Hello and welcome to my Bitcoin analysis! In my previous idea I posted the importance of the 1 hour candle that has just finished. As I predictd, the price will make a nice move there, but honestly, this 120 bucks up means nothing to the market, it could go $120 down again before I finish this post. For all of the margin scalpers who followed my advice of entering long after the breakout of 8816, I can´t say congrats, since you just make a very small profit, but better that nothing ;)
Maybe I shouldn´t mark my idea as short, since people is expecting the price to go down after you post it. My overall vision is short until we make a real breakout from the trendline, leaving a green candle on top of the ichimoku cloud in the 1 day chart and that thing it didn´t happen yet.
Now, mostly of the people is using Bitfinex to analyse the charts, which is an index to get an average price of Bitcoin and is confusing people around, but Bistamp data is way more accurate. If we have a look at the monthly chart using heiken ashi, we can clearly see that we are still in a downtrend, however we are close to scape from it. Fibonacci gives an amazing level around the 4400 mark, so until this gets a real reverse, I´ll be out of Bitcoin.
There is another fact here. Big mining industry wants to squeeze retail mining. An easy way to do it is bringing the price down for a while to levels where is no more profitable for them, so many will just stop mining start selling their equipment. Also I expect big players buying coins cheap prices. A conspiracy theory I know, but are real facts.
I´m closing this idea, and the price is at $8885...not good for a bullish market. Expect the price between the 8800 and 8900 for the rest of the day.
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Maybe I shouldn´t mark my idea as short, since people is expecting the price to go down after you post it. My overall vision is short until we make a real breakout from the trendline, leaving a green candle on top of the ichimoku cloud in the 1 day chart and that thing it didn´t happen yet.
Now, mostly of the people is using Bitfinex to analyse the charts, which is an index to get an average price of Bitcoin and is confusing people around, but Bistamp data is way more accurate. If we have a look at the monthly chart using heiken ashi, we can clearly see that we are still in a downtrend, however we are close to scape from it. Fibonacci gives an amazing level around the 4400 mark, so until this gets a real reverse, I´ll be out of Bitcoin.
There is another fact here. Big mining industry wants to squeeze retail mining. An easy way to do it is bringing the price down for a while to levels where is no more profitable for them, so many will just stop mining start selling their equipment. Also I expect big players buying coins cheap prices. A conspiracy theory I know, but are real facts.
I´m closing this idea, and the price is at $8885...not good for a bullish market. Expect the price between the 8800 and 8900 for the rest of the day.
····· If you consider this analysis useful, please thumbs up and follow me :) ······
