Bitcoin - ETH - bottom is coming...
Updated
I have been visiting many TA rooms
currently, I follow 27 members
And most are getting it wrong
Many spotted the crossing of 100 ma and 50 ma
Which means a huge SELL signal
Well manipulators would act on that, regardless
But then too many people I follow stated that we would have this big bull play
We did not and instead fell to the lower support area that was 100 more than the bottom we hit in April
Then we bounced
because THAT IS WHAT HAPPENS when you hit a support area that is hiding a lot of buyers
We rose, but it was just a blip on the yearly chart (if you look at yearly, which most do NOT do)
And now we are poised to continue the drop to the bottom.
Where is bottom?
My next post will cover that.
currently, I follow 27 members
And most are getting it wrong
Many spotted the crossing of 100 ma and 50 ma
Which means a huge SELL signal
Well manipulators would act on that, regardless
But then too many people I follow stated that we would have this big bull play
We did not and instead fell to the lower support area that was 100 more than the bottom we hit in April
Then we bounced
because THAT IS WHAT HAPPENS when you hit a support area that is hiding a lot of buyers
We rose, but it was just a blip on the yearly chart (if you look at yearly, which most do NOT do)
And now we are poised to continue the drop to the bottom.
Where is bottom?
My next post will cover that.
Comment
Been looking for clues for where we are headedThere is big debate on this topic and I fear that too many members who do charts on this site are biased by WHERE they want the price to move.
There isn't much retail interest in Bitcoin at this moment.. and although ETHER is getting a lot of positive headline news, ETHER follows Bitcoin, as do most of the alt coins.
My prediction of a drop still holds.
After the drop and the bottom.
I have seen arguments that we will stay at the bottom for a long time before we rise.
And here is why I am sick of all these pros stating that according to the laws of TA, EW and such and such.. this has to happen.
Fact: These people get movement WRONG 50% of the time. So the laws of 'such and such' are meaningless.
Right now, market sentiment matters, especially while market sentiment greatly affects prices (In spite of what any TA pro will tell you) and will continue to do so until the market matures and is NOT so easily affected by manipulation.
Comment
It seems to be the consensus on the TA pros that I follow on TV...that Bitcoin is destined to take another dive. (Finally, I get some agreement)
This will drive ETHER down with it.
Since the dynamic BTC forecaster is pointing upward, I assume it will take a while for it to start pointing down again. So for now, expect sideways movements until its pointing down again.. and away we go.
Comment
Bitcoin-Price Dynamic Forecasterbitcoinforecast.com/kraken.usd
This excellent tool is a regression analysis URL that constantly CHANGES. It never looks the same.. and it's why I named it Dyn FC (it has NO real name) There are several features to using this took correctly.
- the price will wind its way around the blue line in an alternating fashion
- symmetrical patterns will appear and THAT is one way to predict what can happen in the future
- the downward and upwardness of the blue line is a general trend that the price will follow most of the time
- the price can resist the upward-downwardness by moving sideways, but the trend will influence that movement to a certain degree
- pair this will PUBLIC sentiment and you can generally predict movement
- the more you watch this web site, the BETTER you will get at predicting movement
At this very moment, 9:20 am Miami, USA.. the DynFC is starting to point down... movement is sideways, but we are starting to see a downward drift.
Comment
The price is following as I predicted...It's been a sideways crawl.. but now the trend is creeping downward. I cannot say WHEN.. but I expect us to break out of a big triangle... and head down to the next support level.
Fear not, because eventually the market will panic... probably somewhere around the break even price of what it costs to MINE bitcoins. In different parts of the world, this varies somewhat.
Hence, I am hoping we bottom within the range of break-even... which is between 5700 and 5200.. and let's not forget the best TA expert on the planet (and most respected) Willy Woo had forecast 5700 as that number.
Comment
The Dyn FC is now facing up..In most cases, this is a positive for the very short term.
So I have been again visiting other members' TA charts. What I see is a lot of confusion and non-decision... coming from the analysts themselves.
The fact remains we are in a BIG HUGE symmetrical triangle that can break in either direction. When considering market fundamentals, any assumption that we are going to break past the strong resistance areas is too hopeful.
Comment
The jump in price is the short term rise that I said might happen..It was very strange how fast it rose and then settled, as if it was manipulated.. because there really is NO volume out there.
The rise was NOT enough to set off a bullish resurgence, we would need to surpass 7800 to experience that change.
I still remain suspicious and cautious.
Comment
Bitcoin's 100 SMA is below the 200 SMA...While reporting in at 12 am 6-19-19 Miami USA Time
And even worse, it is positioned above the current price.
This creates a harder barrier for the price to cross.
If we set at the current price levels long enough, the price should start a new drop. This is unlikely at this hour because the DYN FC is pointing upward.
News outlets reported that the cause of the Bitcoins rise yesterday afternoon was the result of NY State approving Square's processing of Bitcoin on their financial app. NY has some of the most stringent US laws.. so this was regarded as a small win for cyrpto.
As a US citizen, I can see this having some weight.. but it may be an exaggeration as the cause of the price rise, because at that same time were were exiting a triangle on the charts and move in either direction was imminent.
Comment
Sorry for all the typos in the above update.Comment
DYN FC now about to slip downwardIf you visit this URL within an hour or two after I posted this, you will see that the red line appears to be poised to take a dive. In addition, if it dove, it would form a symmetrical pattern (a plateau with a concave top).. which is more or less how you can imagine the movement. The really strange thing is that patterns like the one I am imagining actually come to pass.
The other alternative is that the red line pattern moves sideways.. and does NOT complete a symmetrical plateau.
And the final alternative is some other kind of rise that also changes the symmetrical nature of the red line's appearance.
Comment
DYN FCbitcoinforecast.com/kraken.usd
Comment
Eventually, the red line does form a pattern, but WHEN is the question.Comment
For those of you who doubted my claim that the Dyn FC completes symmetrical shapes... that can even predict movement.. it just happened at 9 pm Miami USA time. A shape completed of a rise and concave plateau and then a fall.. just as I suggested MIGHT happen. This shape will change and move on.. over time. If you want to see it.. click on that link above in the comment above.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.