically to the downside. These are clear indications that the bears are in full control of this market. Just below the current price, support lies at the 78.6% retrace around $8,790. Given the state of the technicals, the bias is definitely to the downside.
Do you remember how I said that a panic driven selloff was likely to occur, if we broke the "critical support" level on my chart? Just look at what has happened since then. The charts don't lie. The information is always right in front of you. The question is, can you read it? I can! So, let me teach you and be your guiding light, through these treacherous markets!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
When you're assessing a heavy selloff like this, it's very important to watch indicators like the MACD, Volume, the RSI, Bollinger Bands, Fibonacci retracement levels, etc, in order to understand the complete picture. Looking at the chart, we can see that red volume is still surging higher, and the MACD is showing no signs of slowing down, as it expands dramatically to the downside. These are clear indications that the bears are in full control of this market. Just below the current price, support lies at the 78.6% retrace around $8,790. Given the state of the technicals, the bias is definitely to the downside.
Do you remember how I said that a panic driven selloff was likely to occur, if we broke the "critical support" level on my chart? Just look at what has happened since then. The charts don't lie. The information is always right in front of you. The question is, can you read it? I can! So, let me teach you and be your guiding light, through these treacherous markets!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media! Good luck trading everyone. I'm out!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
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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.
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.