Bitcoin (BTC) Evening Update: Critical Support Juncture Approaches
SUMMARY
As of this writing, we are at about $7,610 and as the chart shows below, the decline towards wave 5 is well in progress. This wedge pattern is expected to play out and the fractal that was introduced in detail during today's mid-day update calls for a bull wick spike down. We could potentially see a reange of $7,500 to $6,900 or so.
The critical juncture shows that the blue C is currently in progress and the lower white line support has been a strong one for quite a while and should hold and allow for blue wave D to take place and then E. The criticality of the support holding can't be overstated. Let's see how the overnight price action plays out! Exciting times are ahead of us all!
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Personally I do not see anything but bearishness. The week and day closed lower indicative of a further drop. A day close below 6812 should retest February's lows or more. The same view w/o change since near approach of 11,705. I still want to buy, but at a lower price.
Spread, spread, spread your buy inns and be patient. It's better to buy too late at the start of a bull market then to buy too early in a bearish one!
good advice - the problem is deciding how low to set buy orders !
Well the biggest potential downside to spreading your buy ins or "Dollar Cost Averaging" is that a bull market might never happen again lol. That is the obvious potential danger that people need to take into account, and not just put the blinders on and say Bitcoin will 100% go up over the long-term! It might, but it also very well might not ever go up again.
The 4 hour made a higher close. But it closed below 8,471.59 at 8,470.43. Usually this means its a rejection. Time will tell. A rejection doesn't mean it will not go higher a bit. Trends can change at any time. The close being below 8,471.59 leans to a drop imho.
@Haejin I no longer believe anything you post here on #Steemit.
https://steemit.com/haejin/@born2crypto/haejin-predicts-bitcoin-will-be-usd270-000-by-2025
My friend, you're making the mistake of being 100% in or 100% out of someone. Just use several chartmakers and other information. Put this all in a big blender and try to find out your own feelings about it after all.
Good luck!
For future viewers: price of bitcoin at the moment of posting is 7716.70USD
http://bizimlehepkazan.blogspot.com
You’re a bitch lol
BTC would be even higher...
BUT he was wrong - in technical local trend - and HE IS STILL wrong.
He had several times -" HAVE to - go up "- but BTC go down and down...
When you are on the market - you can't opt ONLY on one side.
If we daily close strongly below the falling support line of the Falling Wedge (meant to always be a Bullish Pattern, but with Bitcoin who the f knows lol) in 11 hours time, I believe the up-trend everyone thought Bitcoin had started was just another bull trap. Obviously if it breaks the falling resistance line strongly upwards instead, then we could see at least another decent bull-run.
I do believe overall these crypto prices are unsustainable long-term and I have talked about this in my latest post if anyone wants to read more about my thoughts on this.
Edit: Doesn't look like we are still in the falling wedge to me anymore, because if you draw the line based on the first two significant lows within the so-called Falling Wedge, then this line tells us that we already broke out downwards:
I do see many people however still drawing it how I drew in the first image of this post which I am really starting to believe is the wrong way to draw it simply because if you were drawing that trendline live as the pattern was created, the line in my second chart would certainly have been drawn first. Price clearly closed below and then re-tested that line.
This is a lesson to be learned for me and anyone else who is prone to this mistake. If you are just drawing the trendline for the first time on a chart for a pattern which has been going for some time, think about how you would have drawn your trendlines if you had been watching it unfold live from the moment the chart pattern started.
Not looking good either way for Bitcoin.
I love your posts, but it seems like we don’t need them anymore due to the fact is every altcoin follows bitcoin.
if bitcoin rises, altcoins rise. If bitcoin drops, altcoins drop.
But your posts have helped me so I’m torn.
True. But take note that altcoins can rise and fall regardless of bitcoin's price. (e.g. NEM and BNB rose in price a few days ago, even though bitcoin was quite stagnant).
NEM isn't an altcoin...but I get your point
I heard somewhere that everything besides Bitcoin are altcoins
uhh. what? Anything that isn't bitcoin is an altcoin, whether or not how good or bad the altcoin is. We're talking facts here.
"NEM isn't an altcoin" Uhh, you're gonna have to qualify that statement.
I'm generous and move beyond BTC to include the top 5 or so, but beyond that you'd be in altcoin territory.
Some revision here,
if bitcoin rises, altcoins a little bit rise. If bitcoin drops, altcoins much more drop.
https://freebitco.in/?r=10689239 (for free BitCoin)
http://freedoge.co.in/?r=1178803 (for free DogeCoin)
Come after every hour and play as much you play as much you earn
Good Luck
excelente amigo @haejin el optimismo debe ser parte de nuestra fe, con altas y bajas creo conveniente aprovechar lo bueno de las cosas malas y cuando nos toque lo bueno tratar de usarlo para ser mejores.
Very excited how the overnight price action plays out ! Stay positive guys ! :)
This isn't exciting...it's actually making me stressed out and sick to my stomach...it will be exciting if we get out of this long correction and have a long bull run...I'm praying soon.
Sounds like crypto ain't your cup of tea then.....not gonna lie.
According to you it seems like you believe in Bitcoin ! Short term price movement shouldn't bother you then my friend :) But i can't deny the stomach feeling tho :P
https://freebitco.in/?r=10689239 (for free BitCoin)
http://freedoge.co.in/?r=1178803 (for free DogeCoin)
Come after every hour and play as much you play as much you earn
Good Luck
Great Post and nice picture..
.
Exciting times indeed :)
What happens if C drops past the trend support line? Go down to which next support $?
That would be the thinking, yes. But greed for cheap BTC would never let us get below $4k is my thought. Perhaps 4800-5200 max.
I would not mind seeing it that low to scoop n buy more BTC with all the money I got.
How do you feel about the death cross forming??
Thanks man, we will look closely to the support line the next day. It should bounce of and we will be on the lookout for higher highs in the upcoming weeks.