Ninjastic
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Board Trading Discussion
Re: FALLING FALLING!
by
TravelMug
on 12/11/2023, 10:35:28 UTC
Quote from: jeraldskie11 on November 10, 2023, 11:05:28 PM
Quote from: logfiles on November 10, 2023, 08:00:06 PM
Quote from: jeraldskie11 on August 24, 2023, 03:23:15 PM
Quote from: logfiles on August 24, 2023, 12:15:29 PM
Quote from: FASTPROFITTRADER on August 22, 2023, 10:09:14 PM
Have you seen a double top on the weekly chart? what price will we go down to?Have you been hedging for a long time?
Considering other factors as well as the 200-day EMA, I think there is no going further down for now. The price touched the 200 EMA and is show signs of bouncing off it just like the previous bounce in June and also respecting the trendline.

We are probably looking at a consolidation phase


I appreciate your TA but your POI's are very far from the current price in the market. I think it's better to plot only the POI you think the price will go to. I'm not using EMA in my trade now but it can also be used as dynamic support and resistance which is confluence with SNR. Additionally, the trend in the weekly timeframe is clearly bullish so what we see in the market is just a retracement. We just have to wait until market get enough liquidity to fuel the price higher and create another high. Possibly the price will hit $35k to $37k base on my analysis.

UPDATE:

So the Bitcoin price decided to obey the 200 EMA as a support level and bounced off perfectly invaliding OP's FUD. I think we might see some retracement towards the $40K zone.
Not only that, we can also see a strong support to that area. Dynamic support and resistance have lower probability compared to key levels. If you change your time frame, also the EMA but with key levels no matter what time frame is that it remains the same.

I don't think so that we are still in the bearish market since you said it's retracement but I can say that those are strong supply which there's a high chance that the price would respect that area.

Right, and just like that, those FUD by the OP (intentionally or not), was invalidated, and it just shows how Bitcoin market is, we really don't know where the price will go short term, so what's more in long term? And with that, prices is moving around the $36k-$38k, so that will be the resistance/support line for now. But we will see, October changes the landscape, investors pouring their money pushing the price to the levels that we have right now. And sometimes it's really good to comeback to this not so old thread and see the hit or miss prediction, or int his case the FUD by some members.