Can we see BTC at $1200 ? - Techincal Analysis says so!!
Hello steem,
I will try to explain the chart you see below. A lot of factors pointing towards a major trend reversal.
My tradingview account - https://www.tradingview.com/chart/BTCUSD/ZKlrtMya-BTC-Bear-trend-soon/
1. Since 5 weeks, BTC is in downtrend = Red candles since 5 weeks.
2. Doji formation for 3 continuous weeks = Indicating trend reversal
3. BTC is still above the tenkan sen line which indicates its still in bull trend, but other signals show a possibility of trend reversal.
4. If BTC price falls, we will see a strong support at Kijun sen line around $1900.
5. If BTC breaks that support then next strong support is at 0.618 fib level around $1200 - $1300.
6. During the previous bear trend, we see that price broke the Kijun sen support and rested at 0.618 level.
7. Stochastic signalling bear trend
8. RSI in overbought signalling BTC correction is due.
All these factors suggest we may see a big BTC downfall over the coming weeks before another leg up.
Hope you factor in these things and manage your portfolio accordingly
Disclaimer : This is just my personal analysis of BTC trend.
Yeeeeeeeeeeeeeeeeeahhhhhhh !!!!!!!!!!
BUY time
Or...wait...$1900 soon..... be even better
I appreciate your enthusiasm and see you are taking this fall very positively. It will be indeed a good buying opportunity. The cheaper the better.
Anyone can make any wild guesses or 'analysis' of Bitcoin. In the end, one of the wild guesses will be true, but not because the analysis was correct, but because the analyser got lucky.
Yes, there is a possibility that Bitcoin could plummet, but there is also the possibility that it could remain steady and that the other cryptocurrencies could suffer (as they are presently doing). There is also the possibility that Bitcoin will take off again and the other cryptocurrencies will follow.
All of these things have little to do with logic but rather market sentiment. If good news emerges of government acceptance of Bitcoin then it will surge. If govenments try to regulate it further Bitcoin will falter.
We have to remember that Bitcoin is not like regular shares. There is no 'real' value behind it. The market cannot fall back on property that Bitcoin owns or contracts it has.
Bitcoin has the potential to sky rocket and it also has the potential to nosedive. If it was that easy to predict then the price would already be factored in. It's as simple as that.
(Note: I am not an expert. This is not advice!)
Sure this is just my personal analysis and I have tried to explain it as well to the audience. I didn't mention the fundamental side of analysis cause I thought people are aware of the current situation of BTC. All the debate and ongoing issues concerning BTC scalability is making crypto markets apprehensive. Coinmarketcap is consistently going down to 88 b from a peak of 115b $ and we may see it plummet more. I believe BTC will go up in long term [years] but currently it looks like its going to take a good dip. This post isn't meant to scare people but to make them aware that we may see a big correction here.