1-BITSTAMP:BTCUSD BTC Bear (Inverted Chart): Zoom in (alot on the chart) [BTCUSD]
This is BTC inverted and it screams buy which means it is a sell (or not a buy).
Inverting a chart is a great way to take out bias and I have scaled out of my BTC and crypto expecting another dip.
I am still bullish BTC long-term but I am not bullish BTC in the current form after today's price action. The numerous tests of the 11.6-12k region that could not break is what sent me bearish for the short-term as well as the way the charts are lining up and how the volume could not push the price upwards. I believe we saw a dead-cat bounce and BTC is headed lower.
Remember this chart is BTC inverted so any normal "buy" signal is actually a sell signal.
Ichi: Green Kumo twist, Tenkan is above the Kijun, Lagging span is above the cloud and above price. Price is above Tenkan and Kijun and also is above the cloud. All of these are buy signals so with this chart inverted that means all signals are bad for BTC right now.
Trend Line: Long term (yellow) trend line was broken and retested showing it is now acting as support when it was resistance.
Trend Line: Short term (light blue) trend line was broken and retested and is now acting as support.
150EMA (thicker yellow ema ): Broken at the same spot as the Kumo cloud and resistance levels were broken.
Inverse Head and Shoulders: We also see a broken inverse head and shoulders , the target price on a head and shoulders or reverse head and shoulders is the distance of the tip of the head to the broken neck line. In this instance that would put a price target of around 7k...which is also the 0.618 fib level of the overall trend. The dark blue is the inverse H&S ray which was the distance from the head to the neck.
This chart screams buy so BTC is in a bad spot after the last 24 hours. I would not be buying.
Again, I am bullish on BTC long-term. The weekly and monthly look great, the technology behind BTC and crypto is phenomenal but for traders and people who think short to mid term as well as potentially trying to gain more BTC then this is bearish for the interim.
Targets/Buy-In Spots: The Green rectangles are the 0.5 and 0.618 fib levels of the overall trend of BTC . I likely think we atleast reach the 0.5 level which we did yesterday which is around 9200 USD and there is a chance it reaches the 7200-7500 USD price level which is the 0.618 fib level. 8k is also a place that saw consolidation in the past and many have speculated that could be a target so I would think around 8100 would also be a stopping point which would be between the 0.5 and 0.618 fib levels.
These are just my thoughts and are not investment advice. Simply here to chart my own ideas and trades. I am bearish BTC in the interim and overall remain bullish on KingCorn.
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