After a long time of having a short sentiment on BTC, as my posts show, lately one could say that I've been "flip flopping".I went short-term long, then short-term short, then neutral. After such a protracted downturn one tends to question the plausibility of that which one has been hoping for. The end to the pain. As stated before, the truth is that the 200 MA...
quick "update" post. I've been short over an extended period of time. Switched to long after it broke the down trend and regained the 200 MA. Then switch to "short term short" after it fell out of the bull flag. In the long term I consider BTC to be "neutral", for now. This is an update to switch status.
After having a short/"negative" outlook on bitcoin for quite a bit now, recently I switched my outlook to long over the short term. That did not last long. The flag pattern did not pan out. Overall, the recent developments still look good for BTC in the long term. It broke the long-term downtrend on high volume and it reclaimed the 200 MA. If it doesn't set a new...
Quick post: After 4 months of sideways action, BTC breaks up from the downtrend on high volume, reclaims the 200 MA!! on a clear and strong bull-flag! Could this be some type of bull trap? Could this this fail and head lower? Definitely! But you have to call what you see. Right now, at least for the short term, this is a long play!
A number of publications are claiming that BTC is "moving up" or "setting new highs". Unless they are referring to very small time frames, I don't see that taking place. I see it coming up to a resistance line/trend that goes back to the descending triangle. This trend-line was relevant to the descending triangle and I would argue not so much to current price...
We have this clear descending triangle. My outlook has been short on BTC for a while now. This does not mean I short BTC. It means I believe it will go lower. Though technically it can be argued that the odds are that we will break down (go lower) from this pattern (descending triangle), I will switch to neutral. Before the end of the year direction will be clear....
A quick post to re-iterate my short outlook on BTC. We are clearly towards the end of a bearish descending triangle. Most everyone has pointed this out. Currently we are heading toward support (~5900 price level). It may, or may not, hold there. If it doesn't, consider getting out of BTC if you are currently long. If BTC breaks through (up) from this bearish...
This is a continuation of my previous posts. Thus far bitcoin has a clear trend line passing through early February, April then late May. Most charts out there show this clear trend line which was broken ~ jun 10. The value this chart adds is the resistance line I start drawing at around May 10. This trend line allowed to correctly pinpoint a potential breakdown...
A quick post on where I see bitcoin's support/resistance. I think by now everyone has marked $7200 as major resistance. There are lesser resistance levels before getting there. We are still in a downtrend. Be careful.
