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BTC/USD: Looking Bearish (short term)Overview: As many others might suggest, BTC's bull run and dominance has seemingly come to an end . Personally, I believe this was long over due. Its technology as a whole is fast, secure, and reliable; but when considering BTC relative to the thousands of other cryptocurrencies it is superior in popularity but not much else . Elon Musk recently commented on BTC's energy inefficiencies, as it is very costly to mine, and the negative effects it has on the environment. While he is a public figure, do not be so foolish as to think he is the one who is responsible for BTC's retracement... BTC has grown exponentially over the past year alone. It deserves a consolidation period and time for reconsidering its energy consumption. Elon is only pointing out what most of the experienced crypto traders already knew. Comparative Analysis: BTC's Dominance (shown in orange) you can see has peaked at the beginning of 2021, with a high of ~70%, and has gradually been tapering off to almost 40%, as of today. The Total Crypto Market Cap (shown in purple) has closely correlated with BTC's run. This was true until May 4th (highlighted in yellow) when BTC's dominance moved less than 50% and we see this correlation die off. Technical and Fundamental Analysis: Technical: BTC is started to look bearish on a decreasing monthly volume, reaching its March lows. BTC is starting to look bearish as it retests March lows. Could see lower lows if it fails to rebound on the retest. If we see a spike in volume without it rebounding back towards VWAP, BTC may be especially bearish short term. Looking at the Volume Profile (VP) the price level with highest volume is shown at ~$18,500 and this is where BTC might be headed Fundamental: Just looking at the energy efficiency of BTC, things look quite bearish. However, BTC adoption among investors, banks, the general public, and merchants is increasing rapidly. This is good news as BTC should start to stabilize and become less volatile. With the largest crypto market cap, ~$1 trillion, it likely wont see much growth in BTC until ETH, DeFi, and the other sectors within crypto catch up. Trading Discussion (NOT financial advice): Watch for lower lows and monthly volumes. If BTC gaps down in the coming weeks it may be wise to hold until it flushes back upwards and sell afterwards. There are many opportunities for growth even if BTC is bullish. For BTC lovers & HODLers continue holding as you please but do some research and see what developers are working on. If devs are working towards switching BTC from PoW to PoS or some other energy efficient protocol for validating the blockchain then see what that timeline looks like. If BTC does migrate to PoS then decide a good entry point right before the protocol is scheduled to migrate and you might find yourself in a great position for another bull run in the future. Chart Description: Symbol: BTCUSD Index (Bitcoin price in USD index) Comparing Symbols: CRYPTOCAP BTC.D (Bitcoin's % Dominance in Total Crypto Market Cap) CRYPTOCAP TOTAL (The total market cap of all cryptocurrencies) Indicators: Log scale Volume w/ 30d MA VWAP (anchored on the monthly) Volume Profile (180d)
INDEX:BTCUSDShort
by BowTiedJoe
Bitcoin Downtrend Is Not Over Yet - $42000 In Sight.A quick look at Bitcoin's 4 hourly price chart reveals a complete five-wave impulse followed by a three-wave correction. Taken together, the two patterns form a textbook Elliott Wave cycle, labeled i-ii-iii-iv-v-a-b-c. According to Elliott Wave theory, once the corrective phase ends, the larger trend resumes in the direction of the impulsive sequence. BTCUSD Is Setting Up for Another 20-35% Drop “Three-wave” is the keyword here, because it seems that Bitcoin's correction did not end in April, but is still in progress. The initial sharp selloff, which erased 27% of Bitcoin’s market value, is labeled as wave (a). The current rally to $57430 so far must then be wave (b). It follows that another notable decline can be expected in wave (c) before the bulls can really return. Since wave (c) is supposed to breach the bottom of wave (a), targets below $46900 a coin make sense . If this analysis is correct, Bitcoin investors should brace for another 20-30% drop. In fact, the price seems to be approaching a key supply level and we could see a reversal soon. Rally above $64952 will invalidate this analysis. Below is my long-term analysis of BTC that I published on the 23rd of February. "Bitcoin Carries Very High Risks Above $60,000" What's your view on Bitcoin? Let me know in the comment. Thanks for reading, Veejahbee.
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by Veejahbee
2
Stilll Watching 👀 BTC Fall 📉Crazy dumps turned to pumps at the hands of who??? Most are shock by the K-study ran by Tesla or whoever lol Idk Idc truth be told down is my view and has been the case even to a fault for awhile as anyone following would know. lol Simple risk management can allow both sides up or down to remain irrational longer than someone can remain solvent on the wrong side until proven right. LOL it's never really an attack on Bitcoin I actually love it but understand that I don't need to only ever be long and hold to be bullish but if I build up a position in something I built that position with an intent to realize gains and profit. Only I don't publicly declare "ok, I am buying now" and then 3 month later say "Sorry guys it was just test for when I really wanna dump on you.." lol 😭🤣😐 #TheyBuyLambos 😂 #lambo? All this time I have been saying #LandThough 🏞🏠🏘 LOL What are your thoughts? Is it bad that people like to realize gains say "Cool! More Dollars now!" Or am I really the only person that's down to pull profit and even short a lot??? LOL No advice to give just thoughts that I can't shake after the last 6 years in the world of "CRYPTO" Bra "KEEP CALM AND MANAGE THY RISK!" 🤓
COINBASE:BTCUSDShort
by BradySWilliams
15
BITCOIN - The Bears Have Taken ControlI decided to use the BTCUSD daily chart because I think it starkly depicted the reversal in momentum between the bulls and the bears. For the past year, BTC has been on a torrent bull run from $3,750 to $65,000. You can see that we consistently made higher highs and lows in price action and the MACD remained above the zero line for the entire run. However, everything changed after hitting $65,000. Bitcoin broke the ascending channel it had been moving in since October 2020 and made a lower low for the first time in a long time. The MACD strongly broke support and the zero line thrusting all that bullish momentum back into bearish territory. As a result, I am shifting gears on BTCUSD from bullish to bearish. That is not to say that BTC can't revisit $60,000 again. I am just adjusting my sights from higher highs and lows to lower highs and lows. I think the long overdue correction is upon us and I will be preparing for it as such. I am targeting $35,000 - $40,000 where there is strong support. It also coincides with where the price action could catch support with the bullish uptrend in pink. All in all, I think this is the correction Bitcoin needs in preparation for its next move up. In the meantime, all those alts that have been suppressed by Bitcoin's massive run can finally have the weight taken off their shoulders and make runs of their own. I think Ethereum will be leading the way and other alts will follow. So while this correction might be bad for Bitcoin in the short-term, I think it's good news for the rest of the market.
BITSTAMP:BTCUSDShort
by jpbrown1023
9
BTC got stuck in TRADING RANGE ZONEGreeting from IRAN to whole trading community 💙✔ BITCOIN started an uptrend since early 2021 , and managed to achieve new ATH in 14th April But after that we witness a massive SELL-OFF in BITCOIN which affected whole market Uptrend has broken and price dropped under 50K Bitcoin dominant dropped under 50% as well that was the lowest spot since 2018 After that BULLS came back to the market and rose the price above its major resistance/support level 52K At the moment price got stuck in a trading range zone (Yellow rectangle) Breakout in each side (TOP or BOTTOM) could make us a great opportunity to long or short Price lower than 52K ==> Short Price upper than 58K ==> Long Let see whats happen next , What's your opinion about BTC next movement BEARISH or BULLISH? KEEP IT SIMPLE :)
by nima-mohammadkhani
4
Bitcoin: Overextended after a bullish rally....Like I had mentioned in my last BTC Analysis, I will look for bearish formations and patterns when price reaches this circle. There is significant resistance here, and the market is extended. If I can get confirmations for a valid entry, I will ride price back down to the double bottom. I would love to hear from you in the comments section. Some feedback would be nice! LIKE and subscribe if you want more free education and analysis. Thank you!
by RT_Money
12
BTC DROP LEVELS/ GRADUAL BTC/USD DERIORATION.I ll be brief. Rebounds as per chars are 42.000$ after retest of previous high which needs to start pumping B on the weekly candle expiry. Then as per levels we again and mechanism of the BTC price indicates that this is the end of the bullrun (at least temporary), but B already dropped after tripple top attempt in and overall behavior of the fractal is temporary bullish from 00:00 UTC on weekly. Fractal was formed from 10.000---->>>64750$. We haven't saw 42.000$ retest attempt, we just had a second rebound from 47770$ (47500$ on binance). We haven't saw 30k restest (which many condsider a " base" but, nor 20.000$ isn't retested as well and it will be retested later on (when BTC fails to breach 30.000$ from bottom 25.000$ drop). From now onwards as per fractal movement and overall BIG TIME overbought BTC ( MACD WEEKLY IS SCARY). Drop will be gradial in a form LH from current price (i'd suggest not higher than 55.500$ as safe. (i marked 57211$ as top). Next rebounds B levels will be 57221$ which will be followed by drop towards 42.000$. Then we will se a rebound towrards 52500 and further deep drop towards 30.000$. Then long towards 42000 and further collision through 30.000 and restest of 25k or instant 20.0000$ drop. BTC dominance will decrease over time up to 32-33% (rest will be altcoins). ONCE AGAIN NEXT LONGS ARE : -(47700 ongoing)--->57211 at best -42.000$ -30.000$ -20.000$ (25.000 with s.l./2%) -12.000$ __________________________________ Don't use big leverages (not larger of 4-4,5X at most (since next drop will be nominal 20% plus (57200===>42.000$) B. therefore it would wipe your positions mercifully if you don't follow level mentioned above. Good luck everyone
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by milanjelic
38