Correction Coming?
Or, maybe it's already started?
Please remember; I'm still a newb at TA, so this may prove to be 100% inaccurate. :-D
It seems the Bitcoin correction that I've been expecting is happening.
After touching close to $7500 (around $10,000 in CAD and AUD!) we've seen some pullback.
If what I've learned so far about chart patterns is correct - and it might not be - then a head and shoulders pattern (not the shampoo!) is forming at the moment.
This is said to be a "bearish" sign, meaning that further price drop could be on it's way:
As you can see from the daily chart here:
The RSI is still saying that BTC is overbought despite losing around $500 in price.
The MACD on that chart is also yet to go bearish, which will more than likely mean further downward movement.
But what do you think? Let me know down below!
Thanks for viewing!
P.S. For more experienced TA people on here, be sure to check out @cryptopassion, @toofasteddie, @haejin and @satchmo
Hopefully! we need a Market not a bubble!
Very true @toofasteddie!
I'm waiting on the sidelines before adding any more that's for sure.
Thanks for the mention dude! But I'm just an observer, I'm not a professional analyst 😂
No worries!
I'm sure you've been doing it longer than me. :-)
A correction is inevitable, but I do not know if traditional Technical analysis tools can be applied before this fork.
Everything is crazy right now
You're not wrong there @kaizencrrr! The fork is certainly messing with the TA signals.
It's even gone up a little bit today, so maybe it won't happen until post-fork.
This and This we are in the middle of it =)
Thank you for these @gazur!
Added you to my following. Will be sure to give you a mention next time I post anything TA related too. :-)
Nice =)
Known chart signs don't really work with bitcoin. People know it has value.
But then again it should stop & drop at some point.
By the way, head & shoulders works perfect to get rid of red itchy spots due to sensitive skin.
I know my H&S.
We'll see what happens I guess!
I posted this publicly, so of course it would rebound a little bit and make me look dumb. ;-)
I was very tempted to use a Head and Shoulders picture for this post haha.
Would have laughed my damn ass off!
You should try out humor in your posts and see how that goes.
Maybe it becomes a huge success? :-)
XD
I might do that in future! Could be a lot of fun, there are some great names for chart patterns.
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Thank you very much @kanou!