Bitcoin Forum

My gut usually turns out to be right.
Anyone else focussing on this obvious pattern right now?

You have not mentioned in which timeframe you are looking at the charts ?

Would not it be nice if you can show the graph with your post so it will be easy for everyone to understand? Since you are a newbie, you can only post the link to the picture/chart and it is also acceptable.  :)

Stated in the title, daily and weekly... Big ol fat W going on..

Around the 18800 level? Looks like we've only closed below it twice on the daily since the first close on it so perhaps it is holding well. It looks like we're near a pivotal resistance around the 20500-21000 region too (with a channel that's dropping fairly slowly).

In the weekly time frame of bitcoin, the point to note is that the dominant trend is still bearish, so i don't expect this to be played out exactly as expected.

Anyways, still, waiting for your charts of daily and weekly  ???

Yes 18,800 is candle close at around 19th September, but could it wick down to 17,500 where it had its low on 13th June? Before we shoot up to 30,000?

That double bottom is strong and prominent on the daily and weekly, also fear and greed is around 25 (extreme fear).

For reference, here is the daily and weekly BTC/USDT chart from Binance...


I must admit i don't know how to read charts, but I sure know what a double bottom is when I see one  ;D ;D.

I personally think the price of bitcoin started recovering after Elon musk's recent tweet of buying Twitter, I was digging to find the tweet now but can't, I am hopeful it will break 21,000 in few days from now, fingers crossed 🤞

You can't see the double bottom in those pictures? I admit the peaks are not as prominent as the november high but they are there?

this one?

https://i.imgur.com/VQJjZCU.png

quite early, but it could form to an w.

Yes very true, don't get me started on all those Youtoobers who have crystal balls.
It's essentially 'pick a side' isn't it!

Can always be read as negative or positive and its fuzzy to say the least.   I've been told many times to not jump the gun, there is no W formation till we pass 25k at least and then its still a maybe.
Right now price has to exceed the 50 day average (https://talkimg.com/images/2023/06/12/AIFnI.png) and keep the lows not fail as it had done in the weeks post recovering June low.

Agreed there is no W, I ma jumping gun, just a declining price :)
50 day average - at what price is this? On my day TF it's touching the 50 EMA now

Honestly it all depends on how this months employment numbers are and next weeks CPI.

The fed says he won’t pivot under any circumstances. The fed is looking to higher unemployment as a way to tackle inflation. So we are looking for jobs to be lower and inflation to be negative in the MoM change. If this happens Bitcoin should break the $25k area.

However if the opposite happens then most likely it’ll break the $18K because it means higher rate hikes which is what the market doesn’t want.