Bitcoin Chart - Is Bitcoin About to Break Down?

[Sachubaba]

The chart looks bearish. Bitcoin is staying below 200 DMA and has formed a triangle.

If the lower trendline is broken, bitcoin may crash.

What do you think guys?

https://i.ibb.co/TrWxrhy/Bitcoin.png

The first support is around 28800 which is the 50 week MA.

https://i.ibb.co/mRfFpBH/Bitcoin2.png

I am unable to post images directly within the post. Sorry.

[tranthidung]

The chart looks bearish. Bitcoin is staying below 200 DMA and has formed a triangle.

If the lower trendline is broken, bitcoin may crash.

The chart is bearish technically but your forget the basics. The market will not have bullish time if it does not have a bearish time before. Bearish periods can be big or mini ones. Same for bullish periods that can be big or mini ones.

Not my financial advice but my opinion is the best has yet to come. The market is in a mini bearish period and will experience a few moths with side-way. The next is a big bull run. 

[Sachubaba]

The chart looks bearish. Bitcoin is staying below 200 DMA and has formed a triangle.

If the lower trendline is broken, bitcoin may crash.

The chart is bearish technically but your forget the basics. The market will not have bullish time if it does not have a bearish time before. Bearish periods can be big or mini ones. Same for bullish periods that can be big or mini ones.

Not my financial advice but my opinion is the best has yet to come. The market is in a mini bearish period and will experience a few moths with side-way. The next is a big bull run. 

You may prove right in the long-term. but a short-term crash may be the "end of the road" for those having leveraged positions or trading with borrowed money or newbies who have never seen a serious bear attack.

[tranthidung]

You may prove right in the long-term. but a short-term crash may be the "end of the road" for those having leveraged positions or trading with borrowed money or newbies who have never seen a serious bear attack.

Traps are set to kill you, to liquidate your stupid positions. So why use leverage if you are not smart enough or don't have enough experience with crypto trading?

I don't offend you but the questions are basics and you will have to pay precious cost if you don't understand it. Greed leveraged traders deserve to be killed.

[Lakai01]

-snip-
I don't offend you but the questions are basics and you will have to pay precious cost if you don't understand it. Greed leveraged traders deserve to be killed.

Coinbureau - the best crypto Youtuber in my opinion - recently published a really good video on how "whales" play with hobby traders and weak hands and push them out of the market:

Crypto Market Manipulation! Wyckoff & WHALES!!🐋

In the video you can also see tips and patterns on how to recognize something like this and avoid the traps. I can warmly recommend the video to anyone new to trading - including the tip: Stay away from leveraged trading.

[worle1bm]

-snip-
I don't offend you but the questions are basics and you will have to pay precious cost if you don't understand it. Greed leveraged traders deserve to be killed.

Coinbureau - the best crypto Youtuber in my opinion - recently published a really good video on how "whales" play with hobby traders and weak hands and push them out of the market:

Crypto Market Manipulation! Wyckoff & WHALES!!🐋

In the video you can also see tips and patterns on how to recognize something like this and avoid the traps. I can warmly recommend the video to anyone new to trading - including the tip: Stay away from leveraged trading.

His t-shirt also says "buy the dip" in the video which is his best part because he tries to visualise more and more according to his video and that's why he is in top list for most of us.But seriously dude the market sentiments become out of control at these times and whales become successful in their plan.When we are dealing that Bitcoin is dead or this is market worse crash that time whales took undue advantage and buy at very low prices which is their strategy.I don't know when will they all understand the market charts and power of Bitcoin.

[Tytanowy Janusz]

What do you think guys?
I am unable to post images directly within the post. Sorry.

It looks very weak. I agree with you. 3 weeks after 50% dump and no recovery. Consolidation at the bottom. It is very likely that we will see next push even to sub 20k levels. Something like 25k is possible.


@everyone that brings Wyckoff here. First time i see that somone played perfect technical formation at the top of bubble. At the top of the mania. Every bubble ends the same way. No matter if it was dotcom bubble, tulip bubble or any other bubble in history. There is always huge spike at the top, short squeez and than doom day. Not 3 months of consolidation...

[buwaytress]

Mm yeah, was saying in another thread I'm not a believer of TA, purely for curiosity but I do think the 200ma has always been a strong sign of strength or lack of... So today's reluctance to continue racking up gains should see us spend another week below 200.

Doesn't look good, but I think it'll iron out. Or we sink lower and then we get a hell of a bounce up the ass.

[The Cryptovator]

Straight forward, I don't believe Bitcoin follow any chart created by human or AI. Because a few days back a person provide a chart where Bitcoin should pump it back. But nothing happen, rather than it just dumping more. For me during trading I just try to realize market conditions and movements. Sometimes become success and make profits. But sometimes missing as well to understand market sentiment. But chart, I don't think Bitcoin follow something like this.

[STT]

The chart looks bearish. Bitcoin is staying below 200 DMA and has formed a triangle.

If the lower trendline is broken, bitcoin may crash.

What do you think guys?



The first support is around 28800 which is the 50 week MA.



I am unable to post images directly within the post. Sorry.

  Triangle pattern is widely acknowledged seems like so a break is worth watching.

50 week average is the one I would think is likely to be a guideline for any down move, it probably rises from that area quite similar to how the previous low was.



End of the week is good time to look at weekly bars as the action is nearly complete in its final close.  I drew in some uptrend but the longer trend is down in that respect also recent volume favored negative action but over the course of the entire move its still positive and should recover after a good low is found.
   If we look over the to the left there is a good reason why we rest in this area which is alot of closing lows here.  Present price is above most of these prices which I'd estimate about 33k.  Maybe a fair guess is that if we do lose 33k then it will push negatively until selling is resolved with equally matched buying and so speculative cycle reverses then.  Losing 33k does make me think we then further amount of time to decide on this 50 week average and if we need to explore prices in the 20's.    My take is to remain skeptical while looking for inevitable future positives, try not to jump the gun but it'll come.

[magneto]

Short term, anything could happen.

Heck, even if BTC went down to sub-$20k levels I wouldn't be that surprised. Short term fluctuations in BTC prices should be nothing new to any bitcoin bagholders here, and when markets become irrational, they do so on a massive scale.

But in the long run, BTC is not going to break down - its fundamental technology is more secure than ever, and institutional interest and adoption is only going up from this point on. Be patient.

[electronicash]

the daily chart actually looks like it's the best time to invest but because of the 200MA it appears like it's still gonna go down. the market finds its strongest support on the $29k and then there's also $34k.  

given that there are lots of fud and institutions coming in the market, you'd have to weigh whether buying now can hedge the inflation that's coming.
so ask yourself but BTC which is about to go down or buy altcoins not thoroughly affected by this correction.

[cryptomaniac_xxx]

We have been bearish in the last 6 weeks or so, and every time we try to break $40k barrier, it always failed. So that is a indication that in short term, we might be really on a bearish trend.

And regardless if the price goes below $30k or even $20k, then we can't really stop it from happening. But as far as bitcoin fundamentals is, for me it is still strong and I'm still seeing a good price long term.

[Jating]

@$28,800, I think this is still a good opportunity to enter again, specially for those who are waiting for the right time to time. As for the bearish cycle, it might have come early, and it might be a good thing to see it in the middle of year. Instead of happening it at December and then the whole market collapses in 2022.

At least we still have time to see the market bouncing back in the last 2 quarters, which usually as past historical logs tells us, is the time wherein we will see a super fast rally again.

[snipie]

We have been bearish in the last 6 weeks or so, and every time we try to break $40k barrier, it always failed. So that is a indication that in short term, we might be really on a bearish trend.

Whenever bitcoin price recovers and try to break $40k, we hear a bad news. China banning Bitcoin mining, yeah like it is a new one and like China didn't do it several times in the last few years. Inner Mangolia restricting bitcoin, like it isn't a part of China so where is the scoop! Iran banning Bitcoin mining, a click bait news for a restriction imposed by Iran for mining in the summer to avoid electricity shortage. Then comes Musk trolling tweets and so on...
Eventually all of this is temporarily and bitcoin will recover, by tomorrow?, after a couple of months? a couple of years? I am holding and waiting

[jostorres]

You can’t be so certain about what’s going to happen. Even those people who are saying that the price will still reach $100,000 this year are not even sure about it, they are all just saying it because they believe it’s going to happen, due to one reason or the other. It is not like I am doubting what they are saying about the price going up, I just feel like there has been much increase this year already, but it can still happen. That’s why the best thing you can do is to invest your money and then you can continue to Hodl, the increase might still happen again this year and we might see the hundred thousand dollars rate before the year runs out.

[UnDerDoG81]

Whats worrying is the none existent volume. But sub 20k? Thats mega bearish. If it goes sub 20k, even I would freak out lol.