Will BTC Continue to Decline?
This month we will observe the third candle equation of the 3 candles close, which is an important figure in every analysis. After the big decrease in the monthly period, the 3rd candle is in the cycle that includes September. We can observe a new uptrend with a close above the $25300 level or a downward trend with a close below the $17600 level.
I think we will see the 12-13 K levels that I mentioned in my previous analyzes. However, after an upward jump, it may show an upward trend with a manipulation move and regress to 12K levels.
Manipulation has been common in past years. But the growing demand for cryptocurrencies has made large stock market and investment companies more greedy. Of course this is my opinion. My have no argument to prove it. But when I examine the graphs by expanding them, the manipulation moves prove themselves for everyone. Even someone without technical knowledge can understand this.
With the proliferation of futures transactions, I feel like the crypto markets want to extort the investor's money by manipulating price movements instead of making money from the profit they will receive from the investor. This is my opinion . It could be right or wrong.
But if you observe carefully, the exchanges' own money moves on very large percentage slices. In addition, the names we call whales are openly trying to put people in harm's way by using social media.
Whenever Elon Musk or Saylor tries to give people tips on social media, prices move in the opposite direction of the tips they give.
I've tried to warn people about this before. Both futures trading and social media rumors are dangerous for every investor.
I wanted to say these things because I think the manipulation movements will continue. In the coming days, if Mr. Saylor or someone comes out again and says that bought a large amount of Bitcoin, be careful.
Back to the analysis;
Daily closures below 17600 will reduce prices to 14-12 K levels. closures above the 25300 levels may move prices to the December 29-35K range. 32 thousand dollars and 12 thousand dollars constitute the major support and resistance in the monthly period. When prices move up or down, there will definitely be a sell or buy reaction from these levels indicated.
From a technical point of view, when we measure, I see that the harmonic pattern that I said would occur on Btc in my previous analyzes has been completed.
But I think that the third candle, which I mentioned at first, will be completed with a downward movement. Although the pattern has completed its technical characteristics, the downward progression of prices does not invalidate this pattern. On the contrary, it strengthens. The only pleasing aspect of this downward movement is that the pattern indicates the bull run. When BTC enters an uptrend again and catches a bull run, we can think that prices will rise very much above the peak of this pattern.
When we examine the candles of the last two weeks, we can see that the closures are in favor of the bear.
On the chart, you can consider closes below 0.618 as a bearish close, and closes below 0786 as a strong bearish close. This means that it indicates that the next candle may be downward.
Although the sum of these two candles gives a figure like 14800, I don't trust candle mathematics very much. That's why I don't accept it as true. But it's best to be careful, considering that there may still be a decline.
The Weekly Rsi 32 appears in the Monthly Rsi 42 and the daily Rsi 30. This shows that there are still enough numbers for a downward trend. But even if the downward trend continues, I think that piecemeal purchases from these levels will leave a profit.
If we think about the price of 20 thousand dollars, it seems that a decrease of 5-6 thousand dollars can be a big cost loss. But the recovery of a downward movement from these levels will again be fast. When we think about it from this point of view, it seems that piecemeal purchases can make a profit during the decline. But since it is still a risky strategy, I find it more reasonable to wait until the last moment for a buy or stop loss and evaluate it when prices return. The profit may decrease, but the risk will decrease just as much.
The cmf indicator seems to produce an al signal in a weekly and daily period. But in the monthly period, I still consider it negative because the indicator does not produce enough signal for reception.
The Aroon indicator is below 20 in all time zones and the adx indicates that the decline is weakening. Although adx and aroon produce a buy signal, the fact that the weekly candle closures I just mentioned are in the bearish zone suggests that it is early for an upward position.
Note: This is not investment advice..
I think we will see the 12-13 K levels that I mentioned in my previous analyzes. However, after an upward jump, it may show an upward trend with a manipulation move and regress to 12K levels.
Manipulation has been common in past years. But the growing demand for cryptocurrencies has made large stock market and investment companies more greedy. Of course this is my opinion. My have no argument to prove it. But when I examine the graphs by expanding them, the manipulation moves prove themselves for everyone. Even someone without technical knowledge can understand this.
With the proliferation of futures transactions, I feel like the crypto markets want to extort the investor's money by manipulating price movements instead of making money from the profit they will receive from the investor. This is my opinion . It could be right or wrong.
But if you observe carefully, the exchanges' own money moves on very large percentage slices. In addition, the names we call whales are openly trying to put people in harm's way by using social media.
Whenever Elon Musk or Saylor tries to give people tips on social media, prices move in the opposite direction of the tips they give.
I've tried to warn people about this before. Both futures trading and social media rumors are dangerous for every investor.
I wanted to say these things because I think the manipulation movements will continue. In the coming days, if Mr. Saylor or someone comes out again and says that bought a large amount of Bitcoin, be careful.
Back to the analysis;
Daily closures below 17600 will reduce prices to 14-12 K levels. closures above the 25300 levels may move prices to the December 29-35K range. 32 thousand dollars and 12 thousand dollars constitute the major support and resistance in the monthly period. When prices move up or down, there will definitely be a sell or buy reaction from these levels indicated.
From a technical point of view, when we measure, I see that the harmonic pattern that I said would occur on Btc in my previous analyzes has been completed.
But I think that the third candle, which I mentioned at first, will be completed with a downward movement. Although the pattern has completed its technical characteristics, the downward progression of prices does not invalidate this pattern. On the contrary, it strengthens. The only pleasing aspect of this downward movement is that the pattern indicates the bull run. When BTC enters an uptrend again and catches a bull run, we can think that prices will rise very much above the peak of this pattern.
When we examine the candles of the last two weeks, we can see that the closures are in favor of the bear.
On the chart, you can consider closes below 0.618 as a bearish close, and closes below 0786 as a strong bearish close. This means that it indicates that the next candle may be downward.
Although the sum of these two candles gives a figure like 14800, I don't trust candle mathematics very much. That's why I don't accept it as true. But it's best to be careful, considering that there may still be a decline.
The Weekly Rsi 32 appears in the Monthly Rsi 42 and the daily Rsi 30. This shows that there are still enough numbers for a downward trend. But even if the downward trend continues, I think that piecemeal purchases from these levels will leave a profit.
If we think about the price of 20 thousand dollars, it seems that a decrease of 5-6 thousand dollars can be a big cost loss. But the recovery of a downward movement from these levels will again be fast. When we think about it from this point of view, it seems that piecemeal purchases can make a profit during the decline. But since it is still a risky strategy, I find it more reasonable to wait until the last moment for a buy or stop loss and evaluate it when prices return. The profit may decrease, but the risk will decrease just as much.
The cmf indicator seems to produce an al signal in a weekly and daily period. But in the monthly period, I still consider it negative because the indicator does not produce enough signal for reception.
The Aroon indicator is below 20 in all time zones and the adx indicates that the decline is weakening. Although adx and aroon produce a buy signal, the fact that the weekly candle closures I just mentioned are in the bearish zone suggests that it is early for an upward position.
Note: This is not investment advice..
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