The last time BTC hit this trendline was Jan. 6th, and prices tanked. Many will be dumping their bags or selling short in anticipation of the same result this time. If it blows past, there could be the mother of all short squeezes and FOMOs.
What's gonna happen now?
your random lines don't mean shit anyway
If a lot of people look at the same lines, they do end up meaning shit. this is the simplest of TA any retard can attempt. In many cases, trendlines get hit 2, 3, 4 or more times before they break. Not everytime, but enough that people look out for those cases, in a channel it can be very profitable to buy and sell at the lower/upper channel trendlines and repeat until the channel breaks.
Doesn't mean all trendlines are correct, but what's important is how many others are looking at the same scenario and making a decision on it. This trendline has 2 hits, both followed by massive drops. If it gives way, the spike up could be huge.
4hr chart, bitstamp, linear.
I put 2 rising RSI support lines. The orange one is short term, the blue one is medium term. If we break down below that blue RSI support line before we cross the major price trendline, I think we might be heading down till RSI resets at around the 30 level. Often a break of rsi trendlines will foreshadow a break of price trendlines (in this case the upsloping blue trendline below the current price.) That doesn't neccessarily mean a crash is imminent, it could mean a temporary negative reaction before another attempt at the major upper trendline again.
I don't have any skin in the game here, just doing this as an exercise in amateur TA, in case anyone is interested.
>linear.
log, sorry, tired as fuck.
We also have the rising meme wedge in play as a bearish pattern.
2 points doesn't make a trend line, Einstein.
Here's something I scribbled together in the BitMEX tradingview window. We're in a micro rising wedge that broke out a macro rising wedge... But the breakout's been minimal so far.
15 min RSI keeps testing the 50 RSI level without blasting through, yet not reaching RSI 70. We're in a manipulated limbo until the whale(group) who's in charge draws another fractal with their bots.
Short
Long
Here's some real TA. See if you can tell me where the next resistance is. Protip: it's not the 50% fib.
I've often been tricked by rising rsi on short term timeframes, price can keep rising as rsi gets more and more negative, then all of a sudden rsi and price blasts upwards. that's why its good to have an idea of rsi on larger timeframes.
100% fib?
14k, obviously, but you can spot that without the meme fibs.
The only way to crash it is to pump it and get the FOMOs to buy in first.
No volume = no significant movement in either direction.
I've sold and been sitting for a week now waiting for something to happen. The market is stale.
I expect it to test lower though personally
I'm assuming you mean the blue moving average. If you look at the past, price undershot the blue MA on the way down, and even though it provided support on a closing bar price basis, price moved well over a 1000 points past it before coming back up.
Unless you mean the 61.8
14k so around 61%
Nigga please rsi is Fucking bullshit
I don't understand why btc will move slowly for few candles (15m), and then the new candle will just shoot up hugely green. Who is buying that much?
It could go either way but I think it's going down first
>Bulls vs Bears = more or less 50-50
>Many Bulls will want a short term drop though, for a longer run
>TA fags expecting some correction
>bears and short term bears more power in numbers right now
I do mean the 100 day. Your moving averages are one of the most fundamental technical indicators. Yet they're mostly ignored by the TA wizards here. There is no reason to think it will just blow through that
The price is often moved by bots. The exchanges aren't going to like this low volume stuff and will want to liven things up a bit.
RSA is based on the MA, just like the MACD.
Yeah, makes sense. Price may hover around that MA for a while before moving on. However, if that happens, it will mean price has already overcome the major trendline, so then we may eventually be headed up after some consolidation.
If it drops down to only 11200-11300 then it's going to go up. Pattern kind of resembles a falling wedge reversal
RSI works well for certain events, if you know how to read it, but it can also be easily misread.
What do you use to determine changes in trend? Or do you just hodl?
Another scenario. If we do break up, we could have a scenario where a bunch of people FOMO back in thinking the coast is clear, then price moves back down and hugs the top side of the downwards trendline for a while, leaving things in doubt again. When major trendlines are broken, they almost always get re-tested before the breakout move resumes. Since this is a downwards sloping trendline, that means the retest will be at a lower price than the breakout price. Before a big move up, the market seems to want to shake off as many weak hands as it can first, at least in stocks.
did you actually google a frog riding a unicycle?
what the fuck
called it
it's a facebook meme
it was some retarded normie meme that was trying to replace pepe for a few days, got really big and then failed miserably lol
>trendlines get hit 2, 3, 4
actually that hardly happens.
Not even joking, go draw trend lines between 2 points. The odds that the price hits those and bounces perfectly on them are very very slim.
Actually IIRC, it was a very old Veeky Forums meme
You can't say the last time the price hit that trendline it dumped when the time you are talking about was the 2nd point in the trendline. at that time, it wasn't a trendline. it only becomes a trendline BECAUSE of that dump, so you had 2 points that were able to be connected.
the x and y points mean nothing when drawing a trendline, it'z the 3rd and more that mean something.
12.5 is what I see. Why are people saying 14k?
I’m actually asking, not being a smart ass
>Doesn't know about dat boi
It happens in channels like bull flags or bear flags. that's what defines them as channels. but usually doesn't happen multiple times in this kind of situation.
i always thought it was some retarded outside attempt at usurping pepe, guess i wasn't paying much attention at that time
Don't put the cart before the horse here. There was never a trend line to begin with before the price bounced off of it 2 times at least.
that's fair. but after it was rejected, a trendline was formed, so what happens there matters now, especially since there is no other major trendline resistance beyond that one, we've passed all the others so far.
I have no idea why anyone says 14k desu. Maybe cause it hung around there for quite a while before. Also the fib line. I wasn't looking at 14k tho.
The only thing that matters is our meme energy. Because bull and bears meme energies are battling right now it's anyone's game. Ultimately positive meme energy is the strongest.
I'm personally on this scenario. no really bullish news yet. EU and USA were neutral/goodish. not enough to stop the downward trend, but enough to break through and not literally shit itself