Will Bitcoin Repeat its History from 2013?
Updated
Hey!
I am back with another Bitcoin Technical analysis.
This time looking at weekly timeframe and comparing 2013 december crash to our current Bitcoin crash.
I have spotted a few similiar things that these two crashes have in similiar, the descending triangle triangle formation follown by an ascending triangle..
It seems like currently is Bitcoin in this ascending triangle and I am waiting for sharp volume spike pinbar.
Even though, ascending triangle is a bullish formation, this only applies in uptrend.
EMAS are signifying downtrend, which will last for a while, when we are considering this downtrend as insignificant uptrend which is likely to occur, which will happen by market uncertainty.
Low buying power, and another Volume spike incoming, why would you go against a trend and try to push the price higher when you are in
disadvantage?
History can be repeated, and Bitcoin may see price low as 1850, from where is likely to bounce to 2245 and from there, unsignificant uptrend may begin, but first I expect spike up/pinbar/bullish fakeout to happen.
And whats your opinion on Bitcoin next move? Are you bullish or bearish?
Will you tether, or hold strong in altcoins?
Thats all for me, at least for now.
If you agree with this Technical Analysis, let me know by hitting that "Agree" Button as it motivates me to do more similiar Technical Analyzes for no profit.
And of course, if you have any questions, let me know in the comments down below, I will answer each one.
Thanks and good luck trading!
I am back with another Bitcoin Technical analysis.
This time looking at weekly timeframe and comparing 2013 december crash to our current Bitcoin crash.
I have spotted a few similiar things that these two crashes have in similiar, the descending triangle triangle formation follown by an ascending triangle..
It seems like currently is Bitcoin in this ascending triangle and I am waiting for sharp volume spike pinbar.
Even though, ascending triangle is a bullish formation, this only applies in uptrend.
EMAS are signifying downtrend, which will last for a while, when we are considering this downtrend as insignificant uptrend which is likely to occur, which will happen by market uncertainty.
Low buying power, and another Volume spike incoming, why would you go against a trend and try to push the price higher when you are in
disadvantage?
History can be repeated, and Bitcoin may see price low as 1850, from where is likely to bounce to 2245 and from there, unsignificant uptrend may begin, but first I expect spike up/pinbar/bullish fakeout to happen.
And whats your opinion on Bitcoin next move? Are you bullish or bearish?
Will you tether, or hold strong in altcoins?
Thats all for me, at least for now.
If you agree with this Technical Analysis, let me know by hitting that "Agree" Button as it motivates me to do more similiar Technical Analyzes for no profit.
And of course, if you have any questions, let me know in the comments down below, I will answer each one.
Thanks and good luck trading!
Note
Note
Note
Lets look weekly Indicators starting with MACD.Okay, so maybe from you perspective it seems like " Yeah, pretty oversold, about to give buy signal"
But I dont think that would be the case here.
It looks like this selling wave will end soon, give buy signal and turn into another selling wave, which wont neccesary would be pushing the price down, this is where the insignificant uptrend comes to play.
So dont get fooled by MACD.
Note
Following with another weekly Indicator, RSI.You can spot easily that triangle was formed, and the clash of downtrend and uptrend caused a huge pressure burst.
I expect something similiar as before, quick fakeout with RSI and dip even lower than 30, but hopefully will find support there, 40 is a strong ressistance currently.
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