Bearish Bitcoin TA - Be careful everyone ...

[WePiggy]

It's not an Elliot Wave chart but rather based on historical trends which so far appears to be repeating itself.

Note that this is not a crystal ball with a definitive result, it could easily pump to over $50k but it serves as a notice to always check both sides of a coin. Bullish on-chain stats (reduced BTC supply on exchanges) Vs Bearish TA. The week ahead could be make or break time

[Ziskinberg]

Charts are just the historical record/movement to see but not the trend that we're able to see in the future. Even before, I'd never believed that History repeats itself unless if there are no changes happening around but look, we are in the changes all the time and even tomorrow we can't simply tell what will happen. TA's is good in trading but not in the way that we can fully rely on this as most of the time, it won't happen in real time.

[GreatArkansas]

It's not an Elliot Wave chart but rather based on historical trends which so far appears to be repeating itself.

Note that this is not a crystal ball with a definitive result, it could easily pump to over $50k but it serves as a notice to always check both sides of a coin. Bullish on-chain stats (reduced BTC supply on exchanges) Vs Bearish TA. The week ahead could be make or break time

https://s3.tradingview.com/snapshots/8/8JV8r4dH.png

Very nice chart, we should always look to another side, I love how you analyze the chart, basing on previous price action.

To be honest, this is extremely possible, breaking down below $40,000 is possible but this gonna be a long battle with bears and bulls. As you can see, the monthly candle is fast approaching, so the monthly closing will be the decider here.
For me, if monthly candle will close below $40,000, $36,000 - $30,000 is very possible.

[sheenshane]

It's not an Elliot Wave chart but rather based on historical trends which so far appears to be repeating itself.

Note that this is not a crystal ball with a definitive result, it could easily pump to over $50k but it serves as a notice to always check both sides of a coin. Bullish on-chain stats (reduced BTC supply on exchanges) Vs Bearish TA. The week ahead could be make or break time

https://s3.tradingview.com/snapshots/8/8JV8r4dH.png

Very nice chart, we should always look to another side, I love how you analyze the chart, basing on previous price action.

Everyone could make or create a chart, just simply plot them and analyze the previous price in the chart.  But that is the OP's opinion and I respect what he believes is about the price.  IMO, still the same way of predicting without a technical chart, a technical prediction is still the same guessing the future price and there's no guarantee to forecast an accurate result.

There could be a downside but in my mind, I'm still on the bullish side and I dont think Bitcoin will down below $30k within this month.  It's surrounded by a good news ATM.

However, still, no know one knows, and also Bitcoin will remain unpredictable and it could be pump or dump price, it moves without any direction.

[arwin100]

It's not an Elliot Wave chart but rather based on historical trends which so far appears to be repeating itself.

Note that this is not a crystal ball with a definitive result, it could easily pump to over $50k but it serves as a notice to always check both sides of a coin. Bullish on-chain stats (reduced BTC supply on exchanges) Vs Bearish TA. The week ahead could be make or break time

https://s3.tradingview.com/snapshots/8/8JV8r4dH.png

Very nice chart, we should always look to another side, I love how you analyze the chart, basing on previous price action.

To be honest, this is extremely possible, breaking down below $40,000 is possible but this gonna be a long battle with bears and bulls. As you can see, the monthly candle is fast approaching, so the monthly closing will be the decider here.
For me, if monthly candle will close below $40,000, $36,000 - $30,000 is very possible.

Yes its possible since the hype subside and the BTC dominance is below 50% that's why we need to be careful upon believing on such word that we might rise up to $100k this month since its quite not possible to happen. Many things need to consider and might we can get close to the given figures around but for me I'm ok what the result show after the end of the month since for now I'm not doing any holding and best option to do is to do a short  trade bitcoin and alts in the market.

[michellee]

There is no guarantee that history will repeat as before, but the possibility for that will always be wide open so if history repeats, we can know what we need to do. We need to be ready with anything that can happen later while we see the bitcoin price is not down for more and stay at the current price now but it could be down if the bad news comes out. The hold price will be at $45k and if that is a break, I am afraid that the price can go down and it could lead the price to reach $40k. But I do not expect that will happen later as bitcoin is still stable at this current price, so I hope that the price can back to $49k-$50k this month.

[Fundamentals Of]

have no idea what OP's chart is as it's not candles. the chart is very deceiving, zooming in and out only made me confuse which way the market will be going weeks.
you know it's tether time when the market goes down. if you see it coming, don't ask anymore just sell for tether.

Whether they're candles or lines, trying to make something out of charts is always confusing. Patterns which you could make out of charts are always deceiving. You can make thousands of patterns out of hourly, weekly, monthly, quarterly, yearly, etc charts. Every little zoom in or out are analyses you could create out of the picture. If you don't want to feel dizzy, you better stop guessing and hodl.

Selling for tether does not necessarily make things better. Stick to Bitcoin and hodl.

[Kittygalore]

There's a pattern that I see but I don't think it's really that scary of a drop if it ever repeats the pattern again, either way, a hodler won't worry too much because a dump will always be followed by a bounce back.

[buwaytress]

What? Another bargain sale so soon and one more opportunity to get in at 30s before we really gear up on inertia en route to 100k? Stop playing with our feelings!
 
Seriousness aside, until we spend at least a week below 40k, and at significant volumes, I really don't see much cause for concern. Q4 is almost upon us, we're going to be getting some clarity on economic figures elsewhere in the real world (aka the bad news they've been brushing under the carpet's going to come spilling out). Dollar panic. Eurozone chaos...

[bitgolden]

If history repeats itself we could see a drop down to the thirties again.

On-chain news is positive, but TA charts look grim ... Time to tether?

History may not repeat within a year. Even right now bitcoin bulls are not doing good, I am not expecting prices to breach below $43k levels which must be a stronger short term resistance before $40.5k levels. I am seeing most prime media is talking about bitcoin and one government already adopted bitcoin still we are not moving up as expected for some reasons. Bitcoin is always known for surprising us at unexpected times hence we may see bulls into actions at any time.

Like many people stated across this forum, I guess we may not see anything below $40k levels hereafter forever. It is like this year's final ATH would be around $180k to $190k levels and then bitcoin may fall back up to 70% which might be above $60k levels.

[sana54210]

Even right now bitcoin bulls are not doing good, I am not expecting prices to breach below $43k levels which must be a stronger short term resistance before $40.5k levels. I am seeing most prime media is talking about bitcoin and one government already adopted bitcoin still we are not moving up as expected for some reasons. Bitcoin is always known for surprising us at unexpected times hence we may see bulls into actions at any time.

Like many people stated across this forum, I guess we may not see anything below $40k levels hereafter forever. It is like this year's final ATH would be around $180k to $190k levels and then bitcoin may fall back up to 70% which might be above $60k levels.

Bitcoin is once again under 45k. However, I agree that this is another bargain discount for all of us who know what happens to bitcoin. We all know that it drops but then it recovers and that is why there is nothing to worry about, we are doing fine and we will keep doing fine in the long run. There is no doubt in my mind that we will be 50k+ soon, it may take a while and I could be wrong but the only thing I am wrong about will be the date, not the price.

This is why I believe that we are going to be fine, it is going to be 50k+ and buying from here would mean that we could make nearly 20% profit when that hits. If it is quick then making 20% that quickly is a great deal, but if it takes a whole year that is still 20% in dollar gain for a whole year and not bad in financial world if you ask me. This is why I am feeling fine about the future.

[Fundamentals Of]

On-chain news is positive, but TA charts look grim ... Time to tether?

I am interested to know, OP, if you indeed made the right decision based on your analysis. There was indeed a good deal of price fall, not less than $5,000, since the day you opened this thread. I am curious if you indeed tethered because you are seeing something grim on the chart, or you continued to hodl because you might be wrong in your prediction in the end.

It seems the price has already reached the bottom and is now beginning to recover. This must be the time to do the buying.

[adaseb]

Looks like the OP was correct somewhat. We almost touched $40K. Pretty nasty selling especially at the China open. What we are seeing now is the Evergrande market crash which is affecting all global markets and Bitcoin is following. The reason why it’s significant is because people are expecting another housing crisis crash like in 2008.

People are comparing Evergrande to Lehman brothers. They think that once they go, there will be a domino affect and others will follow and we will have a nasty bear market. However this is only a guess. I don’t think it will go that far. We will see what the developing news is this week.

[Coin_trader]

If history repeats itself we could see a drop down to the thirties again.

On-chain news is positive, but TA charts look grim ... Time to tether?

A good observation on the Eliot Wave, It might really happened if BTC close below 40K this week. One thing I notice on your 1st Elliott Wave Cycle, The position of 1 is not right it should be place after an end of a cycle which definitely not on your screen shot since it looks like the price before the point 1 is less than your point 1 value.

[cabron]

Looks like the OP was correct somewhat. We almost touched $40K. Pretty nasty selling especially at the China open. What we are seeing now is the Evergrande market crash which is affecting all global markets and Bitcoin is following. The reason why it’s significant is because people are expecting another housing crisis crash like in 2008.

People are comparing Evergrande to Lehman brothers. They think that once they go, there will be a domino affect and others will follow and we will have a nasty bear market. However this is only a guess. I don’t think it will go that far. We will see what the developing news is this week.

That's what it seems. He must have dumped his coins before it even happened. Well good for him. It does look like everyone who has moneyto invest is waiting for it to happen though.

The ones we follow on youtube are saying it's going to be $100K this year, well it's not happening. In 3 months I'm not sure if this will even lift back to $50k again. Its breaking my heart 

[dragonvslinux]

Not a bad call. For hodlers, a move from $47K to $38K isn't much of a selling opportunity. For traders, especially those wanting to short the market, a good call none the less.

Especially now the 50 Week MA has moved upto $38K levels, this being where support is found isn't that far off accurate either imo.

[rahmatrf331]

it looks like bitcoin will experience a sharp second market price correction after it happened last april, now the market price is starting to bearish again. The current price correction doesn't put too much pressure on investors, because the market was only affected by some negative rumors and was rejected by some other rumors that bitcoin will have another bullrun in the near future.

[el kaka22]

The funny thing about charts is that we had a person with golden cross approaching TA at the same days as this was posted. So, it depends on what you are looking for, sometimes some people look at a chart on the same day and see a big drop, sometimes another person looks at the same chart and see a big increase. It doesn't mean one of them is good and the other is bad at reading, it just means that market agreed with one of them and disagreed with the other.

This doesn't make anyone any worse, it is totally natural to see a good chart and have a bad market afterwards or vice versa. People do not trade based on charts most of the time, whales do not manipulate depending on charts neither, it just happens and that's it. We just need to get used to this by this time and I understand that it takes time for newbies to get used to it but you have to, charts do not dictate what happens.

[WePiggy]

Hopefully most of you tethered in time, yes i done most of it prior to the crash but TA is just guidelines and can't be relied upon all of the time. There are times to be 50/50 and at other times mostly tethered or mostly in assets. TA just helps us know when to be more cautious, along with crypto & market news around the world. Lots of big events recently so best to keep an eye on things like bearish Evergrande FUD and a future bullish ETF

[LUCKMCFLY]

I´m one of those who believes that sometimes the patterns repeat themselves if the circumstances are similar, the only thing is that now we are in a pandemic and this is one of the scenarios that had not occurred before, in terms of technical analysis it is variable, In the short term many things can happen and due to volatility and anything can happen, this article shows the following:

Despite the bounceback, Bitcoin (BTC) has not yet come back to the bullish zone as the chief crypto has not fixed above the resistance zone of $48,500.

Source: https://u.today/btc-ada-bnb-and-dot-price-analysis-for-september-25

$ 47k or $ 48k is undoubtedly a great possible option that can happen, however many are also waiting for the bears to do their part and lower the price more so that they buy in the dip, really the market at this time anything can happen.