Topic: Bearish Bitcoin TA - Be careful everyone ... - page 2. (Read 376 times)

History may not repeat within a year. Even right now bitcoin bulls are not doing good, I am not expecting prices to breach below $43k levels which must be a stronger short term resistance before $40.5k levels. I am seeing most prime media is talking about bitcoin and one government already adopted bitcoin still we are not moving up as expected for some reasons. Bitcoin is always known for surprising us at unexpected times hence we may see bulls into actions at any time.

Like many people stated across this forum, I guess we may not see anything below $40k levels hereafter forever. It is like this year's final ATH would be around $180k to $190k levels and then bitcoin may fall back up to 70% which might be above $60k levels.

What? Another bargain sale so soon and one more opportunity to get in at 30s before we really gear up on inertia en route to 100k? Stop playing with our feelings!
 
Seriousness aside, until we spend at least a week below 40k, and at significant volumes, I really don't see much cause for concern. Q4 is almost upon us, we're going to be getting some clarity on economic figures elsewhere in the real world (aka the bad news they've been brushing under the carpet's going to come spilling out). Dollar panic. Eurozone chaos...

There's a pattern that I see but I don't think it's really that scary of a drop if it ever repeats the pattern again, either way, a hodler won't worry too much because a dump will always be followed by a bounce back.

Whether they're candles or lines, trying to make something out of charts is always confusing. Patterns which you could make out of charts are always deceiving. You can make thousands of patterns out of hourly, weekly, monthly, quarterly, yearly, etc charts. Every little zoom in or out are analyses you could create out of the picture. If you don't want to feel dizzy, you better stop guessing and hodl.

Selling for tether does not necessarily make things better. Stick to Bitcoin and hodl.

There is no guarantee that history will repeat as before, but the possibility for that will always be wide open so if history repeats, we can know what we need to do. We need to be ready with anything that can happen later while we see the bitcoin price is not down for more and stay at the current price now but it could be down if the bad news comes out. The hold price will be at $45k and if that is a break, I am afraid that the price can go down and it could lead the price to reach $40k. But I do not expect that will happen later as bitcoin is still stable at this current price, so I hope that the price can back to $49k-$50k this month.

Yes its possible since the hype subside and the BTC dominance is below 50% that's why we need to be careful upon believing on such word that we might rise up to $100k this month since its quite not possible to happen. Many things need to consider and might we can get close to the given figures around but for me I'm ok what the result show after the end of the month since for now I'm not doing any holding and best option to do is to do a short  trade bitcoin and alts in the market.

Everyone could make or create a chart, just simply plot them and analyze the previous price in the chart.  But that is the OP's opinion and I respect what he believes is about the price.  IMO, still the same way of predicting without a technical chart, a technical prediction is still the same guessing the future price and there's no guarantee to forecast an accurate result.

There could be a downside but in my mind, I'm still on the bullish side and I dont think Bitcoin will down below $30k within this month.  It's surrounded by a good news ATM.

However, still, no know one knows, and also Bitcoin will remain unpredictable and it could be pump or dump price, it moves without any direction.

Very nice chart, we should always look to another side, I love how you analyze the chart, basing on previous price action.

To be honest, this is extremely possible, breaking down below $40,000 is possible but this gonna be a long battle with bears and bulls. As you can see, the monthly candle is fast approaching, so the monthly closing will be the decider here.
For me, if monthly candle will close below $40,000, $36,000 - $30,000 is very possible.

Charts are just the historical record/movement to see but not the trend that we're able to see in the future. Even before, I'd never believed that History repeats itself unless if there are no changes happening around but look, we are in the changes all the time and even tomorrow we can't simply tell what will happen. TA's is good in trading but not in the way that we can fully rely on this as most of the time, it won't happen in real time.

It's not an Elliot Wave chart but rather based on historical trends which so far appears to be repeating itself.

Note that this is not a crystal ball with a definitive result, it could easily pump to over $50k but it serves as a notice to always check both sides of a coin. Bullish on-chain stats (reduced BTC supply on exchanges) Vs Bearish TA. The week ahead could be make or break time

That chart looks like it is the Elliot wave partten with the ups and downs represented in numbers. Elliot is just like any other indicators represented in the chart and we are not to solely rely on on it without checking out in combination of other indicators. However, I don't think the price of bitcoin will go down to 30 before the year ending, the longtime hours are still strong for bull if combined with MA and the adoption rates.

History never repeats itself but it rhymes ~  Mark Twain

TA is a range of probabilities or scenarios that might occur, of course we cannot know future events for sure both natural and political but the assumption is a market with human participants contains recognizable traits that repeat in a pattern.
   The macro economy is a natural phenomena because its determined by people ultimately and people are natural in their actions despite our consciousnesses and ability to adapt in many ways.  The reasonable conclusion is 2021 chart patterns will resemble Dow theory 19th Century market moves because the fundamentals are similarly the same.   The FED and other entities dont acknowledge this natural pattern, price fixing is considered superior and imo the whole subject of economics in study has been eclipsed for decades by politics and nationalized spending with debt (not trade).
   My take is we ultimately revert to natural patterns not under the control of the FED, thats very bearish because its reality disrupting their multi decade day dream like the Greek debt crisis and can occur in any country with excessive debt vs exports as there is no natural reason to hold debt in exchange rather then alternatives and BTC is one of those alternatives in a speculative way.

Your chart OP doesnt have to resolve in a bearish way but I agree pullbacks are quite normal overall.  I'd say we are bullish right till market proves us otherwise, usually there is alot of notice given such as a slowing to price action and price moves below moving averages etc.    We're on the 2 day average and above almost all others, it would seem BTC is not near stall speed at present.

  My biggest or simple take is watch the weekly average for a mood to price

This analysis give me a good thoughts that made me remember the worst mistakes of the past, but it was an amazing situation that gave me more strength to overcome same scenario to exist again.
But for the TA projected here, I guess this isn't the typical bearish trend which I saw at old times. History don't repeat itself, but there's always a similarity of pattern that's why we will have to be more smart and decisive whether we're going with the flow or not.

We have people who have spewed TA since the beginning with about the same accuracy at a coin flip.

Fact of the matter is that Technical Analysis is not good for long run forecasting and it certainly is not rigorous.

I personally think that we're going to consolidate around this level and not necessarily drop down much further given the institutional demand that we're seeing (MSTR for instance has been continuously buying up the stream of new coins minted).

There’s a lot of time to analyze Bitcoin, and yes the price are getting more into the sideways trend and if you have a good timeline every time you invest you can be more profitable.

If the bearish trend will happen, better to ready your cash money so you can buy more and if the price continues the bull and break all the resistance, that could be a sign that taking profit should happen soon. Time can tell, with Bitcoin I’m still bullish on it.

Given enough time...both

It's just a matter of time before the market turn to bearish trend but the price we have today is not going to make the market bearish. Maybe if some bad news suddenly appear that might start the market to decline slowly and correction follows then some weak-hands too. That's how the market in the past move but it might be different this time since people learned their mistakes already so we just have to wait and see what's going to happen. All of these people keep blabbing is hundred thousand dollars price before the end of the year. But I have a doubt that would going to happen within this year.

This is exactly me. I do not care if it is 50k tomorrow or 30k, for me they are the same thing. I know it matters in the long run as well because if it doesn't fall then in the long run we will reach to my levels a lot quicker and crypto staying strong for the next 10 years without a big drop would mean a lot more money for me after 10 years. However, let's be honest, there will be falls, there is no scenario where there are no falls and because of that I believe we can see some falls that will not bother me at all.

What is the point of having a hope for no falls at all if we know that it will eventually fall one day. It could be tomorrow, or some other time but we will see a fall one day and that is why it will not bother me because I am not investing for today or tomorrow, I am investing for 10-20 years down the line and that is why I will be fine.

@OP I think that's a short term of history repeating itself. You could be wrong or right, this is a two-edge sword market but in my opinion, I'd rather focus on the long-term speculation and what could it play out. Technical analysis like daily as you provided was for traders but investors aren't gonna buy that they'll DCA and that's a fact and if it drops be thankful for an opportunity once again before it makes new ATH.

OP, as we are fellow plebs, I believe you are using the wrong chart. That’s a whale’s chart, the only chart mere plebs like us should use is the maximum zoomed out chart.



The chart is by William Clemente.