For the traders out there, this is how I see the current state of the bitcoin market. - We're currently in a gigantic multiyear descending broadening wedge. - 12h bearish divergence got two tries to dump bitcoin. - On the second try, it couldn't dump it lower. - This higher low created hidden bullish divergence on the 12h chart. - The RSI trendline on 12h has not been broken yet, but when it does, significant bullish action can start. - If that happens while we're close to the upper trendline resistance, we can break out of the wedge to the upside. - On 2h and 4h, similar descending trendlines on RSI have already been broken.
if it goes up that means it went up, but it could still go down. also, it may go down before it goes up (or sideways). or some other direction. but whatever way it goes i'll redraw my lines and claim i predicted it :)
Daniel Cook
never try to discuss TA on Zig Forums newfriend. They are too retarted for that
Caleb Rivera
When will I learn. I had some good luck the other day, though.
Brayden Gonzalez
>retarted
Kevin Foster
>using the coronavirus plunge to define the bottom of a multi-year trend
see? Zig Forums is retarded, and I'm obviously part of it also, checked
Xavier Johnson
>astrology doesnt work
Matthew Nguyen
Actually not a bad thread for once. Will keep an eye on it. Thanks
Brandon Evans
lmao you got a laugh out of me, user. i like you.
Xavier Cruz
Next pullback might be a great buy opportunity (approx 6-7k) let see what happen
Noah Sanders
If the 12h RSI trendline breaks, I will absolutely start looking to open a large long position. Earlier today, 2h and 4h broke similar trendlines, so it would not be weird for the 12h RSI trendline to break soon either. One more powerful green candle is all it would take.
If the 12h were to break in the very near future while we're less than $1000 away from the long term resistance, I feel it has the power to finally break that resistance.
Here's 4h from earlier today. Bullish divergence gave it one good push up, and I feel it has at least one more upward thrust left in it. It's just consolidating right now, but it's looking healthy.
Even if we pull back, I'd eye the low 8000s first, because the 1d 200 EMA and SMA are there waiting to support the price. It wouldn't be weird to establish a base around there either.
The trendline has touches from before the dump of March 12th. We were in a descending broadening wedge before too, but it just got wider. (No thanks to BitMEX's liquidation engine.)
Noah Nguyen
it literally cannot go up. Check monthly candles with input 20 60 120 60. There's a super flat kijun at 10k stretching all the way from 2018
also check monthly rsi - price goes any higher and there will be bearish div
thanks for the other thread btw will be watching all the videos
>if it goes up that means it went up, but it could still go down that changes everything i ever thought... thank you for the enlightenment
Camden Rogers
That's not a descending wedge, tho.
Bentley Rivera
Who will pay 100k for 1 BTC is my only concern
Connor Miller
so i should be quitting my short then?
Samuel Wright
Yeah, I see the 1M bearish divergence, and I made the kijun a little bolder to make it easier to see. I hope I got your settings right. It looks like this is only the second time bitcoin has had 1M bearish divergence with the last time being December 2013.
If the trendline on 12h RSI breaks within the next day, I would close the position. However, if it holds, you can probably keep it open for a bit longer.
If you squint, it kinda looks like an ascending triangle, but I realize that's a stretch. I only mention it, because ascending triangles are notorious for invalidating regular bearish divergence.
Justin Stewart
Out of curiosity, where was your entry, and what was your criteria for shorting?
Gabriel Gutierrez
>Who will pay 100k for 1 BTC is my only concern The dystopian scenario is that the USD hyperinflates and $100k USD doesn't have that much buying power in the future.
which also means you make 0 considering PPP stays the same.
Andrew Howard
$1000 bills will be a norm soon. Our grandparents even say they would buy a gallon of gas for 15 cents and that felt high to them at the time.
Carter Rodriguez
i had a long from $6k and switched to short before the halving becasue i expected a dump of significance into and after the halving. but the halving went a lot better than i expected i mean situation was fucked all around and the price was kinda low 40% of the miners capitulated and all that jazz...
so my entry is above $9k i'm a few dollars underwater here. it begins to look like to me this shit don't want to go down. i was expecting at least a $7k 50% correction on the pre halving run, but yeah dunno.
Jace Flores
for monthly rsi im talking about the tiny double peaks from 2020
Leo Turner
there are thousands of billionaires on this planet. more than what could afford 21 btc to his name. also people can buy fractions tiny tiny fractions, in a few years we stop talking about bitcoins and start counting sats anyhow.
Asher Gonzalez
You're almost right, but your wedge isn't broad enough.
