LOG Chart 1 YEAR UPTREND IS ABOUT TO BREAK!!! Warning on BTCUSDHi friends!
Scary things are happening to bitcoin. We not just broke the 200 MA, but we are also about to break the almost 1 year Bullish trendline. Yes as you can see it is on the log chart. Since I am a new technical analyst, I have thirst for knowledge and want to learn as much at is possible. In the book named: Alan Farley - The Master Swing Trader, I read that on volatile stocks (it also true with cryptocurrencys) it is better to use log chart in order to get more reliable informations.
As you can see on the log chart we failed to breake the mid-term (red) bearish trendline. But if you have a look at the normal chart (not log) we broke the mid-term (red) bearish trendline relatively long time ago.
So as you can see it really gives a much more reliable insight to the price movement. When we hit the bearish trendline on the log chart we bounced back more significantly compared to the normal chart. Both price dropping and volatility were greater compared to the normal chart bounce.
If we successfully break this GREEN 1 year old bullish trendline and we close below this on the daily chart today and tomorrow it is likely to keep falling to the next major support at out previous 6k low.
We have also a cross on the weekly Stoch RSI which is a bearish sign.
It is gonna take time to reach that target support. Of course we have intermediate supports, but in one or two weeks it is likely to get there.
If you have any question or you diagree with something, please do me a favour and leave a comment below!:) If you found this analysis helpful, please leave a like!:)
***It is not a financial advice! I do not tell anyone to buy or sell bitcoin!***
Sellbtc
BTCUSD REBORN OF BEARS!Hi guys!
Here is another quick analysis.
So going back to a few days we had a nice gravestone doji/shooting star (on the daily chart ) showing that bulls were running out of power. Next day the red candle confirmed the trend reversal.
We successfully broke the 10k psychological level.
We also broke the 9.5k resistance which was a resistance before and after became a new support (purple line).
Next support is the 0.786 fibbo at 9k. The 9k level also seems to be a good target for the elliot correction wave. After reaching 9k I do expect a little pull back to 9.5k and testing it as a new resistance.
Closing below 9.5k today would be a great sign for trend continuation.
My final target is still at 6.5k at the green bullish trendline .
Please leave a comment if you have any question and leave a like if you found my post helpful!
***This is not a financial advice! I do not tell anyone to buy or sell bitcoin!***
BTCUSD You See What I See? Hidden Bearish Divergence MACDIf you have look at the daily chart you can see a clear hidden bearish divergence which is a trend continuation sign (confirming that we are still going down). It also forming on the simple RSI too.
On the MACD the lines arent crossed yet. We might move up to 9.5k and possible create a double top there then move down.
Yes we broke the bearish trendline, but it is not as significant as the fact that we also broke the longterm bullish trendline.
Target is still 5k as the fibonacci shows. Let the bulls to take their last breath and let's move down!
***It is NOT a financial advice. It is only my personal opinion***
Please leave a comment below and like it if you think it was helpful!
BTCUSD is heading for the 5.5 - 5K level.Hi guys! let me share my idea about BTC. It's my personal opinion, I'm not telling anyone to buy or sell bitcoin.
As you can see on the mid-term we are going bearish. The price failed to break the 0.786 fibonacci level which is around 9k and bounced back. What makes it more important is that, at the 9k level we didn't just bounce back from the fibonacci level but also from the mid-term trendline.
We can also see a possible elliot wave where the 5th wave is about to play out. I except the bottom of the 5th wave to be around 5.5k or even lower at 5k.
Why 5.5k? This level is a key support from the middle of november, where the price went up to 8k and then fell back to 5.5k.
Why 5k? Going even lower is also realistic since the 5k level is a strong psychological level.
The price also broke the bullish trendline which was a key support level then testeted from below and it behaved as a new resistance level.
As you can see the STOCH RSI is about to bend and cross eachother which would also confirm my idea.
On the RSI we are not oversold yet. When we hit the 6k level we went a little oversold, but not significantly. If we hit the 5.5 - 5k level it will surely be oversold and I assume a huge buying power at that level.
***Please leave a comment below to help me improve in the future***