Bitcoin analysis Danger of continuing of correction still exists (#22)
We are in critical moment which will decide where Bitcoin price will go. I still stand on my analysis #20 which I wrote 9 hours ago.
In my previous analysis #20 i define point E on my chart. Price is already descended to this point. Now there is two possibilities on the table. Price will turn north establish a trading channel upwards and this will mean that we are on the turning point upwards or it will break the resistance line and goes south.
I think that descent is more likely to happen. We have awesome oscillator AO crossing, MACD crossing and downtrend in RSI. All these three facts indicating downtrend potential.
Previous analysis: #14, #15, #16, #17, #18, #19, #20, #21. Is good to check them out to get insight into my reasoning. Some contemplation in post Bitcoin goes parabolic.
Image sources: Investing.com,
Data sources: Bitfinex exchange
Disclaimer: If you use my ideas and analyses in your investment ventures, you take all responsibility and consequences about your actions.
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Let it correct more.
It is overvalued currently.
The lower it goes, the better the buying opportunity.
Yeah, this was on my mind when i write article about actually Bitcoin goes parabolic and been a special kind of bubble. Check it here and that explain your comment to correct more.
This is a similar situation to the China ban a few months ago. But, the market is a little more unstable now with more casual investors that might get frightened easily. I could imagine some of these new adopters cashing out with what little gains they have enjoyed. It could be a slower recovery this time.
Corrections and slow recoveries aren't necessarily a bad thing. It could help the market become a little more stable in the long run.
Very good point of view. I'm still convinced that turning point of this correction will be around $10k.
I am currently disoriented with regards to the price of the btc.
I hope my explanations are not to technical. As a compose my text in my analyses, I always have in front my eyes that I must also explain tools which I using on my charts. Maybe I must include more of that stuff?
What do you think?
Bitcoin will tank for a while but around $10000 will find firm support and another uptrend rally will start. Stay tuned to my blogs and you will get all appropriate information for your trading.
Happy new year and all good to you!
Yes, thank you, I will be aware of your publications. We hope that what you say is true. Happy new year
This is a prediction how the price move. Think about it as a weather report. Not all of them are true, but they help predict you when you need umbrella, that you don't get soaked if start to rain.
The same is true for trading. You can use my predictions to trade but, as smart as you are, you will find that charts speaks and if you know their language you can be even more successful.
I wrote in one of my comments once:
I think this will be good guideline. Also, Happy new year to you too and I wish you a lot of new wealth of all kinds.
Thanks, I'll pay attention to what you say.
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