Hi friends! Welcome to this update analysis on Bitcoin! Let's jump right in. Looking at the four hour BTC chart, we can see that the selling in BTC is beginning to accelerate, as it plummets toward my "bear flag target." So many people didn't want to believe my bear calls. I wonder if they believe them now? We can see that BTC has broken below the red support level. If you recall from my last BTC post, I said that I didn't think it would be very supportive, and we can see that it isn't. In fact, it appears as though BTC is just building a small bearish consolidation below it, at this point. Technically, BTC appears to be confirming that level as new overhead resistance. Looking at the MACD, we can see that it's continuing to expand to the downside, as red volume begins to increase in this market. On the way down, BTC may find support next at the previous low ($9,005,) denoted by the blue dotted trendline on the chart. Just below that, we have the 78.6% retrace, which could also be supportive. A break below the 78.6% retrace, will put the bear flag target in BTC's sights. If, by some miracle, BTC manages to break back above the red resistance level, the 61.8% retrace would be the next upside target. Overall, BTC has entered a zone that doesn't have a lot of downside support, so there won't be much to stop it if panic sets in. Watch those key levels, and stay safe traders!
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Looks like strong support in the $10,000s, I think all this expectation of an 8k bitcoin has killed it, usually that kind of stuff comes as surprise in a panic sell.
UnknownUnicorn1676723
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@DanDate, be objective. This bounce at $10 000 was not a strong bounce at all ...
DanDate
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@ZgarniamHajs, sure we're forming a consolidation box, but there is a 1,400btc buy wall on finex @10k and no resistance in the upward 10k low 11k, and no bad news to drive a panic sell. It would be too idiotic to sell sub 10k because it would have to hit 5k and stay there long term to screw half your balance.
MikeyMaz
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@DanDate, and it just broke down the wall like nothing. It could go either way.
DanDate
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@MikeyMaz, It seems like a failed attempt at manipulation, I guess some whale was expecting that entry to the 9k range would cause a panic sell but seems to instead have barely entered and bounced immediatley above 10k, but the past 9k entries were preceded by some viral fake news and the news sentiment now seems neutral.
UnknownUnicorn1676723
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@DanDate, yeah I admit it can be a good bounce after a few hours. We have a bullish divergence. Would be nice if this is the last bottoms in the whole correction :D
DanDate
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@ZgarniamHajs, amen
bluet
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MPC you remind me of an old TV series I used to like ... The Equalizer. When someone was in need of some serious help .... The Equalizer would step in to the rescue. :) I'm a noob. When I look at a chart I see red and green candles. When I look at your charts ... its a whole new world. Thanks soooo much for the time you put in to help others!
jjoshjj
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My question is what happens at the bear flag target. Will be going for new highs?
MagicPoopCannon
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@jjoshjj, It isn’t a certainty that we get there, but if we do, we will have to reassess market conditions at that time. Personally, I believe in the long-term, crypto will go higher. However, believing it is one thing. Seeing technical evidence, is another. Thank you for the comment!