Bearish Bitcoin TA - Be careful everyone ...

[WePiggy]

Agreed that a pandemic is something that we have not witnessed in the bitcoin timeline which throws the TA slightly off course. However, there are always external factors at play and somehow bitcoin seems to follow the same pattern. Two cycles isn't much to go on, but we can kind of guess what the likely direction of bitcoin will be, even with 2 simply lines

Most agree that on a macro level, bitcoin will eventually rise. Easiest and safest option is to keep buying with DCA and just hodl, or store it in a DeFi product where you can earn interest

[Silberman]

What is this? Elliot Waves? From most of the TA that I used in the past, Elliot Waves was the least reliable one. It looked good when trading in hindsight however you have no idea which wave you are currently in the present. You might react too early or too late and the trade won't work out.

I think BTC will trade sideways for most of Sept and in Oct/Nov I see it making a big move. It will either be up or down, I don't see it trading at near $50K for long. $50K is still a great price and if it doesn't move soon, alot of the people who bought in the $20-$30K area will take their 100% profits and sell and move on to something else.

I had always thought that Elliott waves are very good at describing what already happened and not very good at predicting what it will happen because you cannot really know how big the movement is going to be beforehand, so whenever I see an analysis like that and then I look at it six months later they are always wrong, however those that use that theory to try to predict the markets then just adjust the number of waves for their prediction and suddenly they are right again in their minds.

[btc_angela]

Agreed that a pandemic is something that we have not witnessed in the bitcoin timeline which throws the TA slightly off course. However, there are always external factors at play and somehow bitcoin seems to follow the same pattern. Two cycles isn't much to go on, but we can kind of guess what the likely direction of bitcoin will be, even with 2 simply lines

Most agree that on a macro level, bitcoin will eventually rise. Easiest and safest option is to keep buying with DCA and just hodl, or store it in a DeFi product where you can earn interest

Yeah, why not keep buying and wait for the recovery, if ever you what to short (not really advisable), then it's good, but smart investors knows that it's better to hold for long term and keep on buying when the market price is on red.

Just a couple of days before the end of the month, another bad September, cycle repeating itself again. But if we go on that argument, then we will eventually recover and hit another all time high before the end of the year.

[hatshepsut93]

Blah, blah, blah. Technical analysis is about probabilities, not certainties, and it fails constantly. Yesterday or the day before yesterday I saw an analysis saying that as we cross the golden cross, we are going to start going up to $200K or thereabouts. I look at technical analysis for entertainment, but as a long term investor it doesn't affect me. I know that Bitcoin in 5 and 10 years is going to be much higher than it is now, so what it does in the next month doesn't matter to me.

This is a subforum about Speculation where people are interested in short-term price, because they want to do some short term trading.

The fact that a simple short-term bearish opinion gets so heavily criticized here as some sort of apostasy against Bitcoin just means that this forum is not a good place for getting information about Bitcoin's price movements.

[kotajikikox]

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?

You should Named the author of this TA so we can asses if it is reliable of a BS one though I really hard Buying TA nowadays because since then there are very few that brings me good result and that i profit from it.
But if ever that this is a sign of another Bearish market then let it be because i have closed my Eyes recently and deleted those market signals so i may stop checking the market and get ready for holding long term.

[Yamifoud]

Be careful! That has always been happening...
To point out what will happen next is just an speculation, we can't sure of that and I don't even think about "history repeats itself". It is either the chart tells something it looks bearish in the coming days, well, that we have to prepare and in fact, we should have to that no matter what.
If I buy during this correction, probably I buy more when bearish come. It is haven't too worried about as it for sure the recovery happen after this dump. Keep your trust intact, that is simple.

[Silberman]

Blah, blah, blah. Technical analysis is about probabilities, not certainties, and it fails constantly. Yesterday or the day before yesterday I saw an analysis saying that as we cross the golden cross, we are going to start going up to $200K or thereabouts. I look at technical analysis for entertainment, but as a long term investor it doesn't affect me. I know that Bitcoin in 5 and 10 years is going to be much higher than it is now, so what it does in the next month doesn't matter to me.

This is a subforum about Speculation where people are interested in short-term price, because they want to do some short term trading.

The fact that a simple short-term bearish opinion gets so heavily criticized here as some sort of apostasy against Bitcoin just means that this forum is not a good place for getting information about Bitcoin's price movements.

I will have to agree, you will see that my critique to the prediction has nothing to do with the prediction being bearish but about the method used to get it, in this case Elliott waves which at least to me seem completely unreliable when it comes to predicting what it will happen, however if someone uses more traditional methods and they come to the conclusions there are bearish conditions I accept it, after all we know that after a bull market a bear market follows, we just do not know when it will actually begin so at some point bearish predictions will come true and we need to be ready for them.

[Baofeng]

Blah, blah, blah. Technical analysis is about probabilities, not certainties, and it fails constantly. Yesterday or the day before yesterday I saw an analysis saying that as we cross the golden cross, we are going to start going up to $200K or thereabouts. I look at technical analysis for entertainment, but as a long term investor it doesn't affect me. I know that Bitcoin in 5 and 10 years is going to be much higher than it is now, so what it does in the next month doesn't matter to me.

This is a subforum about Speculation where people are interested in short-term price, because they want to do some short term trading.

The fact that a simple short-term bearish opinion gets so heavily criticized here as some sort of apostasy against Bitcoin just means that this forum is not a good place for getting information about Bitcoin's price movements.

I will have to agree, you will see that my critique to the prediction has nothing to do with the prediction being bearish but about the method used to get it, in this case Elliott waves which at least to me seem completely unreliable when it comes to predicting what it will happen, however if someone uses more traditional methods and they come to the conclusions there are bearish conditions I accept it, after all we know that after a bull market a bear market follows, we just do not know when it will actually begin so at some point bearish predictions will come true and we need to be ready for them.

And luckily, we didn't hit the $30k'ish as the OP has pointed out (although this is just a possibility again). So we now have a new trend for October, and it looks like extremely bullish.

And those who short bitcoin got REKT recently as millions worth of dollars have been liquidated in matter of hours. So that's how unpredictable bitcoin is, but looking at long term or at least at the end of the this year, it looks bullish.

[bitterguy28]

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?

did it happen? does the history really repeat itself? i doubt it is   

after 3 weeks look at the market , though still lower than the ATH yet the movement is still strong and effective.
and also the opportunity of hyping is always on the other side because investors are moving inside here and there.

but be careful for what you are wishing because this might go sideways lol.

[Silberman]

Blah, blah, blah. Technical analysis is about probabilities, not certainties, and it fails constantly. Yesterday or the day before yesterday I saw an analysis saying that as we cross the golden cross, we are going to start going up to $200K or thereabouts. I look at technical analysis for entertainment, but as a long term investor it doesn't affect me. I know that Bitcoin in 5 and 10 years is going to be much higher than it is now, so what it does in the next month doesn't matter to me.

This is a subforum about Speculation where people are interested in short-term price, because they want to do some short term trading.

The fact that a simple short-term bearish opinion gets so heavily criticized here as some sort of apostasy against Bitcoin just means that this forum is not a good place for getting information about Bitcoin's price movements.

I will have to agree, you will see that my critique to the prediction has nothing to do with the prediction being bearish but about the method used to get it, in this case Elliott waves which at least to me seem completely unreliable when it comes to predicting what it will happen, however if someone uses more traditional methods and they come to the conclusions there are bearish conditions I accept it, after all we know that after a bull market a bear market follows, we just do not know when it will actually begin so at some point bearish predictions will come true and we need to be ready for them.

And luckily, we didn't hit the $30k'ish as the OP has pointed out (although this is just a possibility again). So we now have a new trend for October, and it looks like extremely bullish.

And those who short bitcoin got REKT recently as millions worth of dollars have been liquidated in matter of hours. So that's how unpredictable bitcoin is, but looking at long term or at least at the end of the this year, it looks bullish.

And I agree, I think that we are about to see the bull market that will define this market not only for us but for the rest of the population as well, the adoption we have had since the crash of 2017 has been great but I think that with the circumstances that are surrounding bitcoin right now bitcoin cannot do anything but to go up in value, and when it begins to do so it would be unstoppable and that is when all of those that still had doubts about bitcoin will understand that bitcoin is here to stay for a long time.