Bitcoin getting ready to pop? It's all about perspective...
Technical factors say bitcoin may be about to pop.
We have a couple technical indicators setting up that may mean we are about to move up in a significant way.
When looking at a daily chart of bitcoin, we can see several bullish patterns starting to emerge.
First, we have a shorter moving average (50 day MA) about to pass through a longer period moving average (100 day MA).
This type of pattern is often called a golden cross and is considered a bullish pattern:
(Source: https://www.coindesk.com/bitcoin-will-soon-see-bull-cross-in-first-since-august-2018)
Secondly, looking at the above chart we can also see a possible inverse head-and-shoulder pattern possibly playing out.
We are on the right shoulder currently of that pattern.
If prices can hold up here, they are likely to break the neckline to the upside, which is up near $4,200.
It's all about perspective...
Those things may indeed look bullish, but not everyone sees them the same way.
Check out this zoomed out view of the current price action:
(Source: https://www.tradingview.com/chart/BTCUSDSHORTS/mNe3L1MS-IF-YOU-WANNA-BE-RICH-YOU-GOTTA-BE-IN-SHORT/)
They are also saying we may get a short term bounce up near $4,200...
However, they think the play is to short it there because we are going to make one more lower low shortly afterwards.
What do you see?
Stay informed my friends.
-Doc
🚀 to the Moon!
Someday... sure would be nice.
Hey @jrcornel you said right
It's all about perspective...
Those things may indeed look bullish, but not everyone sees them the same way.
Yes bitcoin may be about to pop.
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Or it may be about to pop than drop... Hopefully it's a pop and never look back!
You want my opinion... well, I see another leg down, to where I'm not certain, but I can see us going to 1.3k before we reverse, it sounds a little hard, yes, but it would mimic 2015 to the fib...
I can also see us going to 2.2k mainly because it's an algo target, and so the bots are pulling us there.
There are many traders with decades of experience in the stock market saying 1100$ and being called fudsters and crazy, but if you go and do the fibs and you go and watch other hyperwaves it all agrees with them, atm I'm watching for the same trendline that you are, waiting for a market decision.
Yep. The hodlers have a terrible habit of calling anyone that isn't predicting a moon shot, a FUDster... However we can see there is a decent chance they end up being right. I could see $2,000 or maybe even $1,800 but much below that seems like a stretch to me.
Yeah, it is a stretch, but have you looked at the stoch RSI on the weekly? That thing is like loading a bullet.
During the bear market if the stoch RSI is high and reverses you have a huge dump, while if it's low and goes up the price almost doesn't move,
In the bull market it's the other way around, when low and reverses the price pumps like crazy, and when it goes down the price almost doesn't move...
Now go look at the stoch RSI at the weekly time frame, we've never, during this whole bear market been so high, it's at the max! and the price only pumped like 50%... next week it's going to reverse, last time the price dropped around 65%, a drops of 65% now would put us at around 1100$...
And the other thing that makes me think that it might go that low is the fact that we pumped from 1300 to 3k without even confirming the 1.3k again, which is not a normal thing to happen...
I'm not saying the price will go that low, I'm watching the market and keeping all prices and moves in mind, bullish and bearish, because there are signs of accumulation too atm.. but there are also signs of big wallets dumping their BTC on the people FOMOing in. It's all a matter of waiting this storm out until we see a clear sky
Very good point. At this point I would think all things considered it is pretty close to 50/50 whether the bottom is actually in or not, though I might skew that slightly saying that it is not. Thanks for pointing out a good technical pattern during this bear market regarding the RSI. I hadn't noticed that.
I personally don’t think we will have another lower low but of course it is possible.
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let's wait and see... I have a few possible scenarios in mind, I'm just waiting for at least a little confirmation before actually buying in, could this be the bottom? Maybe, but so far I see no good indicator telling me that. I'm just shilling with my money on coinbase waiting to buy back in... Trading made me very patient, I was able to wait for almost 2 months for the 6k-3k drop, or at least for a confirmation that it wasn't going to happen xD Now I'm waiting for the confirmation that we are going lower, and that stoch RSI on the weekly makes me like 80% sure of that.
$2000 in april eh. I'm thinking more like $4800.
I still believe that Bitcoin's bottom is following an exponential curve of doubling every year. If this is true Bitcoin can't go below $3000.
Yep. I tend to think you might be right. The more people keep saying it has one more leg down leads me to think it probably doesn't. Prices often do what the least amount of people want them to do...
The crypto market is crazy so I say that anything could happen. @jcornel
And I say that you will be correct!
🚀🌘 Lets get it. We have been waiting long enough. 😁🤑 I see a bullish breakout because most anticipate a lower low and markets have a funny way of doing the exact opposite what people think.
Yep, very well said. If enough people are positioned for a lower low, it's not coming.
PUMP IT
We could use a good pump!
I don’t expect neither as I feel thay the market is maturing and lrice will stabilize for a long period of time. However, more importantly, it will finally signal that the bottom has past.
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I would take that over another drop for sure!
Hopefully BTC starts a big achievement in the future, and that is very important for all crypto coins
Yep, as bitcoin goes, so goes the altcoins. We need bitcoin to ramp up to about $5k-$6k and hang out there. That would be nice for the altcoins most likely.
Maybe that requires people who want to invest in bitcoin, in order to achieve the results you mean, this is just my thinking
Yep, need more bitcoin investors.