$BTCUSDHard rejection off the 111 day MA, Totally wasn't expecting that.
Definitely not expecting #btcusd to retrace to 30k
Whysoserious
Bitcoin is Yelling 'Get Off my Lawn!' You better listen to old man Bitcoin, he is not playing any games today!
It’s pretty clear from the chart above that the market made their decision definitively.
If you remember from the last price analysis that we did, we mentioned that $6.8k-$7.2k would be the zone that would lock in the price of Bitcoin until there was a strong movement in either direction.
In the author’s estimation, they surmised that the price would actually bounce upward, however, the author was wrong on this account and it appears that the price has broken down south of the $6.8k mark.
This was another major resistance/support point for the price of $BTC in the past.
Looks like the RSI(14) has dropped straight down to the oversold category from overbought without one hitch or fork.
This is what you would expect to see after a classic dump.
Which should lead one to the understanding that Bitcoin was pump and dumped.
Doesn’t get much more blatant than that.
What you’re observing above is not the natural progression of RSI.
This is manipulation at the highest level and something that traders should be distinctly aware of.
However...
It’s your responsibility to hedge. This possibility that the price would either move up or down was discussed thoroughly in the last analysis.
Make sure that you always have a “backup plan”.
Bitcoin: Take the red pill or the blue pill?I'm just putting this here because I can and I'm curious to see how this plays out. It's very probable that this is completely wrong. Hopefully some of you will see this and tell me how stupid I am and share your insightful thoughts about where you see things going (being a dick about it is optional). I'm neither a bulltard nor a beartard, but from my analysis, you may think I am some kind of tard. Either way, it is what it is. And yes, I know my charts are a mess. I'm OK with this. Just because a chart looks pretty, doesn't mean it has the right call on it and just because a noob shares a chart, doesn't mean it has the wrong call on it (although this one could have 2 wrong calls on it).
I pulled a possible fractal off a drop on the left side of the chart, if you look close enough, maybe you'll see it. If you don't, maybe I'll post it. I then converted the candles to lines (HL/2), cloned it, mirrored it, and slightly manipulated them to fit into my chart to make it look like I know what I'm doing. Don't let this fool you. You get what you pay for and this is free. Thumbs up, thumbs down? I accept my fate.
Disclaimer:
Drugs are bad. mmkay?
I do not guarantee anything in this chart because honestly, this is just a
random idea pulled outta my a$$ (where most good ideas come from).
The price could easily ignore my chart completely just to confirm my stupidity.
I am a noob trader, I accept this. You should too.
To repeat, I am not a professional trader (I don't even play one on TV).
I do get quite lucky sometimes, maybe this is one of those times.
I will gladly accept any criticism, comments, or critiques. I'm still trying to learn.
Be nice. Be mean. I don't care, just be something.
