Bitcoin - Learn how to see the signs!
Updated
Your only winning bet at this point is to load up on high performing alts and keep waiting with more cash on hand to see if BTC will drop more(which more than likely will.) To be clear; NO ONE knows what will happen in the future but what I do know is how to read the warning signs of what is most likely to happen. If we look at BTC on the 12H it shows that we've gone under the very important 200MA. This is a sign of weakness and may send us below the green trendline which may lead to a drop to the $9300 - $9400 hundred area. So the 12H is saying that the likelihood of going down is very real and that a big down move is coming soon. Now let's go onto the next timeframe for more warning signs to read.
The 1D timeframe shows us that for far too long BTC's price has been riding under the 50MA and getting rejected, not to mention that we are running out of room in the triangle which is going to force a decision soon -- to go down (very likely) or range sideways (which is also likely.) The one thing this timeframe is not telling us is that we may go up. Going up is not in the cards.
The 3D shows us more independent info as well. We see that we are at the top of the triangle's downtrend line which has proven impossible to penetrate (not good if you want to go up.) Also, the magnetism of the 50MA is calling BTC down to the $9300 - $9400 area.
So for now in some of the most important timeframes, BTC is telling you that it is not done going down.
THE TREND: Going down still.
THE OUTLOOK: Unsafe to buy BTC but safe to buy top 10 marketcap alts.
Be safe and follow me to stay ahead of the curve.
The 1D timeframe shows us that for far too long BTC's price has been riding under the 50MA and getting rejected, not to mention that we are running out of room in the triangle which is going to force a decision soon -- to go down (very likely) or range sideways (which is also likely.) The one thing this timeframe is not telling us is that we may go up. Going up is not in the cards.
The 3D shows us more independent info as well. We see that we are at the top of the triangle's downtrend line which has proven impossible to penetrate (not good if you want to go up.) Also, the magnetism of the 50MA is calling BTC down to the $9300 - $9400 area.
So for now in some of the most important timeframes, BTC is telling you that it is not done going down.
THE TREND: Going down still.
THE OUTLOOK: Unsafe to buy BTC but safe to buy top 10 marketcap alts.
Be safe and follow me to stay ahead of the curve.
Trade closed: target reached
I hope you guys bought Alts when the signal was given. While BTC ranges sideways these alts will move up, but they won't get too far. BTC is bound to pull them down with it.
Related publications
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.