After a rally to almost $454, which was way too fast, Bitcoin now tries to find a new price the market can agree on. The current outlook is more bearish than bullish with an expected bottom at around $360-$375 or lower. Current price while publishing this chart is $389.
And here underneath are some smart comments from TradingView moderator DrewR tradingview.com/u/DrewR/ from the Bitcoin chat room with his permission to share: ------------------------------- DrewR: "Reversals generally end with a big sell/buy. But slow moves down just create support/resistance along the way of its path, making it difficult to overcome the trend. Without one big final drop, its going to keep going down... hard to tell where it will stop. It's hard to tell with slow bleeds like this now. Full retracement for sure. I think most traders would benefit from just sitting out and waiting for real trend confirmation. I just see lots of people thinking each dip is the last dip... This is not a good way to trade."
"There are certain rules you should adhere to.. 1) Never trade sideways movement (that's how you can lose!); pick a side and stick with it. 2) Don't try to catch falling knives unless you're really good at doing so (most aren't!)"
"My guess is selling is just starting... We have a solid 2HR EMA cross. It won't cross back for days. Whether it hovers in this price range or not... plenty of time to get back in if you think it will. Using EMAs for trend confirmation greatly helps. And the parabolic SAR is about to flip on the 12h (12h SAR flip has been almost $100 decrease the last few times)."
"And always look at the volume. Low liquidity allows traders to trick others into buying or selling. We are going for a full correction. The rise was due to short squeezing. Not "moon" related stuff. We were overbought even before starting the rally...then we just became insanely overbought. Just like the short squeeze, I think we might have a long squeeze. Or someone is trying to do so."
"I do think we will have a decent sized bounce up soon. I think that's a given. But not so if people bleed out the waves. At this rate, its getting more and more difficult to bounce high. I am not calling for up or down. I'm not telling anyone to sell or buy. Just saying, be careful!" -------------------------------
P.S. If you like my charts, you can leave me a tip: 1PmAnb2htvHnCbwNAxkV7b8XvVQyQ7LQLg
01:53 UTC
Monday, November 17, 2014
Current price $398
It seems we have a breakout (not visible on this chart) and will resume the uptrend
ChartArt
⋅
14:38 UTC
Thursday, November 27, 2014, week 48
Current price: $371
Simple update based on the original chart. The price is currently above my original pink line and could be stabilizing here (accumulation):
ChartArt
⋅
01:15 UTC
Monday, November 24, 2014
Current price: $379
The price went up, but created a new resistance at $389.99 on Bitstamp.
ChartArt
⋅
03:20 UTC
Sunday, November 23, 2014
Current price: $356
We had a "kiss of death" against my pink line turning this area into resistance. And the volume is almost dead and therefore signaling a big move is coming very soon. It could up or down, but I'm now more convinced that BTC goes down the upcoming days and therefore possibly invalidating my bullish hope tradingview.com/v/LdUAOKwO/
ChartArt
⋅
19:33 UTC
Friday, November 21, 2014
Current price: $358
Based on the white moving average it seems to be a dead cat bounce and not the awaited bottom bounce so far:
ChartArt
⋅
14:00 UTC
Thursday, November 20, 2014
Current price: $357
Finally the new direction has become clear after days of choppy sideways movement. The price is now below my critical pink line.
ChartArt
⋅
15:10 UTC
Sunday, November 16, 2014
Current price: $384
It looks on this chart like the downtrend could resume.
ChartArt
⋅
01:12 UTC
Saturday, November 15, 2014
Vatis
⋅
Nice talking from the Mod :-) I fully agree.
bearwhale6
⋅
u mean the mod who sold at 344 on finex? great source for TA it seems :)
Monday, November 17, 2014
Current price $398
It seems we have a breakout (not visible on this chart) and will resume the uptrend