What's everyone's take on bitcoin's price? I've seen a bunch of analysis suggesting it could dip below $60,000 again.
I went ahead and opened a long position in silver with just $250. The candles are starting to look familiar, kinda like when I previously brought up gold and silver.
I entered at $61.62, but it's dropped a little since then. Last time I mentioned this, it hit $64, fell to $61.53, and then shot up to over $71 before dropping back to $61.24, which is where it's at now.
Do you guys think the double bottom will hold up, or is it gonna drop below $60 this time?
If you're curious about the double bottom I'm referring to, check out the monthly candles for silver.
I can't find the double bottom you pointed to with silver. I already switched to a monthly time frame, but I don't see any double bottom you're pointing to.
In my current analysis in the shorter time frames of daily and 1 hour, it is bearish; it has already broken the 200 EMA, which I consider bearish. And I noticed that silver respected the EMA levels of 50, 100, and 200.
In the current chart I am going to go short with this rather than going long.
Regarding Bitcoin in one-hour time frame using EMA 426, the BTC is still heavily bearish if analyzed in a longer time frame, so the bias remains bearish. As a trader, I can't go against the trend.
The pattern, similar to a double bottom, indicates that there is a strong wall support every time the price taps that price, but it is not 100% guaranteed; not all patterns will give you a signal to buy or sell. You still need to confirm it, such as by analyzing volume, to see if there are more traders willing to buy or if it shows a strong momentum.
So if BTC shows it if no one supports it, the price won't go as we expected.
Precious metals are cooked for a while imho.
Such classic blow off the top and then lower highs.
Not only silver, gold and other metals that experienced explosive growth YTD are all the same.
It existed for days, but it has been broken when it fell more just few hours ago but it was after my post. You noticed I posted this topic when it was at $61.24, but it fell more than that and break it this time. It fell to $58 which is very bad. I have closed the position for not to lose more. It defended above $60 many times, but it is not happening this time.
The price has now dropped below $60,000, and from the current market situation, I see that the last support has been broken (I'm using a 1-week timeframe). However, if I look at the trend, it's also close to meeting a major support in 2025 before the price skyrockets. This is what makes me quite confused about buying, because if that support is also broken, it could mean a sharp decline, certainly below $50,000.
Perhaps I'll wait until early next month to see if there are any candlestick formations that indicate a reversal.
I can't find it, but I think you're talking about approaching to make a double bottom, but it fails?
What I could see is not a double bottom pattern. I think you're pointing to the price where it taps again at $61.24, but it's not a double bottom because the price isn't diving; the double bottom should be clear.
Here's what I am pointing to:
For me, that's not a double bottom pattern. A double pattern should come from the downtrend.
Well, the whole market seems affected, from stocks to crypto. I think this is because of the rising rate, according to the new Fed chair.
The trending news talks about a hawkish tone that affects the whole market. Banks seem to be taking higher interest rates on loans.
1. And it did.
2. Silver fell below $60 and it's currently priced in @ $57.30.
That's a good decision because it can potentially go for more dip if you haven't done so.
I was trying to look for some reasons why this is happening and I haven't thought about the fed but now I did thanks to you bro.
Do you have a crypto news aggregator? It seems the crypto panic doesn't show some of the news nowadays.
I'm currently using the tool https://sosovalue.com/research
The AI from the top right will tell you most of the trending news or from that link. It is also good for analyzing the market under macro.
You definitely did the best to capitalize on your risk management knowledge and that is, you did try as much to protect your capital and that also means you used stop loss which is a great risk management tool while trading such volatile markets to avoid total loss or liquidation occasioned by price movement.
To watch closely as the market moves is also a skill not to be ignored, because liquidity can happen in a flash and all capital can be lost in that instance.
I don't have, that's why I have no idea what actually happened.
Thanks, I'll check that tool.
I just manually check the news crypto websites but none of them doesn't give me accurate reasons on a real time.
Patience can be the best game to play here because the market may do a break and retest and even fall lower than the major support at 50k. The market could also sweep all liquidity below the 50k level since many people will be expecting a quick rebound up at that level; the market may decide to take them out by meeting their stop losses before finally going the way of their analysis. In this kind of market, playing the patience game could be the way to go.
I'm already afraid now. We finally broke below $60,000. The worst thing happened a few weeks ago and this week. It seems the fall a few weeks ago below $60,000 was valid, and right now it's happening again.
Plus, the monthly candle close is approaching. What's another we need to watch closely is the monthly candle close. If it closes below $60,000, we may face a bearish market in the short to mid-term.
It does seem like the support failed for silver, and it is kind of weak when we reached lower prices. It does feel like the market is in a correction and bearish. A deeper pullback could happen, and I'm worried $50k could be tested.
If we look at a longer time frame, it will take years to build the structure, so I think it's still early to say. For the days/weeks that we can see, it might not yet be enough to see what could happen in the future.
There should be a volume profile to see if there is an actual breakdown with the market.
Exactly, in that situation there is no better way than to patiently wait until we see something that indirectly indicates how to make a decision, in a situation like the picture I showed, I could actually open a purchase by assuming that the price is now at support, but however I am not sure about that, meaning my risk management is much stronger than my lust, therefore maybe I should wait a few weeks to see the situation of market changes.
Experience will teach you emotional control because each time you remember the losses you made when you made a decision too quickly in trading, you'll be more calm and patient with making future decisions, and this is exactly one decision that you should as a trader be patient about making because I've seen a lot of new traders who jump onto analysis and open trades based on some signals that later end up being fakeouts. If you don't know patience in trading, you will be liquidity.
As per checking with the bitcoin structure its forming a bearish flag previously but apparently here is the price goes dip more than the trend line of the market now the catch in here is if the price of the bitcoin will goes back again at the trend line or not. Because of it will we can form a bear flag possible for reversal for W pattern. Now if the candle is just touches the bottom of the bear flag we can see another re-visit for the 40kish area of the bitcoin. So ideal thing to do is.. to wait.