Topic: The king is about to wake up. (Read 665 times)

I actually thought the last analysis wasn't too silly, and I was also expecting 6500 really, even if it wasn't going to affect how I'd be doing my bitcoin buys (I'm a faithful dollar-cost averager trucking along happily).

But I suppose history isn't proven wrong even with the past 2 days of happenings? As in, major bottom signalled before short squeeze?

TA should still be unchanged too, especially now we see pullbacks so quick after 10k.

@mikeywith, you should continue to give us your TA prediction, it's a good thing to see some perspectives regarding market charts .
Since bitcoin has a bullish movement two days ago, what do you think about the next movement? will it still drop to $6500 or so? or bitcoin will reach over $10K by next month 11/11/2019?

Now it just needs to get out of bed 

It woke up finally 

It is not all speculations in the market that comes from a genuine analysis, when you see someone that really predicted genuinely, you will know because those one do predict with breakdown of the analysis that they do and when you see someone who is just predicting based on instinct, it is also easy to know them because they are the type that just speaks value without actually backing it up with any analysis which I can tell you that majority of the people that we have in the market are all speculating based on instincts which is why we see that majority of them is actually not very much accurate and some of them don't even happen at all.

I don't just listen much to speculation, I just watch out of fundamentals that will still keep me in the loop about the development of Bitcoin.

Three white soldiers is not simply three green candles in a row. Long-bodied candles are vital to the definition. So is the requirement to close above the previous candle's high. In both cases, this wasn't seen until April.

Likewise, the July and August candles are clearly dojis, the opposite of long-bodied candles. The August candle also did not exceed the low of July, another reasons it's technically not three black crows.

https://www.investopedia.com/terms/t/three_white_soldiers.asp
https://www.investopedia.com/terms/t/three_black_crows.asp


Definitely cause for concern, but there's too little historic data to be confident about that.

I am not sure how do you use the three candle set-up, but to me I only take it seriously when it shows reversal of trend direction, the three white soldiers you show in your chart were present in a natural trend direction (up) so they are kind of irrelevant, the real three white soldiers were the candles of Feb,March and April , and they worked out very well, the market went up more than 150% after April candle closed, these three black crows I am pointing out has every characteristic that determines a trend reversal

1-They came up after about a movement of 315% to the upside
2-The wicks show strong rejection to the down side
3-RSI was very close to critical a resistance on the monthly (67)

and by the way, the best way to use the three set-up candle is along side with RSI , at least based on my personal experience.


Do you remmeber my topic (ichimoku cloud says 3100$ is the cheapest bitcoin will ever be) ?

I have been taking the cloud very seriously, and guess where we at now?



According to history, we must test the top of the cloud before making any higher highs, and guess where at is ?6500$ , does that match your Fib 0.705?

The cloud also tells another story , it says , bear/sideways market till 11/11/2019 , this is based on the fact that until we pass the ichimoku resistance, there should no movement to the upside, check 2016 you will get a better clue.

Again out of all these analysis, I still stand by the 20SMA on the weekly , and I still take this as a bear market until it's broken to the upside.

I was looking at the monthly chart this morning and thought of your post. There are sort of three black crows, although it's difficult to describe them as long-bodied candlesticks.

More importantly, what about the three white soldiers that came directly before?



I think we need more evidence to declare a bear market. In fact, it still looks like a bull flag at logarithmic scale.

Worst case, I think the market will capitulate to the 0.705-0.786 area before bouncing back to the $9,000s in similar fashion to the 2018 crash. Then the market will decide between bull or bear for the long term.

Now. The strategy is to do dollar cost averaging while it goes down. But tough HODLING ahead, your patience WILL be tested.


Zoom out.

Buy the dip where? Here? $6,000? It makes a pretty big difference. You could possibly get 20-30% more coins by waiting. Much more if we're actually entering another bear market.....

I agree with him that it seems like "sell the bounce" time. $9,000s or a wick above $10K if we're lucky.

Or better to buy as much of the dip as your savings/salary can allow, and HODL in my opinion. Surely it's the superior strategy to make superior returns?

Not trying to scare anyone, but the chart looks terrible





I do not see bitcoin anywhere but 6k after this break out and the 5SMA crossing the 20SMA on the weekly, to me I see two scenarios as of now.

1-Drop to 6k and consolidate there for a while before going to ATH
2-Enter a bear market for another year or so , re-test 3k make  a double bottom and then start another bull cycle.


These two scenarios are invalidated if the price does close again above 20SMA on the weekly.


another more concerning view can be found on the monthly chart, the monthly candle will close today and these three black crows are very scary




As far as day trading is concerned, it's now safer to short the market , a retrace to the 20SMA and 5SMA area (9300$-9600$) on the weekly chart will be a good chance to short/sell bitcoin , until the chart tells us otherwise.

Stay calm, don't panic just follow the chart.

If it is bitcoin, I have always been bullish about the coin, because prior to now, I have never expected the price to have stabilized around $9k and $10k, I still don’t know the factor that led bitcoin out of the bullish market that is not strong enough to lead other coins out of the bearish market, from my statement here, it shows that I am only bullish about bitcoin and altcoin is still a little bit doubtful as I really don’t know the fate of altcoins.

There have been so many factors that ought to have assisted in bringing them out of their bearish market, even recently when a factor unknown to us tried to bring them out, they still plunged back to their red lane. it is only the king of crypto that has really tried for us this year as I never thought that we could have even reached this stage, if I was to tell you what I foresee for September before the increase, it was $6000.

Same. Just watch out for a classic head-hake first. Shorts are rising but still unimpressive, and longs keep piling on. Bulls don't seem ready to break out either. I wouldn't be surprised to see a shakeout like this first before snapping back up like a rubber band:


http://thepatternsite.com/st.html

Still feeling bullish about this triangle.

Most people are probably looking at the triangle that you drew and most don't look at moving averages in Crypto. There are way too many averages to consider and I don't think its a reliable indicator. I think the triangle will be a good indicator however you can't just trade it when it breaks to the upside or downside because I am betting we will get some type of fake move before the real move.

Since we got these massive dumps which are all getting bought up, I think we will eventually break the $9100 and hopefully it will get bought up while trapping a few short sellers. Maybe people got their stops right below the $9000 and many got sell-stops and trailing stops if that area breaks. What is important is for $9K to hold and not head towards the $7K area.

I feel like I am a pleb myself, I didn't get into bitcoin because of money or anything else, I have lived almost all my life in online world and I have made a ton of money in every game I played so I assumed it would be easy to make bitcoins as well and I was kinda right (made a ton of bitcoins 5-6 years ago and now making a decent living today as well) and I wanted a currency I can use globally online without using my credit card.

It gave me the freedom to do whatever I want with my money without worrying about laws which is not all true but I still live my life like it is.

Hence, right now I am not really wise about trading and all that but I am not getting manipulated by whales neither, I am somewhere in between where I can do some silly thing that others may call me idiot for but I do it because I want to, not because others manipulate me to do.

I dont want Bitcoin itself to be negative but I dont see the price is the determiner of its progress exactly, if buyers need the price to go lower then its a positive if we do so.   All that matters in the end is the protocol is progressing and the population of users is expanding, its the job of the market to provide the best price to enable those things to happen and if we need to be lower then so be it.
   Business done is more important then the speculative profits of holders really, I think thats how it will go but every person cannot help to be biased to what would benefit them.   There should be a bias to the upside because shorting does involve borrowing somebody elses BTC which makes that short a future buyer, the balance is the power lies with the holders so long as BTC is a positive practical service or asset in society and it likely is.  
   Competition from FIAT itself is in decline imo but thats a long game to play out.



Seems this situation is familiar from last year and my guess is more sideways action so that everybody is wrong.   A simple break up or down beyond what seems to be fairly well defined trends doesnt seem to be a gift we will receive.

I am not good to analyze the chart as the other, but I only think that the price will be hard to down below than $5k. I feel that will make miners disappointed and we need them to help confirm the transaction. So I only think that the next moment that might happen, the price can go slightly increase in more than $12k and next higher price. But I think there will be any correction of the price that could happen before it can rise so high.

We need that FOMO trend again to wake up bitcoin. The Month of October is soon to begin, and that will be the last quarter for 2019, we should pump again just like before. The king of all coins should stand up high above all so we can see its good foundation and it can also wake up the whales and believe on bitcoin again.