Bullish or Bearish?

[adaseb]

The chart is bullish and might be for a few more months however lately with everything going on with DeFI, Doge, BSC Chain, TikTok kids turning $100 into $10 million. It really makes it seem we are near the end of the bull market, at least for non-bitcoin pairs. There is just way too many people making money these days.

Usually when you hear about bitcoin almost everyday in your daily life. Always some co-worker or some person on the street talking about it. It usually means we are near the top. Look at how high leverage the futures market is. We had a dip and over $10B was liquidated almost instantely and we still have an OI over >$20B.

Lots of money is still pouring in, tether prints in the Billions happening every few days here and there.

[LogitechMouse]

I’m not really sure where to start the thread but I guess the BTC specuation section is as good as any.  Anyway...  I really need your honest opinion guys..  Thanks.

If I will just base on the chart that the OP posted itself, it looks like that it already broke to the trendline that we may draw on the top which shows a bullish sign. Staying above the trendline indicates a bullish move and therefore it might go up in the next days.

We are already seeing a lower high and you can draw a trendline above it but it looks like it already broke it. I'm still curious what coins is this or what timeframe whatsoever. Anyway, shared my honest opinion to the chart you posted . Hope you can share some other information to it too.

[raskolnikovx]

That graphic looks a lot like daily BTC inverted 

[buwaytress]

The chart is bullish and might be for a few more months however lately with everything going on with DeFI, Doge, BSC Chain, TikTok kids turning $100 into $10 million. It really makes it seem we are near the end of the bull market, at least for non-bitcoin pairs. There is just way too many people making money these days.

Usually when you hear about bitcoin almost everyday in your daily life. Always some co-worker or some person on the street talking about it. It usually means we are near the top. Look at how high leverage the futures market is. We had a dip and over $10B was liquidated almost instantely and we still have an OI over >$20B.

Lots of money is still pouring in, tether prints in the Billions happening every few days here and there.

It does seem like this is a little bit different from past cycles in the sense that these tiktok kids ignored the last ones and went in deep in this, and strange to say, hardly any of them actually got into Bitcoin! That one still sees old buyers and old money carrying most of the weight.

Dogecoin, NFT, farming and what not idiotic hype. Not angry or upset, fair play. But this is a very diverse crowd riding this current wave. They're not done yet either.

[electronicash]

i'm not sure which time frame tokeweed had taken that chart but if you look at the daily chart, it seem pretty normal. you will just think the price had dropped a lot because it's more than 10K from its ATH down to 54K but it seems going to be this way from now on since the price is also this big. It's been two weeks of red candles though but last week had really brought the price to its ATH which means it breaks out and it may test that resistance again soon.

[coin-investor]

It's but natural to have a dip in the bull trend it happens in the past and will likely happen in the future, if you check the chart we don't have a continuous downward trend for a whole month, yes this week we have a 14% dip but I have a strong belief that next week the market will recover, the sentiments of the whole community are we are going to reach the $100k mark or even more this year.

[doomloop]

This chart is nothing because it has no time-frame and no values on it. It doesn't even have a title indicating what asset this chart belongs to, we are assuming this is bitcoin since this is bitcoin speculation board.
You can't decide if the market is bullish or bearish based on this zoomed in chart!

Regardless of this chart is not showing no measurements on both the axis and no name of the asset being shown on candlestick patterns, I guess with zoon-in chart we cannot predict accurately what is going to happen immediately and even in long run. We must need some basic inputs so that we can conclude about both short term and long term trend reversal or continuation of trend.

From other people's comment, I understand that even chart is showing downfall trend, in long run bitcoin will still have bullish trend. Honestly I am not good in reading charts.

[tokeweed]

is the chart bullish or bearish?

This chart is nothing because it has no time-frame and no values on it. It doesn't even have a title indicating what asset this chart belongs to, we are assuming this is bitcoin since this is bitcoin speculation board.
You can't decide if the market is bullish or bearish based on this zoomed in chart!

It’s a daily chart spanning around 6 months or so.

THIS is the daily chart spanning around 6 months or so not the one you posted, and THIS is bullish, and a very healthy one at that too:

I never claimed it was a ‘BTC chart’.  It’s intentionally blank to avoid biased opinions and I wanted everybody to base their answers on optics alone.

But it was Jimbo who found out where I was getting at.  It’s really a BTC chart flipped...  Using your chart, it would look like this:



Is that bullish or bearish?  Looks like it’s starting to go sideways a bit and break out to me.  

[Marvelman]

is the chart bullish or bearish?

The chart is bullish, but only because I know it's a BTC daily chart spanning around the past few months.
Granted, it's horizontally inverted, but still.





Am I right?


EDIT: Oh, I didn't see your answer while I was preparing the charts. 

[tokeweed]

^  Hah..  Yup!  And yeah..  knowing what chart it is makes it pointless cos then you’d be biased.  I should have started the thead in the alt speculation section.

[Theb]

Looking at the chart OP gave us it may seem like that Bitcoin is on a bearish cycle since it is going down but being aware of the chart of Bitcoin I know for a fact that this chart has a shorter time frame meaning it might be a 1 hour chart or less and these types of charts aren't really used to determine if an asset is bullish or not but rather just determine short term movements. Looking at the daily chart right now you will see that Bitcoin isn't really going down but is still consolidating which I think is considered good for us hodlers.

[The Cryptovator]

For me, nothing happens yet to call bear season. Instead, we should call it the desired correction. Any cryptocurrency price wouldn't grow continuously ever. So Bitcoin wouldn't be different. Keep in mind, every time we see a sudden pump on Bitcoin, at the same time we have seen a pullback for a correction. It was expected for me, so I am not surprised about the current price zone of Bitcoin. And my mind isn't in bear though as long as Bitcoin does not break the $40K support zone. We will be real bears once Bitcoin breaks that zone. That's just my opinion, I am not a tech guy and don't know how to analyze. For me, my support zone is $40K.

[el kaka22]

I understand that chart reading would help people with these kinds of predictions but remember that not all charts are force of nature, even if you do a great chart that "should" show what should happen, it may fail because bitcoin is a crazy market, things do not really mean anything here. What chart could ever explain why there is a nearly 40 cent dogecoin (don't even know the latest price but seen 40 cent at highest myself)? There is zero chart that can explain that.

This is why I think charts are great on regular days, but when there is a huge type of wave going on that makes no sense at all people are making mistakes by reading charts since the movements do not act according to the charts. This is why read them, make them, but be careful while using them, it is not going to end up pretty in the end and you will be very sad that you relied on them alone.

[pixie85]

For me, nothing happens yet to call bear season. Instead, we should call it the desired correction. Any cryptocurrency price wouldn't grow continuously ever. So Bitcoin wouldn't be different. Keep in mind, every time we see a sudden pump on Bitcoin, at the same time we have seen a pullback for a correction. It was expected for me, so I am not surprised about the current price zone of Bitcoin. And my mind isn't in bear though as long as Bitcoin does not break the $40K support zone. We will be real bears once Bitcoin breaks that zone. That's just my opinion, I am not a tech guy and don't know how to analyze. For me, my support zone is $40K.

I keep telling people who usually state honestly that they don't read the charts and are bad at predictions to look at the last 2 bull markets right after the ATH.

When the trend changes it changes with a big event that everybody can see. There's a peak, a 40% crash, a dead cat bounce, another crash with a lower low.

I don't see any signs of this happening yet. We are still in bull market.

[Oceat]

It's still bullish to me despite of the sudden drop after it hits a new ATH and when you see a big drop that's normal because some of the bagholders are dumping thinking it would be the last day of bull market but it's not they were just weak hands that can't handle the volatility of the market.

You shouldn't have to worry that much OP, since Bitcoin has a long way to go before breaking the $100k or $300k if that would really going to happen. Bitcoin soon will break the $70k resistance and for now it's testing a new price but sooner or later we'll be there on the $70k soon.

[KryptoKings]

I’m not really sure where to start the thread but I guess the BTC specuation section is as good as any.  Anyway...  I really need your honest opinion guys..  Thanks.

These charts never works to precision. Avoid using them. All I know is btc is going to touch $100k this year. Only those who have patience to hold, will make most of it.
Just one good news and we will see btc past $70k

[YuginKadoya]

As of now, the price is at $49,422.78 USD and it is still increasing its speed is going down, but I think we can not define if it is bullish or bearish with just a small amount of fraction of decrease, I really think it may be a correction but it will eventually be going to take a momentum to get back up again,

But in a traders perspective, this is all good we can surely buy again at a cheap price then wait again for it to go up, I guess volatility really have their ups and downs, this small of a dip let's just have a positive outcome on it.

[cabron]

If this is just a correction then the price could go up gradually back to hit another ATH. The daily chart actually hit the oversold level which is a good indicator for it to bounce. Its still, however, going to be a risk to get into for the long term because investors already think the price had touched its very peak. its going to be bearish until the market saturates.

[pooya87]

But it was Jimbo who found out where I was getting at.  It’s really a BTC chart flipped...  Using your chart, it would look like this:

I thought he was being sarcastic

[maydna]

We are still on a bullish trend, but now, we have a correction, and this time, the correction is getting down for deep. If we compare with the situations the last year, this year bring a good time for bitcoin to have a bullish trend because the price can reach $40k-$60k, although the price now is struggling to break $50k-$51k. Now, the price can back to $50k, and hopefully, it gives a chance for bitcoin to increase and back to $55k. But we need to have patience because no guarantee to see the price can back to the higher price, so we need to be careful.