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Author Topic: 2 charts (short term), bulls and bears which is right?  (Read 533 times)
ukloon
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June 08, 2020, 03:16:52 PM
Merited by STT (1), hugeblack (1), dragonvslinux (1)
 #1

Following from the long term charts here is the short term version:

Bearish - I don't think anyone has noticed but we have the same pattern in Feb that we have now!  Shocked



If it follows the same trajectory, it will pump quickly to 10k, followed by a major dump towards $8500

On the bullish side, there is a very clear ascending channel and a clear path to 10.5k in the near future



There is a bullish sentiment right now, so a pump to 10k looks likely, but looking at the bearish chart it might not hold. Keep your finger on the trigger and get ready to tether!!

( long term charts are here: https://bitcointalk.org/index.php?topic=5253915.0 )

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dragonvslinux
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June 08, 2020, 04:21:40 PM
 #2


On the bullish side, there is a very clear ascending channel and a clear path to 10.5k in the near future



This is also the bullish channel I'm following (purple) drawn on a Daily log chart, that I think price is threatening to break-out of. I've also seen this more accurately drawn on a 4hr linear chart, but this works for me for now. But as I referened elsewhere, breaking down from this purple bull channel no longer concerns me too much as long as we stay within the bull flag (green channel) structure, especially above the dotted green line that is the middle level of support.



While I don't believe in triple tops, as this to me implies that price is attracted towards this resistance level and will therefore eventually break through it,

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June 08, 2020, 05:02:33 PM
 #3

The price of Bitcoin in my opinion will still be sideways for 1 to 2 weeks,
because the current dominance of Bitcoin makes traders switch to altcoin, the sentiment is still bullish so don't worry, I chose to Long

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June 09, 2020, 01:09:07 PM
 #4

I am much favor on the second chart.
The trendline is pretty strong since the wicks and bounce at around $6,500 until now.
The only problem here is the red horizontal line which is acting as out major resistance now. On that part I am only negative since in past few weeks, we always rejected multiple times there.





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June 09, 2020, 10:09:23 PM
 #5

We did already spike to 10k area and fall back but it didnt retract that far and hence we appear to try the same again.   I'd guess any second attempt is more likely to exceed the prior cap or as said fail in a greater way, as time goes on it should be increasingly unlikely we just stay in this same range.   However BTC has done this before and appears to just hold in position and frustrate speculators expecting the more usual movements and volatility.
  9779 is the line I see cap aspirations upwards at present.  I should expect a greater price to occur as prior selling returned upwards but I think it just needs more mass to drop downwards, like a rain cloud or something it needs the right conditions.  We have the gradient its risen enough imo and a natural reset to below the 9000 prices seems fair.   Maybe some news will jolt it.

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June 10, 2020, 03:02:32 PM
 #6

Your analysis is logical and both can happen where we can consider the price $10.6k is the point that determines that either the price continues to rise or it breaks down to $7.2k-$8.9k.
The coming days will determine which direction is correct, but a close above the $ 10,000 level in the coming days will confirm the bullish trend for it.
The price did not move much in the previous days.


All options are open, but the price will not remain calm as it is happening now.





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ukloon
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June 10, 2020, 10:54:14 PM
 #7

At time of writing it spiked up to $9950 so still in the green and purple bullish channel shown above by dragonvslinux. Volatility is very low and thinning as shown by hugeblack indicating that a sharp move in either direction is imminent. I'm thinking a spike above 10k before a major dump towards 8K, below that is anyone's guess

Another chart here with a potential double triple top (a non technical term i just made up  Grin)
https://bitcointalk.org/index.php?topic=5254735.0

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June 11, 2020, 05:22:39 AM
 #8

At time of writing it spiked up to $9950 so still in the green and purple bullish channel shown above by dragonvslinux. Volatility is very low and thinning as shown by hugeblack indicating that a sharp move in either direction is imminent. I'm thinking a spike above 10k before a major dump towards 8K, below that is anyone's guess

Yes, we suddenly spiked to $9950 and trying to breach that 5 digits again. So possible scenario is test $10400-$1100++, or a drop to below $9500-$8800, so it's going to be interesting to see how it goes in the next couple of days. Volume though looks like in the middle, hard to see where the direction will go, but it is coming.

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June 11, 2020, 05:26:31 AM
 #9

At time of writing it spiked up to $9950 so still in the green and purple bullish channel shown above by dragonvslinux. Volatility is very low and thinning as shown by hugeblack indicating that a sharp move in either direction is imminent. I'm thinking a spike above 10k before a major dump towards 8K, below that is anyone's guess
That would be definitely fine and normal if after a pump and it goes a bit to $8k it's still healthy IMO. The other analysis that I've read looking towards to break the $10500 so it's safe to assume that it's bullish as it is.

Yes, we suddenly spiked to $9950 and trying to breach that 5 digits again. So possible scenario is test $10400-$1100++, or a drop to below $9500-$8800, so it's going to be interesting to see how it goes in the next couple of days. Volume though looks like in the middle, hard to see where the direction will go, but it is coming.

I've noticed that as well but later goes back to $9901 quickly. The weekend is going to be the most interesting part of this week, just as usual observation during Friday to Sunday, there's a selloff that happens. Just an opinion.

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June 11, 2020, 12:01:27 PM
 #10

From that image, I could only suggest you prepare in the order market to buy and sell at the same time with the various price, so you don't miss the chance. If the bitcoin price is down, you can get the low price, and if the price increase, you can sell your bitcoin at the price you want but that if only the price can sustain to the higher rate.

I guess with that two types of order buy and sell will help you to get a lower price of bitcoin and make a profit at the other time. But if the bitcoin price is at the sideways, then your order will not be filled, and it still waiting there. Besides that, we need to make another strategy to anticipate the other movements from bitcoin, so hopefully, we don't miss anything.

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June 11, 2020, 02:53:38 PM
 #11

The chart shows two lines the upper and lower line. And yet, we are in the lower which I may think that it bounces back to $10k resistance in the coming days. I was to see that what it happens today is similar to what happens last week before we jump into $10.1k. And that also possible to see this trend will happen again and again. A bullish market is most likely we have today, not a bearish one even if we drop into $8k still is considers high.

To say that we are in a good position to buy more Bitcoin this time because it is expected to have a pump sooner.


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justdimin
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June 11, 2020, 04:37:28 PM
 #12

This is possibly true for basically every single time in history of bitcoin and anything that goes up and down. I mean we are talking about something that goes up or down, there is really no need for the charts at all. Do you really need charts to see something like this? Obviously we are going to either increase in price or decrease in price, that's it and there is no other option right now.

Without looking at the charts I can tell you that the short term could be a bit vague but the long term looks amazingly bullish, we are doing much better than we used to and right now there is even a bigger chance of going up considering there is millions of dollars worth of bitcoin not sold on the market thanks to halving that dropped the bitcoin rewards of the miners that kept selling their coins.

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June 11, 2020, 05:24:47 PM
 #13

I think the bears have really won now. We are about to start with another major collapse because it broke the uptrend. The indicators of the weekly and daily candles also indicated that. switch to USDT and hunt for cheaper bitcoin. I predict the price of bitcoin will fall to around $ 7k5 in 3 weeks and it will be a very good price to buy bitcoin and hold it.






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dragonvslinux
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June 11, 2020, 05:59:32 PM
 #14

I think the bears have really won now. We are about to start with another major collapse because it broke the uptrend. The indicators of the weekly and daily candles also indicated that. switch to USDT and hunt for cheaper bitcoin. I predict the price of bitcoin will fall to around $ 7k5 in 3 weeks and it will be a very good price to buy bitcoin and hold it.

I think this is a very naive opinion to hold without meaning to sound rude.

Longer term time-frames (Daily/Weekly) remain bullish by many metrics (moving averages, stop & reverse, ascending triangle and bull flag patterns), even if bearish by others (such as indicators like the RSI, many rejections from strong horizontal resistance and no doubt others). While I can understand someone having a bearish bias right now, I'll remain slightly bullish until proven otherwise. I'd need the ascending triangle to break downwards before returning to being neutral.

We still are within a bull flag structure even with a breakdown to $8.8K for example, while the 50 Day MA is currently acting as support. This is in fact expected after a golden cross, the 50 Day MA moving above the 200 Day MA, and is a traditional method of "buying the golden cross", based on buying either the 50 Day MA re-test, and/or buying the 200 Day MA re-test that sits around $8K. I hope this helps elaborate on why there are still bullish factors in play on longer-term time-frames, even with bearish sentiment right now.









I'd need to see the price strength breakout of this downtrend before considering any long positions, or alternatively waiting for oversold conditions.
Confirming a bullish ascending triangle pattern while also confirming bearish RSI divergence isn't signalling confidence or confluence in the price for me.

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June 12, 2020, 01:02:39 AM
 #15

The bullish outlook in the first post is already got a broken trendline. And for sure, it will now become invalidate?
Here is the latest or updated chart that looks like the bullish outlook, and as you can see we experienced a recent dump from around $9,700 down to below $9,300.
This can't be good for Bitcoin now for me, that trendline was started months ago which is in March 2020. Let's see if it is just a fake below breakout.






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June 12, 2020, 11:04:21 AM
 #16

I know we just survived yesterday's small dump, and I do agree February pattern looks like it will be repeated but we also have to remember that everything about March and Black Thursday was a black swan event. That threw out all the markets, regardless of short-term signals. I'm also thinking we could be seeing another crash coming but no TA will prepare us for this:)

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June 13, 2020, 01:20:32 PM
 #17

I know we just survived yesterday's small dump, and I do agree February pattern looks like it will be repeated but we also have to remember that everything about March and Black Thursday was a black swan event. That threw out all the markets, regardless of short-term signals. I'm also thinking we could be seeing another crash coming but no TA will prepare us for this:)

Really hard to eyeball the charts, those chart patterns will not really prepare us for something worst that's going to happen, after-all we can really see and predict the future, it's just guide.

Trading in the last 24 hours have slow down again, it is weekend, we always see this sort of 'pattern'. We can't say where we are heading, bulls and bears are taking a rest. The real action starts on Monday again, if there is a break out run, I'm expecting the bulls to fight that 5 digit barrier again next week.

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