Bitcoin BULLISH OR BEARISH? Price BTCUSD Bitcoinforecast
Updated
This pictures gives insight about overall Bitcoin movement which is as you all can see BEARISH ONLY since December 17th 2017 and it will remain so for a while.
Bitcoin had almost two years for bullrun, now time of WIDE CORRECTION has come.
Don't listen to those who tell you different because, at the end, it's better to lose profit rather then money.
Don't let yourself get bulltraped because of some A rated professional amateur, because, if you already dont understand stock market, you can notice if someone has false predictions or not.
If you visit someones profile in order to make sure that his reputation matches with success rate (let's say 90% success rate is just fine), because generally, in this world there is no room for error.
Someone invest his money rallying on high reputated non moral person called market maker.
On the other hand we have newbie trader who is unable to distinguish if someone is either good or not that good.
He gives you 5 predictions, 2 of them come to be, 3 don't, so you will eventually end in minus.
Serious trader won't fail.
Serious trader should be moral person as well (not affiliate working for salary or percentage) in order to persuade people to buy something when it's not proper time for it.
Anyway, when talking about Bitcoin, RSI is decreasing as you can see on a chart (it has continuous dropdown ever since).
Bitcoin is now rebouncing over 8000 level of support, but that level of support won't be able to compensate any more than 2 rebounces (most probably just one).
Bitcoin dropped 4 times bellow 8000 value since rebounced from 6000 level, but considering that level should compensate prices pushing them above 8200, its sign of serious weeknes.
Bitcoin obviously doesn't have any more strenght for any serious movement (as it could not get that close to 9000 level and already started retracing (8680 price as i m writing).
I will update analysis additionaly,
i just wanted to share with people idea of GENERAL MOVEMENT, so we can decide about Bitcoin is it Bullish or Bearish.
We should wait for dips only.
That is only 100% chance for making 40%-50% proft.
Bitcoin had almost two years for bullrun, now time of WIDE CORRECTION has come.
Don't listen to those who tell you different because, at the end, it's better to lose profit rather then money.
Don't let yourself get bulltraped because of some A rated professional amateur, because, if you already dont understand stock market, you can notice if someone has false predictions or not.
If you visit someones profile in order to make sure that his reputation matches with success rate (let's say 90% success rate is just fine), because generally, in this world there is no room for error.
Someone invest his money rallying on high reputated non moral person called market maker.
On the other hand we have newbie trader who is unable to distinguish if someone is either good or not that good.
He gives you 5 predictions, 2 of them come to be, 3 don't, so you will eventually end in minus.
Serious trader won't fail.
Serious trader should be moral person as well (not affiliate working for salary or percentage) in order to persuade people to buy something when it's not proper time for it.
Anyway, when talking about Bitcoin, RSI is decreasing as you can see on a chart (it has continuous dropdown ever since).
Bitcoin is now rebouncing over 8000 level of support, but that level of support won't be able to compensate any more than 2 rebounces (most probably just one).
Bitcoin dropped 4 times bellow 8000 value since rebounced from 6000 level, but considering that level should compensate prices pushing them above 8200, its sign of serious weeknes.
Bitcoin obviously doesn't have any more strenght for any serious movement (as it could not get that close to 9000 level and already started retracing (8680 price as i m writing).
I will update analysis additionaly,
i just wanted to share with people idea of GENERAL MOVEMENT, so we can decide about Bitcoin is it Bullish or Bearish.
We should wait for dips only.
That is only 100% chance for making 40%-50% proft.
Trade active
While bitcoin is pushing 9170 level in the moment of writing of an update, many people are talking about brakeout and bullish confirmation.Those bullish people were also bullish two weeks ago, then bearish, bullish again, bearish and now bullish...
That tells that they really don't understand market contitions, otherwise they won't be buying stories about bullish Bitcoin ever since Dec. 17th, because we do have continual dropdown which will certanly "retest lows" once again, and after rebounce it will go even deeper.
Anyway, when talking about brakeout confirmation, we need to see prices over 9500 level, because between 9000-9400 level there is a zone of compensation, having in mind that resistance on 9000 level is not flat line.
Once again, even it Bitcoin breaches 9500 level, that price range is unsustainable having in mind it doesn't have healthy grounds for it.
Don't listen to the news, twitter, John Mc Coffee and his minions.
Use your reason.
Bitcoin is in state of perpetual downtrend and it will remain so.
Don't buy stories about bullish Bitcoin.
All those who oppose will pay expencive leasson (4th time in a row...)
Don't rush, don't afraind of FOMO.
You won't actually miss anything.
Trade active
This idea about Bitcoin movement and being barrish is not wishful thinking in order to "gain followers or upvotes" by promising non realistic prices (Above 15.000 level or so), so most people would agree with that.How couldn't be?
Because that (non realistic price) fits to each and every trader holding Bitcoin or any other altcoin.
So everyone will press follow and upvote.
I' m just trying to explain that not everything could be observed through pink glasses, it's kind of that should be realistic that something (Bitcoin) goes parabolicaly without wide correction, because if goin' parabolicaly it will end up going verticaly at certain point, so everyone would earn.
But not everyone will.
(Today) People are mostly either bullish or mega bullush, but things will change.
In two days from now they will become bearish or mega barish.
My opinion is that Bitcoin movement like this perfectly fits into a bigger picture.
Judging by TA (i will post it additionally) and having in mind this is just a "sketch" (as it is).
Bitcoin doesn't have strength for any other movement above 9500 level.
If that happends (1% chance or no chance at all) that will be "artificial pump "
(some could buy 2000 Bitcoins at once when price "is about to breach" ) and with few flash investment, 10.000 level price, easy.
But the longer unsustainable price is present, the more and more money will be needed to "keep price on that level" so it will end up falling.
I will keep you updated
Trade active
So far this analysis is up to date.
Trade active
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.