DON'T MISS! Proof Bitcoin/Crypto Nowhere Near Bottom!

[deadthings]

These charts don’t work for bitcoin. It’s not a good strategy to follow these charts and other data like traders in forex and oil market do. Price of bitcoin is already low but that’s not guaranteed that’s its minimum bottom. Bitcoin may have a bull run from here or it may go further down. Buy some bitcoin at current price while spare cash for next bitcoin dip.

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[kro55]

I am in crypto trading for almost 2 years. I never understand what information can be extracted from these charts. These charts only show how bitcoin or other coins behaved in the past they are no way a metric to predict future bitcoin price. Few days back we saw bitcoin price hike that took bitcoin from 6700$ to 7800$, can anyone correlate that price hike to chart?

[Wexlike]

I am in crypto trading for almost 2 years. I never understand what information can be extracted from these charts. These charts only show how bitcoin or other coins behaved in the past they are no way a metric to predict future bitcoin price. Few days back we saw bitcoin price hike that took bitcoin from 6700$ to 7800$, can anyone correlate that price hike to chart?

You can draw pretty triangles and lines. Sometimes they work, sometimes they don't. In the end percentages are your friend and identifying long term trends. I made some extremely good calls based on TA, and I made some bad ones. But pretty much nothing beats the "stress free" hodl philosophy.

[exstasie]

You can draw pretty triangles and lines. Sometimes they work, sometimes they don't. In the end percentages are your friend and identifying long term trends. I made some extremely good calls based on TA, and I made some bad ones.

The key with TA is to react to the market, instead of trying to predict it. That's the biggest mistake people make. They draw incomplete triangles, harmonic patterns, EW counts because they expect them to play out, when really they are just exercising their own biases. When you see breakouts from obvious patterns or S/R, that's the time to act.

I haven't been trading this BTCUSD chop at all.

But pretty much nothing beats the "stress free" hodl philosophy.

I'm a big fan of hodling but watching your portfolio dip 50% over 6 months isn't exactly stress free.

[fabiorem]

Bitcoin is still in a bear market after two years, and had some sideways movement during the last year.

Nonsense. It doubled in price in 2019.

Without new highs it's still a bear market. We can't even stay at 50% of the ATH. Take any asset, divide its value in half, then again go a bit lower to 40% of ATH where we're at now and tell investors that it's bullish. Dead cat bounces in a bearish trend are common but they are only dead cat bounces if they can't even form a double top. An 80% price decline and then a pump back to 50% of ATH and a fall to a higher low is a clear sign of consolidation. If the fall after the bounce would be to a lower low it would be a continuation trend.

We should be at least 60% of the ATH to be out of the bear market. Price should stay there for at least six months, but in fact it just stayed there for some weeks. This is not a true recovery of the price. What we had in 2019 were a series of bull traps, which confirmed we are still in a bear market.

[exstasie]

We should be at least 60% of the ATH to be out of the bear market. Price should stay there for at least six months, but in fact it just stayed there for some weeks. This is not a true recovery of the price. What we had in 2019 were a series of bull traps, which confirmed we are still in a bear market.

Bear markets are characterized by continuing lows. The 2019 rally can't be called a bull trap until the 2018 lows are broken. Until then, we could still be in the early stages of a multi-year bull market, similar to the late 2015 or early 2016 period.

Here's some food for thought. This is what a typical impulse looks like. The first retracement (Wave 2) typically pulls back 61.8%-78.6%:



In comparison, BTC has retraced 69.3% of the 2019 rally. The June-December pullback may have been Wave 2 in a long term bullish impulse.

[cutesgirl]

Are you sure today is have reach of bitcoin support and near bottom price? I think bitcoin still have chance for lower price and looks big chance for bitcoin go down although many prediction bitcoin have near with bottom and support price, I can't see bitcoin will grow to higher price after many time always down without have bad news but bitcoin never reach to higher price.

[bohr]

I am in crypto trading for almost 2 years. I never understand what information can be extracted from these charts. These charts only show how bitcoin or other coins behaved in the past they are no way a metric to predict future bitcoin price. Few days back we saw bitcoin price hike that took bitcoin from 6700$ to 7800$, can anyone correlate that price hike to chart?

The most important rule when it comes to try to determine the direction that an asset could take is not to look at what the price did in the past but to look at what the price is doing right now, and right now the price of bitcoin is going up very rapidly however I believe the price is becoming overbought and we are bound to see a correction probably during the next days but we should probably remain above 8000 after that correction, but if all what it is happening was the manipulation of the whales then the price could go down even more.

[thecodebear]

We should be at least 60% of the ATH to be out of the bear market. Price should stay there for at least six months, but in fact it just stayed there for some weeks. This is not a true recovery of the price. What we had in 2019 were a series of bull traps, which confirmed we are still in a bear market.

Bear markets are characterized by continuing lows. The 2019 rally can't be called a bull trap until the 2018 lows are broken. Until then, we could still be in the early stages of a multi-year bull market, similar to the late 2015 or early 2016 period.

Here's some food for thought. This is what a typical impulse looks like. The first retracement (Wave 2) typically pulls back 61.8%-78.6%:



In comparison, BTC has retraced 69.3% of the 2019 rally. The June-December pullback may have been Wave 2 in a long term bullish impulse.

Yeah I've never questioned this. I think a couple years from now nobody will even look at this period as a down period in the market, they'll just see a section of the bull market where price was consolidating before more gains. The second half of 2019 will likely end up being the same as from end of 2015 until May(?) of 2016 when the price went flat for 6 months after the initial surge off the bottom. I don't know what people were saying the market was doing at the time, but now it just looks like part of that 2 year long bull market. And the past 6 months of general downward movement (which I think is over now) is just part of what is again a long multi-year bull market. If indeed the downward phase is over it lasted almost exactly as long as the same phase of the bull market last cycle (6 months).

[peter0425]

Don't lose sight of the BIG BEARISH picture! So many people are calling the bottom right now, but the big picture analysis says that the bottom is NOT in.

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bring it on Fudders ,we are waiting for lower price so we can buy again,but it seems that it wont come this near because bitcoin is now conquering to break the $9,000 value.

and according to the market position now?it may take another days to hit the target,so be aware and get ready .

[bohr]

Don't lose sight of the BIG BEARISH picture! So many people are calling the bottom right now, but the big picture analysis says that the bottom is NOT in.

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bring it on Fudders ,we are waiting for lower price so we can buy again,but it seems that it wont come this near because bitcoin is now conquering to break the $9,000 value.

and according to the market position now?it may take another days to hit the target,so be aware and get ready .

That analysis was made two weeks ago and we know that in the market of cryptocurrencies two weeks is a lot of time, if you take a look at the hourly chart of bitcoin, bitcoin has been bullish since January 4th so we have been experimenting a very nice rally, I'm just getting a little bit worried because at some point a correction needs to come and it will be interesting to see how big the correction is going to be, if it is just a small correction then we could see the market going up even further.

[Kyraishi]

Who the heck told you that a rising price is bearish?

I would have given this some credibility at least if BTC didn't just recently recover from $6.5k, which was the bottom of the bear market that a lot of people did call successfully, to nearly $9k now which is the resistance that it is currently testing.

You were completely wrong on this one, buddy. BTC did bottom and with the halving rolling around there is virtually no chance that it's going to turn bearish in a significant way all of a sudden.