Your chart analysis is very far from the truth and I think you can't predict that bitcoin will reach $48K+. Yeah because if people focused on the chart, maybe they will make a prediction like yours. And we all come back to rule no1 of cryptocurrency. Crypto is unpredictable.
Buy dip and HOLD and you will be rich, forget about the chart
Topic: Most dangerous Bitcoin monthly closing candle (Read 456 times)
I think that one doesn't have to be a bull or a bear in order to expect a correction after an overly big/stiff move.
Also with Bitcoin and crypto you never know when somebody decides he's good and want to cash in the fiat profits, since many traders/investors only care to grow their fiat.
Labeling yourself may be misleading or incorrect too. Usually one leaves to the others to label him, but in this case that may not be possible either.
Also with Bitcoin and crypto you never know when somebody decides he's good and want to cash in the fiat profits, since many traders/investors only care to grow their fiat.
Labeling yourself may be misleading or incorrect too. Usually one leaves to the others to label him, but in this case that may not be possible either.
And long may that trend continue. For as long as there are traders interested only in making money and not really into holding BTC, we have a fluid and moving market. I know people think the more people hold (and supposedly that's only what institutionals are doing), then supply squeeze will push prices higher, but I actually think keeping demand and trade volumes healthy consistently is more important long term.
I love labels. It's so human;)
Yeah, I am a perennial short-term bear (long-term bull) if that's what I need to label myself and it would seem the test has failed yet again. I'm not pessimist, though, just always keen to apply the brakes because I've seen what happens in a relentless but short-lived rally.
I think that one doesn't have to be a bull or a bear in order to expect a correction after an overly big/stiff move.
Also with Bitcoin and crypto you never know when somebody decides he's good and want to cash in the fiat profits, since many traders/investors only care to grow their fiat.
Labeling yourself may be misleading or incorrect too. Usually one leaves to the others to label him, but in this case that may not be possible either.
I frankly admit that i was wrong in this analysis that the big wick was the market cycle top.
It takes guts to admit when you're wrong. I see it as the good step forward, towards better predictions.
In Bitcoin markets there are many things that matters, from history to perception and to sudden moves or news that can trigger massive response from other traders. Tesla news was probably such a case, although the overall sentiment is imho still bullish, with or without Tesla buy.
Perhaps we have this bearish feeling each time bitcoin reaches ATH, because we have seen the previous bear market when bitcoin struggled to cross 10k.
The current prices seems to much high and therefore we have this fear of big dump, though it may not come this time.
The current prices seems to much high and therefore we have this fear of big dump, though it may not come this time.
Yeah, I am a perennial short-term bear (long-term bull) if that's what I need to label myself and it would seem the test has failed yet again. I'm not pessimist, though, just always keen to apply the brakes because I've seen what happens in a relentless but short-lived rally. Really hope to see this one carry on for much longer, happier to see slow ascents so I'm liking what I'm seeing so far.
I frankly admit that i was wrong in this analysis that the big wick was the market cycle top. Bitcoin has now made another all time high above 49,000$. Perhaps, fundamental events like Elon Musk buying bitcoin news made the technical analysis invalid. No one know what is the market cycle top for this bitcoin cycle now.
You know, you're wrong whether you admit it or not;)
But don't worry, I was fooled too. I was short-term (and probably still am) bearish but every time we get a new ATH like today I'm wondering when the pain will come, or if it will be put off to a farther future.
I doubt Musk is fundamental though. It's good momentum catalyst but you can't be relying on unexpected boosts like that all the time.
Perhaps we have this bearish feeling each time bitcoin reaches ATH, because we have seen the previous bear market when bitcoin struggled to cross 10k.
The current prices seems to much high and therefore we have this fear of big dump, though it may not come this time.
I frankly admit that i was wrong in this analysis that the big wick was the market cycle top. Bitcoin has now made another all time high above 49,000$. Perhaps, fundamental events like Elon Musk buying bitcoin news made the technical analysis invalid. No one know what is the market cycle top for this bitcoin cycle now.
You know, you're wrong whether you admit it or not;)
But don't worry, I was fooled too. I was short-term (and probably still am) bearish but every time we get a new ATH like today I'm wondering when the pain will come, or if it will be put off to a farther future.
I doubt Musk is fundamental though. It's good momentum catalyst but you can't be relying on unexpected boosts like that all the time.
Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?I frankly admit that i was wrong in this analysis that the big wick was the market cycle top. Bitcoin has now made another all time high above 49,000$. Perhaps, fundamental events like Elon Musk buying bitcoin news made the technical analysis invalid. No one know what is the market cycle top for this bitcoin cycle now.
At least you are man enough to admit your mistakes and shows that technical analysis can only go that further and it's not a guarantee. So appreciate it, just keep posting us your technical analysis though, unlike others who jus predicted the price without any graph to show us.
Yes, the Elon Musk really change and invalid most of the technical analysis that we have seen so far. As I have said previously, he open the pandoras box and today we reach another all time high.
Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?I frankly admit that i was wrong in this analysis that the big wick was the market cycle top. Bitcoin has now made another all time high above 49,000$. Perhaps, fundamental events like Elon Musk buying bitcoin news made the technical analysis invalid. No one know what is the market cycle top for this bitcoin cycle now.
The chart already looks bearish, and the institutional buyers understand that too, so if they will stop buying, the $30k support will easily get broken, as institutions will hope to buy Bitcoin at much lower levels, like at $20k and below.
There's no rule that says that Bitcoin's bull markets need to last 1-2 years after the halvenings, and since everyone is so aware of this pattern, the pattern stops working.
While it is true that when it comes to the markets there are not fixed rules, and this is even more true in a market like bitcoin, we are once again seeing bitcoin trying to get to the 40k level, we are only a few hundred dollars away and if this continues then we are bound to see bitcoin trying to remain above that level again.There's no rule that says that Bitcoin's bull markets need to last 1-2 years after the halvenings, and since everyone is so aware of this pattern, the pattern stops working.
It will not be easy but it is something that is entirely possible, and while it is likely institutional investors are not going to buy at the current price retail investors will and they are strong enough to move the market on their own.
I guess that is not shooting stars candle, we have been seeing now bitcoin price is trying to increase again and close the previous wick candle. Usually, if the movement price like this happen the price will increase more than the previous candle, I guess that will happen.
Also, the fundamental factor is still good, the stimulus issue and Elon Musk who still give a surprise for crypto currency space will push bitcoin even some altcoin reach to the newest high price like ETH.
We have to compare when we predict bitcoin price movement, I mean we have to compare technical analyst strategy and fundamental strategy. If the signal give the same path then we have to take the strategy as our reason but if there is a differentiate between them we have to wait where the price will go whilst we wait another information.
Also, the fundamental factor is still good, the stimulus issue and Elon Musk who still give a surprise for crypto currency space will push bitcoin even some altcoin reach to the newest high price like ETH.
We have to compare when we predict bitcoin price movement, I mean we have to compare technical analyst strategy and fundamental strategy. If the signal give the same path then we have to take the strategy as our reason but if there is a differentiate between them we have to wait where the price will go whilst we wait another information.
I would say that recent price action may neglect the idea which i presented in my OP post and 42K was probably not the top of this bull market. Only if we are able to cross the 42K level, then i am sure bitcoin will go many level up and bull market is no way near to its end. Bitcoin is very near to break its final resistance and i hope it does it quickly.
I guess that is not shooting stars candle, we have been seeing now bitcoin price is trying to increase again and close the previous wick candle. Usually, if the movement price like this happen the price will increase more than the previous candle, I guess that will happen.
Also, the fundamental factor is still good, the stimulus issue and Elon Musk who still give a surprise for crypto currency space will push bitcoin even some altcoin reach to the newest high price like ETH.
We have to compare when we predict bitcoin price movement, I mean we have to compare technical analyst strategy and fundamental strategy. If the signal give the same path then we have to take the strategy as our reason but if there is a differentiate between them we have to wait where the price will go whilst we wait another information.
Also, the fundamental factor is still good, the stimulus issue and Elon Musk who still give a surprise for crypto currency space will push bitcoin even some altcoin reach to the newest high price like ETH.
We have to compare when we predict bitcoin price movement, I mean we have to compare technical analyst strategy and fundamental strategy. If the signal give the same path then we have to take the strategy as our reason but if there is a differentiate between them we have to wait where the price will go whilst we wait another information.
the TA might have been delayed but it start the month in a positive candle already.
I myself thinks that we might go on a bearish mode, fortunately, the price seems to be on a slow bounce at the start of the month, so $38k will be the next big resistance that we need to overcome so that the positive candle can continue this February.
So now we can say that we are safe as we have been building green for 3 straight days now.
That is what I think about the current situation as well. It is basically a proof that TA is not always correct, sure there are many times TA is correct as well so I can't say TA is a bad thing, it is definitely a great thing, I just feel like it is not 100% always right. This is one of those days where it is not correct at all, it is not profitable to do whatever TA says all the time, there will always be days like this.I myself thinks that we might go on a bearish mode, fortunately, the price seems to be on a slow bounce at the start of the month, so $38k will be the next big resistance that we need to overcome so that the positive candle can continue this February.
So now we can say that we are safe as we have been building green for 3 straight days now.
I think it is the "unexpected" thing that we have in crypto, sure stock market world has that too but they have it less frequently, TA shows what it "should" do but then Elon musk tweets something and everything changes suddenly, so that is why I think it is obvious that those unexpected things we have in the crypto world is the main reason why we can't really rely on TA because some day some rich crazy person could buy 30k+ bitcoins or some early investor could sell 30k+ bitcoins too, who knows?
^ Yes, the TA might have been delayed but it start the month in a positive candle already.
I myself thinks that we might go on a bearish mode, fortunately, the price seems to be on a slow bounce at the start of the month, so $38k will be the next big resistance that we need to overcome so that the positive candle can continue this February.
So now we can say that we are safe as we have been building green for 3 straight days now.
I myself thinks that we might go on a bearish mode, fortunately, the price seems to be on a slow bounce at the start of the month, so $38k will be the next big resistance that we need to overcome so that the positive candle can continue this February.
So now we can say that we are safe as we have been building green for 3 straight days now.
Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?
If you look at technically it is likely that the bull season will end in the near future, but we also need to consider Bitcoin fundamentals which are
getting stronger. Then history doesn't always repeat itself, so there's no need to be pessimistic about the bull season coming to an end. Because
in fact we all do not know where Bitcoin is going, just stay alert in the meantime. But I am still optimistic that in the near future Bitcoin can at least
go up to a price of $ 40k again.
getting stronger. Then history doesn't always repeat itself, so there's no need to be pessimistic about the bull season coming to an end. Because
in fact we all do not know where Bitcoin is going, just stay alert in the meantime. But I am still optimistic that in the near future Bitcoin can at least
go up to a price of $ 40k again.
Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?Who believes in candles when we are talking about crypto and speculations?! The last candle, precisely the one shown in the graph, results from Elon Musk's tweet bio and FOMO buyers. Now the price is back to the levels before the tweet.
This is a monthly chart and not a daily chart which shows the candle of pump due to elon musk. Although crypto is highly volatile, most of the time the price moves according to the candle sticks pattern. I am still worried about the monthly closing today.
We will see though, but I'm not going to compare it to 2017 big candle formation though. we are still in the upside and I would say bullish if we close the month in a red candle. What we are seeing might create a new candle formation not relative to past historical logs. The pump from Elon Musk was unexpected and we haven't seen this kind of pump in bitcoin's history that's why the candle suddenly goes up.
I am not sure why its difficult to understand. The elon mask pumped bitcoin to only 38,000$ but in the month of January we hit 42,000$ (without any elon mask influence) and now back to 33,000$. This big monthly wick is a bearish sign ( i hope i am wrong and we stay in bull market always).
I'm not saying that it is hard to understand, removing out Elon Musk influence to the price, we still have other parameters to look at, specially the sentiments of traders around, like the fear and greed index. Still very greedy, so I would say that it is bullish.
In any case that we are in the bearish phase or at least have entered similar to 2017/2018, then it spells trouble.
Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?We could have grayscale putting 1+ billion dollars in shorting bitcoin, sell all their 500k+ bitcoins, earn from 100x leverage shorting, and eventually have 100+ billion dollars from all the way bitcoin drops. However we could also have them finding another investor, like a huge morgan stanley, jp morgan type of one and get another 20-30 billion dollar investment to buy bitcoin and we could be 50k+ in a day too.
Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?Who believes in candles when we are talking about crypto and speculations?! The last candle, precisely the one shown in the graph, results from Elon Musk's tweet bio and FOMO buyers. Now the price is back to the levels before the tweet.
This is a monthly chart and not a daily chart which shows the candle of pump due to elon musk. Although crypto is highly volatile, most of the time the price moves according to the candle sticks pattern. I am still worried about the monthly closing today.
My Bad, I should be more precise. Obviously, it's a monthly graph as Bitcoin is under $10k most of the time.
Candles are maybe more accurate in the long term, but they are not in the short term for crypto.
I meant, IN SHORT TERM, I can't believe in a single technical analysis, candle or graph when a single tweet, a fake double-spend FUD or similar news can move the price 15%-20% in minutes.
Bitcoin will have the most important monthly candle closing tomorrow. See the big wick in 2017 last green candle and it was end of bull season. In 2019 also, we had a big wick and then a long bear market. This month's candle also have a big wick
But bitcoin still have one day and maybe if could pump again to 37-38k, our bull season will remain intact, else is this the signal of end of bull market ?
We're an hour away from the monthly candle close. Not quite a shooting star, but the closer price dips towards $32K, the more it looks like one:
Extremely high dollar volume too. Maybe this consolidation will drag out a while longer?
Extremely high dollar volume too. Maybe this consolidation will drag out a while longer?
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