Bitcoin /USD rate (November 12th 2021)
This may likely be a bad chart but I'm still willing to go against crowd sentiment and be bearish and probably end up wrong (again.)
With my current layout, it looks to me like bitcoin could peak around $73k to $75k on major liquid markets.
The volume still looks like a bad sign that something terrible will happen, trending downwards while price pumps upwards. But it definitely looks like I'm still being hopeful in a crash so I will keep my mouth shut as nothing I say is guaranteed while I'm this heavily biased. Hope this assessment makes a little bit of sense.
If there will be a major crash I suspect $5.5-$8k range no matter how extreme, could potentially happen. Not that I will be right, I just hope I am ;) Maybe if I wish upon a star and check Bitcoin's astrology charts... Anyone know of a good way to become psychic?
As far as patterns go, my bar drawing idea is to look for something similar to a crown pattern, not quite a head and shoulders but something similar, just crabbier, higher shoulder peaks.
My fibonacci is probably wrong but I keep testing different setups hoping to see some correlation, no luck yet, maybe this one will give me a hint but I won't hold my breath. Only thing I see across several major bitcoin trading markets is a downwards trend in overall weekly volume, which is kind of visible of 5 day, 3 day, and almost visible on 1 day charts. On 4 hour charts, downward trends don't seem as consistent and reliable but overall the larger time frames appear to be moving down, so I've marked it with a trend line.
There is a very weird historical bottom trendline from the last 2 major drops that bitcoin experienced in November/December 2018 and March 2020. If we fast forward to any time in the next year along those trends, it gets up to around $5-$8k depending on how you look at it. With my current fibonacci setup, I've assumed some bias to say there is a reason I'm getting a fib extension off a multiple of 11 around $6.5k. But again, could be 100% flat out wrong. Don't take my advice. Don't take my advice. Don't take my advice.
To sum it up numerically, here's a sequence of events I see possible based on my current chart:
Currently $64.5k->$75k->$51k->$66k->$32k->$58k->(drop ?)->end bear cycle near $6.5k
I think $14k could be a major stop to fluctuate around if a bear is really coming and it could even be the next true bottom if it doesn't go as low as $5k-$8k.
This is all speculation. Take none of it to heart. Thanks :)
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading
This may likely be a bad chart but I'm still willing to go against crowd sentiment and be bearish and probably end up wrong (again.)
With my current layout, it looks to me like bitcoin could peak around $73k to $75k on major liquid markets.
The volume still looks like a bad sign that something terrible will happen, trending downwards while price pumps upwards. But it definitely looks like I'm still being hopeful in a crash so I will keep my mouth shut as nothing I say is guaranteed while I'm this heavily biased. Hope this assessment makes a little bit of sense.
If there will be a major crash I suspect $5.5-$8k range no matter how extreme, could potentially happen. Not that I will be right, I just hope I am ;) Maybe if I wish upon a star and check Bitcoin's astrology charts... Anyone know of a good way to become psychic?
As far as patterns go, my bar drawing idea is to look for something similar to a crown pattern, not quite a head and shoulders but something similar, just crabbier, higher shoulder peaks.
My fibonacci is probably wrong but I keep testing different setups hoping to see some correlation, no luck yet, maybe this one will give me a hint but I won't hold my breath. Only thing I see across several major bitcoin trading markets is a downwards trend in overall weekly volume, which is kind of visible of 5 day, 3 day, and almost visible on 1 day charts. On 4 hour charts, downward trends don't seem as consistent and reliable but overall the larger time frames appear to be moving down, so I've marked it with a trend line.
There is a very weird historical bottom trendline from the last 2 major drops that bitcoin experienced in November/December 2018 and March 2020. If we fast forward to any time in the next year along those trends, it gets up to around $5-$8k depending on how you look at it. With my current fibonacci setup, I've assumed some bias to say there is a reason I'm getting a fib extension off a multiple of 11 around $6.5k. But again, could be 100% flat out wrong. Don't take my advice. Don't take my advice. Don't take my advice.
To sum it up numerically, here's a sequence of events I see possible based on my current chart:
Currently $64.5k->$75k->$51k->$66k->$32k->$58k->(drop ?)->end bear cycle near $6.5k
I think $14k could be a major stop to fluctuate around if a bear is really coming and it could even be the next true bottom if it doesn't go as low as $5k-$8k.
This is all speculation. Take none of it to heart. Thanks :)
Thanks for tuning in :) Disclaimer, anyone in the trade needs to do their own due diligence and decide what is right for YOU. My charts can be wrong at any time and it's very important that you have your own strategies and plans in place. I run this channel for my own educational purposes of learning to trade, and I will never be 100% right, so please do not let me confirm any bias for you! (Dangerous to do so, stay safe and remember the basics & rules of risk assessment.) Expect the unexpected and happy trading
