Hi guys, quick update on bitcoin here. This is the BTC USDT one hour candles from bittrex.
We ended up crashing all the way down for a 100% correction on the last wave. This means that the price bounced at $3850 exactly at the same level where the previous crash was, so we made a same level low. This is very significant because it indicates that we are running out of bulls, that's why we can't make a higher low. This leaves the door open for a head and shoulders to form if we now can't make a higher high, which would signal even further that bulls are exhausted & sellers are coming into play. Again, we have to fight to break that $4120 level & actually stay above it, otherwise we're going under...
As I always say, you don't make decisions based in one single indicator, that would be 50-50, but also the volume indicator in the weekly chart shows how volume is drying up which signals the same thing: no more buyers & sellers coming. Having these two indicators in consideration, I think the probability of a serious trend reversal down to $3k are 60-40. Still, 60% is not a big percentage, but something to be watching if you hold large amounts of Bitcoin.
Happy trading xx
Thank you for your continued updates. They are greatly appreciated! <3
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I sold most of my bitcoins. Now i
m interested of shorting it. I cant believe some people are considering first time buy at this time... The big quiestion to me is what im going to do with my alts... I cant sell them right now.Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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Definitely a head-and-shoulders pattern forming, certainly a warning light for me to take care at this point. Another spot-on update, thanks
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Your posts are terrific.
I'm a newbie in Bitcoin. Can you suggest any book or website for a better understanding of the chart evolution?
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I'm a complete noob at all this and have never bought bitcoin before. Is now the time to buy as a good investment?
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very bad time to buy right now in my opinion. It has never been this risky in the whole history of Bitcoin... But the time will come :)
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Sound the alarm when the time is right dude. Following you now so perhaps i'll learn a ting or two
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Maybe it's riskier than usual but long term it's not at all risky. If you want to buy long term for the destruction of the current government-run butthead money then just buy a little every day. If you want to get in, make 20% and get out, then wait a week.
In the big picture, it's always good to buy bitcoin. The risk is just that if you don't time it perfectly you get less.
If you bought at the peak in 2011 at around 1200, you lost like 75% short term and now would have made that back plus about 300%
Now, if you bought at 1200, and again at 800, 600,400,250, 400again, 600 ..... you'd be filthy stinking rich right now, and that's like a worst case scenerio.
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Call me crazy but I think the average person wouldn't like to have their money locked up for years, potentially losing 80% of it's value, if they can chose to wait and buy a bigger amount for less money later, after the bear market. The $1200 peak was in 2013 not 2011. I did buy right after the bubble popped for $600 per bitcoin in 2013 & I saw my investment go all the way down to $170 per bitcoin over the years. Only recently the price has gone up. I wish I would have sold then & I could have used that money for other things & just buy at $180. It's hard for me to understand how people don't see this...
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Sell
If you know alt buy btc and converted it directly to alt
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I find that near head-shoulders patterns form all the time and you shouldn't get excited until they are more imminent. Also it seems the neckline gets rejected more often than confirmed.
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yeah true, patterns mean nothing till they actually break. But in this case it was quite obvious based in a number of indicators that the price wouldn't make a higher high, therefor the h&s will likely show.
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Do you have advice wich other coin to exchange when btc crashed? Or they all will crash ?
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I think 90% of them will crash with bitcoin. And I don't think trying to find the other 10% is very smart... That's my take, I could be wrong...
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So get out of crypto is your advice?
What do you think of usdt will it falling apart too?
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