Bitcoin Technical Analysis

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GoodMan Ashik

New Member
View attachment 8350
Hi all.
Kind of a hard week and hard times at all and here i`m am again. Is all about Bitcoin lost or it`s just a healthy correction? Guess what… nothing is lost yet, not at all. Be sure that when something in the Bitcoin`s life change in negative direction i`ll admit it but that time isn`t come yet.
In the next 3 posts i`ll show you how nothing has changed in Bitcoin`s technicals (up to this date) after this week`s dip. This 3 charts will be daily, weekly and monthly.
I`m starting with the lowest and may be the less interesting chart – daily. In this chart we`ll see a couple of indicators – 50 MA, 200 MA, EMA Ribbon and the fibo levels. The price is still above the 50 MA and a bit lower from the 200 MA – not a 100% bullish but bullish after all. The more interesting is the interaction between both MA`s. As you`ll see from the chart we`re very close to so called Golden cross – very bullish. What about EMA ribbon? The price is not above it but it`s also not below it. The ribbon itself is not in a flipping position too. These 2 facts are also more bullish than bearish. Fibo levels you can use as support and resistance levels. If we fall way lower, I believe at least the golden pocket (from $38400 and $37600) will react as a strong support and we`ll bounce from there and this will be around $10000 higher than the previous low – positive for the actual bull run.
That`s it for now. Like I said above, this is not so interesting but the next (weekly) chart will be way more interesting and bullish.
See ya and remember… DCA (dollar cost average) all the way. It`s a marathon not a sprint.
Very well explained.

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momo3HC

Active Member
BTC25042022.jpg
Hi all.
I`m here again but this time will be a bit more different from the other ones.
I`ll be short and most of you will not like the below chart may be, but in the markets we must be always emotionless.
In short, BTC price could be at the edge of the cliff right now. When we look at the daily chart we’re seeing a very good looking ascending channel. That’s bullish right, but when we zoom out we’re seeing something a lot more different than bullish. That’s a bear flag. If you don’t know what a bear flag is then just google it, but a bear flag, like it`s name is showing, is a bear pattern. There’s no confirmation breakdown yet but if this happen we could see a price drop to the mid $20K - around $25000. We just got to be prepared and the world (and BTC) would NOT end with this. Will this happen only the time will show. When will be the bottom if this happen… Think I have something in my pocket to point the bottom but I`ll tell you more about this if and when this drop happen.
That’s it for now. A simple and clear chart. I hope that such negative charts will be less and less in future but that`s the real life. I have something positive prepared for the next time too plus some trading strategies testing but for all of this… when the time have come.
See ya.
 

sebking1986

Well-Known Member
Looks like we saw your move down to $25500ish. I still think this move back up to just below $30k is a retracement before the bigger move to $20k next.
 

Johnnyjoe

Well-Known Member
Lol for some that is the case !
I couldn't get mates of mine to buy at $9k three years ago but they were scrambling to open Coinbase accounts when it blew past $30k a year later !!
 

gon

Well-Known Member
I was expecting since Setp '21 more or less BTC to fall down to the 28-24K to buy again. I am really happing that it has dropped even lower, as ETH has done obviously at its own scale.

After a well defined sell program (inside the box), I personally was expecting market to deliver all these long positions near the top (I thought we would not have a second higher high) below level 2. It is easy to do if you sell short or just make or let prices go lower.

1656100769741.png

So if my first target was something between 28K and 24K, below the lows at #2, the next area were you can find extensive open interest would be the accumulation at #1, quite obvious and a next level to buy more Bitcoin.

The structure is still bearish, but the program is different from the one within the box, more straightforward and only time will tell if it will be quicker than it or not.

I would like to see now prices bouncing off the current area, but not breaking relevant highs yet and, ideally, creating a second drop to move closer to the 14-10K area, hopefully lower. A good chance to buy more Bitcoin.

At the end, you do not need fancy analytcis to decipher what is going on in the markets always and in any case. Markets are buying massively at this moment, markets are so full of Bitcoin that they are going to explode, buyers are in complete power of markets and you can see it because prices are falling deeply.

So, to summarize, the most probable scenario is still a new drop imho, but first we will see most likely a small recovery just to induce traders to buy thinking that #1 was an old resistance now becoming suport. I call this the "Poor retail trader's S/R levels".

Anyways, anything can happen, and the only way for one to beat any market is to use all the chart for trading. And Bitcoin allows you to.

I do not use stop losses, nor leverage, nor derivatives with Bitcoin. There is no need for it. All the chart is mine, no one can take me out from it or, at least, prices cannot. Neither time. What would I lose if Bitcoin would die an prices would reach zero? Probably the same that anyone using a stop loss after it is triggered. Think about that.

Bitcoin is the easiest asset I know for trading. I usually trade indices or FX intraday and Bitcoin is really a very easy one.
 
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