The weekly chart of Bitcoin still looks bearish and it confirms further downward movement. The previous week was closed by a bullish candle and the market could develop a new upward movement. But after breaking below 10000.00 and SMA20 we get a signal confirming further downward movement. It will be very good for bulls if 8000.00 level can support the market. The price will have to come back above 10000.00 level at least in order we could think about a price reversal. MACD histogram still gives bearish signal and we'll need several weeks for it reversal and supporting possible upward movement. RSI drops to the oversold zone and we also have to wait for 1-2 weeks at least for confirmation the price reversal. If the market keeps falling, the next strong support zone will be at 5000.00 level. This zone is formed by the uptrend line, SMA50 and 5000.00 support level. This zone will be good for buying Bitcoin based on any signals from lower time frames.
Giving people such a negative vibe on weekly charts and they started panic selling as you posted your analysis at the same time there were more than 5K btc sold on all major exchanges can not be a co-incidence as there is no major news circulating about this. as per the timezone is concerned it is too early for asian to sell. looks like you or your friends have a short position from 9500 level and now you want that BTC goes between 7000-5000 so you can open long and benefit at maximum, WoW what a clear plan and people are so dumb selling in loss.
kazan79
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@kamranraza, there was no real news to go to 19k so why would you need a major news right now? I don't think avarage people holds hundreds of bitcoins and sell them after this analysis was published. So stupid thinking.
FinancialLiberation4All
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@kamranraza, where's your counter argument chart dude? Oh, I see you don't have one and you have ZERO followers. I see you do have strong words and opinion to share... and want attention so bad, you came back to double post your comment. Sorry, but that behavior doesn't get my follow. Keep reposting, maybe you'll catch a follower ;)
cycler
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@kamranraza, wtf, it's what the chart says, he is a ta analyst, analysing the chart, do you want him to stop?
Maroochydore
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@kamranraza, You really think Dlavrov has that much influence? Your fantasy is deep.
superradu
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aaaand it's gone
leandro1
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from what i can see bitcoin is done fees are super high it does not cover the anonymity and easy payment method that it was created for,the panic of investors and regulations from governments, and on top of that whales had made so much money with the big jump in December that every time bitcoin recovers $1000 they can sell off and still make a huge profit, it is a never ending game that people arent catching up,if every time the whales are going to sell their bitcoins every body is going to panic and domp their bitcoins so they can buy them back a lot cheaper and resell them for a quick profit its a done deal people it will never end unless we have the balls to hold on our bitcoin forget about the charts just think about it, if you could buy 200,300,or even a 1000 bitcoin at $8000 and sell it back in a day at $9000 you will do it every fucking day of your entire life
@leandro1, Yeah, Bitcoin fundamentals look really bad at this point, and not only that, but it has a lot of "enemies" and "challenges" -- but does it have true, loyal supporters and believers? Or just a bunch of speculators who will abandon it as soon as a bear market becomes firm?
I sturggle to see how it can uphold its valuation and reach new highs in the future. I really enjoy trading crypto so I hope I'm wrong. But who is going to be there to buy 20k Bitcoin this time around?