Bitcoin: Technical Analysis
As you can see above and below, in bitcoin's daily chart, the bullish trend line is broken and the price has retested this trendline from the other side. I believe bitcoin has entered into a BEAR market and yesterday's bounce or rally is not going to last very long. In fact, I wouldn't be surprised if bitcoin tumbles tonight.
The Bullish Case
In case the rally continues on and breaks the immature bearish trendline that have been developing in the daily chart, as you can see below, I would expect the price to retest the highs at approximately 3000 and then drop, forming a double top trend reversal pattern at 3000 while at the same time retesting the broken bullish trendline from the other side for a second time.
The Bearish Case
As I tried to explain above, I am personally bearish on BTC/USD regardless of what the other cryptos are going to do in the mid-term. I would be very surprised to see BTC/USD above 3000 before at least retesting the recent lows at approximately 2000 first. Should the downside continue to grind lower and trade below 2000 for at least a couple of days, I will expect to see the price drop to almost 1000 next.
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Thanks for posting this. I also saw a Goldman Sachs paper forecasting a bear decline in the new future. (They are now starting to cover Bitcoin for their clients after many requests).
You're welcome! I'm glad you found it useful/helpful :]
Good post...thanks for sharing
Your welcome :]
It's looking like a potential head a shoulders to me. Still more likely to push up, but I'd say 40% likely to get smashed.
Definitely more likely to crash than grind higher!
i am..... lost. 😮
i am a total n00b in trading so the jargon of bear and bull just lost me.
But I also have a theory... there are a lot of rumours about BIP, and even a possible hardfork; so some people could be staying safe and dumping BTC to either maybe pay their bills (i for one will definitely do that) or reinvested to other crypto currency for safe keeping or anonymous / less expensive / faster transaction, like Monero @dollarvigilante has been repeating (a little bit starting to sound like a broken recorder) to educate the public.
So I still am uncertain how versitile it will keep fluctuating, but dropping to 1,000 could be a healthy change that could keep nay saying gov authority off its back.
What say you?
Bearish simply means negative/down and bullish means positive/up. :]
ah! I learn something new today!
Great analysis! I like that you are not over-optimistic about the recent rise of cryptocurrencies as the rest. Always proceed with caution.
Maybe it's because I don't have any bitcoins :]
Great post! So you think it's possible for BTC to see $1000 before it hits $3000? I think the opposite it will see $3000 before correcting again! Let's see how it plays out thanks for the post! 😎✌🏽️
It's certainly possible to form a double top by retesting 3000 again before getting smashed to 1000 as I explained above but it's also possible to get smashed from here without retesting the 3000 high!
great technical analyst , i follow you thanks for sharing
No worries :]
Thanks for sharing your view :)
My pleasure!
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