RE: Bitcoin (BTC) Morning Update: The Final Dip?
@haejin
I do not see any reason for short-term "hope" in the overall daily chart. At this point, we are trading below the long-term resistance level, we recently had a "death cross" a couple of days ago (50 DMA falling below 200 DMA), price is trading well below the 50-day Moving Average, volume is not a significant factor - other than to indicate little overall interest is present in the BTC price at this time.
The odds are currently, overwhelmingly AGAINST a buy signal at this time. Even a noob trader should be able to see that. You have people looking at an elephant through a microscope - looking at too tiny details, searching for any scrap or thread of hope. Just be honest and tell people that we're going to keep on going lower for a while. Is it too hard for you to tell people any bad news? Or, do you just keep on giving people false hope because it keeps your vlogs/blogs earning money for you?
We are going to get a temporary bounce off of $6,000, then it will probably get tested again. Nobody knows if it's going to hold at 6K - not even the great @haejin. We could just as easily see an 80% retracement, which puts 3,500 - 4K well within play. This should still not freak people out - but there will, no doubt, be more panic selling to come before we get our next leg up. This next time, it could also take much longer to build up momentum for a good spike. If anything, 2018 is showing us that it is not going to be like 2017.
Let me do the responsible thing here and say that, for most people, this is not the time to buy BTC. The price is going lower by all basic indicators, and only a hopeless fool would be buying-in right now with the expectation they're going to see a big rise in the price. People should be waiting for at least 6K to buy-in, but I think there will be lower buying opportunities before this dip is over.
"This is not the time to buy BTC" Wow Thank God I did not follow your advice!
So, you knew, ahead of time, that Trump was going to make a tweet to de-escalate the "war drums" over the situation in Syria & with Russia??? As opposed to a, "Black Swan Event," we could call this a, "White Swan Event." Currently, this upwards momentum got stopped cold as soon as it ran into the longer-term downwards trend-line. So, this was a nice spike upwards, but we still have not breached that long-term trend-line. Will we? IDK. You don't know, either. We are now consolidating. I just saw $200 Million got sucked back out of the overall market cap by people taking short-term profits - which is a decent move at this point.
All of the moving averages are still lined-up perfectly for an overall bear market. This is not yet a confirmation of an overall bull market. It's a short bull move for a good short trade. It needs to be verified by future price action.
Did @haejin tell you, yesterday, to "BUY, BUY, BUY!!!" ??? If so, I missed that memo. I'm still good with the short trading - up 11% from yesterday. It's good, but it's not really the "big deal" that we will all see when a new bull momentum kicks back in. Bottom line, this still needs to be verified before anyone can call it anything.