Bitcoin Bulls Near Exhaustion, Investors Should Be Wary

[_Django05_]

According to a recent Twitter post from Josh Olszewicz, an analyst at Brave New Coin, Bitcoin’s one-day chart is starting to show signs that bears are starting to creep into the cryptocurrency scene. He explains that Bitcoin is currently trading in a rising wedge pattern, which if not broken past, often acts as a catalyst for a bearish trend reversal.

What’s more, there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower. This is important, as bullish divergences seemingly preceded a number of crypto market rallies throughout recent trading sessions.

Full Story Here.

Your thoughts guys?

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[snowblack]

I totally agree with author. Bitcoin prices have exceeded the good price. Everyone be careful, currently fomo too much.

[Lakai01]

Its obvious that bulls are currently have lost their steem a little bit. I usually dont believe in any TA (anymore), but I am sure as long as the Bitfinex investigations arent closed there wont be flooding that much new money in to support the bulls stance.

[eagle10]

According to a recent Twitter post from Josh Olszewicz, an analyst at Brave New Coin, Bitcoin’s one-day chart is starting to show signs that bears are starting to creep into the cryptocurrency scene. He explains that Bitcoin is currently trading in a rising wedge pattern, which if not broken past, often acts as a catalyst for a bearish trend reversal.

What’s more, there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower. This is important, as bullish divergences seemingly preceded a number of crypto market rallies throughout recent trading sessions.

Full Story Here.

Your thoughts guys?

I really don't rely most of my trading and investments on technical analysis. Bitcoin or I mean cryptocurrency has its own move that usually defies all trading analysis. Its volatility usually plays a very important role in making a profit or making you earn good money in the market. So technical analysis for is not always right. It is still a prediction one can only reference.

[Indrawan77]

Its normal to have pullback, consider that the bull already run for a long time, now its depend on thr investors, will they take the chance to buy in dip to make another rising or going to let it be, the chart showed a downtrend but the investors could make it up again, but even if it's down its a normal and healthy behavior

[mersal]

According to a recent Twitter post from Josh Olszewicz, an analyst at Brave New Coin, Bitcoin’s one-day chart is starting to show signs that bears are starting to creep into the cryptocurrency scene. He explains that Bitcoin is currently trading in a rising wedge pattern, which if not broken past, often acts as a catalyst for a bearish trend reversal.

What’s more, there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower. This is important, as bullish divergences seemingly preceded a number of crypto market rallies throughout recent trading sessions.

Full Story Here.

Your thoughts guys?

Better to call them as correction then calling it as bear market again, until now I didn't see any reversal of the prices of Bitcoin only the correction happening in the recent days and it's not too much only near to the top prices of the Bitcoin this year. The prediction may comes true but the bear won't stay to longer since people already get the mind set of bull run now.

[arpon11]

I tried to view orders book on most of the popular exchanges platforms and I did not see were the bull is loosing ground and the bear taking over the market. The relatively straight index (rsi) and macd you have mentioned in related to bitcoin price chart are lagging indicators and most time there read past information as present. I did not see were pin bar on the daily chart pattern has form! I therefore disagree with this analysis and remain bullish.

[Ailmand]

It's almost a year before the next halving occur. This is what others are really waiting for. Take this correction as an ooportunity to accumulate some decent bitcoin at cheaper price. If you will base on the historic price it's normal for some correction after a bull-market. History repeats it self.

[exstasie]

According to a recent Twitter post from Josh Olszewicz, an analyst at Brave New Coin, Bitcoin’s one-day chart is starting to show signs that bears are starting to creep into the cryptocurrency scene. He explains that Bitcoin is currently trading in a rising wedge pattern, which if not broken past, often acts as a catalyst for a bearish trend reversal.

What’s more, there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).

I like Josh and he's bringing some solid classical TA to the table here. He's not wrong about the classic warning signs. I myself have been wondering if a major correction is looming.

However, there are some counterpoints to make. For one thing, as counter intuitive as it may seem, Bitcoin often breaks up from rising (bearish) wedges. For another thing, there are some nuances to reading momentum divergences. When the high time frame (weekly) indicators are overbought, indicating a very strong trend, divergences on the daily time frame are often negated. In fact, if we break up from this price formation, the daily indicators will have lots of room to run higher now.

Overall he's right, it's a good time to be on the lookout for larger correction. If we start holding below the 20-day MA, it might just be time.

[xvids]

Well as much as we hate it the feeling is mutual it really feels like the bull's are near exhaustion.
The market has been quite for a while no big news or movement .
So I think the bull market is really near to end and the bear would enter soon.

[TopTort777]

It's almost a year before the next halving occur. This is what others are really waiting for. Take this correction as an ooportunity to accumulate some decent bitcoin at cheaper price. If you will base on the historic price it's normal for some correction after a bull-market. History repeats it self.

How halving will impact on bitcoin price? I haven't been evaluating bitcoin history price change. Will halving increase bitcoin price? It seems logic, why do work for half reward, when everyone still needs the block to mined.

[ajqjjj]

Well as much as we hate it the feeling is mutual it really feels like the bull's are near exhaustion.
The market has been quite for a while no big news or movement .
So I think the bull market is really near to end and the bear would enter soon.

I think last year also all the coins are growing well and again all are return to same level. But this year we see some interesting news, so it will make boom also possible at anytime. But current market was stay in critical level because anything was possible at future. Those are want to more profit in Bitcoin trying to invest soon and fix some target of trading is the right option.

[davis196]

According to a recent Twitter post from Josh Olszewicz, an analyst at Brave New Coin, Bitcoin’s one-day chart is starting to show signs that bears are starting to creep into the cryptocurrency scene. He explains that Bitcoin is currently trading in a rising wedge pattern, which if not broken past, often acts as a catalyst for a bearish trend reversal.

What’s more, there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower. This is important, as bullish divergences seemingly preceded a number of crypto market rallies throughout recent trading sessions.

Full Story Here.

Your thoughts guys?

There's nothing to worry about,even if the price goes back to 5K.
Bulls and bears are usually the same people.Some bulls decided to sell btc and cashout the profits.That doesn't mean that they won't buy if the price start going down.

[legenduim]

According to a recent Twitter post from Josh Olszewicz, an analyst at Brave New Coin, Bitcoin’s one-day chart is starting to show signs that bears are starting to creep into the cryptocurrency scene. He explains that Bitcoin is currently trading in a rising wedge pattern, which if not broken past, often acts as a catalyst for a bearish trend reversal.

What’s more, there have been bearish divergences between Bitcoin’s price, and the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). In other words, as BTC has moved higher over the past two weeks, these indicators have trended lower. This is important, as bullish divergences seemingly preceded a number of crypto market rallies throughout recent trading sessions.

Full Story Here.

Your thoughts guys?

There's nothing to worry about,even if the price goes back to 5K.
Bulls and bears are usually the same people.Some bulls decided to sell btc and cashout the profits.That doesn't mean that they won't buy if the price start going down.

Now, Bitcoin will not fall to 5 thousand again. The current fluctuations are a norm - we do not see that BTC is falling into the deep pit. In a couple of days, it will start growing again, even with a better speed than before.

[Thirdspace]

Its normal to have pullback, consider that the bull already run for a long time, ...

it hasn't been that long, the uptrend was started noticeably early april from ~$4000 to ~$5000  
then continues rising rapidly during may up to as high as ~$8700
with the recent sudden spike from $5k to $8k, we cannot ignore the possibility of correction afterwards

Now, Bitcoin will not fall to 5 thousand again. The current fluctuations are a norm - we do not see that BTC is falling into the deep pit.

the possibility is always there,
the first support should be around ~$6500, then next at ~$5000 and very strong at ~$3500

[rizkyhiw]

I don't think too much about it because it's only for those who are crazy about big profits after Bitcoin started in its heyday, this is something that isn't too bad because the market will find a good phase for the market to adjust before pumping back, worrying but don't overdo it someday the market will improve again, surely you have often followed market movements from year to year, that's where learning becomes a good investment, then take advantage of what's available today.

[Oilacris]

Your thoughts guys?

Not much believing when it comes to technicals but we can always correlate up those things on what we are seeing as of this moment.
The rising momentum did really stop and now we are facing some correction or we can presume that this might be already a bearish reversal.
Such decline of price is too fast the same as it is when it do rise up.

[blackhawkeye1912]

I don't think that bullish investors are tired of the continuous rise. We're only more than 3 months of bull market. Remember that bearish market before this bull market took more than a year. The rise is continuous and nice and slow. We are just ending the second quarter of 2019, and expecting much more to come.

[pixie85]

Now, Bitcoin will not fall to 5 thousand again. The current fluctuations are a norm - we do not see that BTC is falling into the deep pit.

the possibility is always there,
the first support should be around ~$6500, then next at ~$5000 and very strong at ~$3500

3500 is out of the question. We were in a bear market and experienced a big reversal back to bull. Bear and bull markets don't take 2 months to switch. After so many signs of reversal including the breaking of big resistance at 5000 and a golden cross we are set for many months of a bull market.

It's possible that this is going to be more of a sideways trading bull and we won't go above 10 thousand until the end of the year but it won't be much worse.

[Blue_oxen]

Well as much as we hate it the feeling is mutual it really feels like the bull's are near exhaustion.
The market has been quite for a while no big news or movement .
So I think the bull market is really near to end and the bear would enter soon.

This adjustment has not been able to determine this market and this is just a normal discount so there is no need to worry too much because I believe that after this discount Bitcoin will soon reach $10,000 this month or in end of the year . Anyway, this discount has made it possible for me to buy cheap coins and if you are afraid it is best to leave because this is a market only for risk lovers and this is an opportunity I will not ignore this year