Bitcoins Outlook 5/17
The long term picture of Bitcoin shows a consolidation pattern near all time highs. The price stayed within this range for several months but recently broke down below this range. This caused a hefty meltdown in the price of bitcoin because apparently lots of investors had there stop loss there.
With a slight closer look your can see the breakdown. The price fell below support but seems to be propped up by the long term trending support in blue. and the possible support from the downward price channel in purple. Will Bitcoin bounce off of this very long term trending support? If you look closely you can see a potential wedge pattern that might form.
On the 4 hour candles you can see the meltdown in bitcoin coincided with the breakdown of the long term support and and a breakdown of this much shorter term 4 hour price channel at the same time.
Price is currently consolidating at this low level following the small meltdown. It looks like we have somewhat of a short term range on the one hour candles to watch. The price of Bitcoin may stay bound within the range for some time. But i think it will break above resistance very soon. Possibly today or this week. Although i think Bitcoin will finish this year much lower, I do believe we have some short term upside in store soon. Hopefully very soon.
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YuHan_ : Yes
SpyderCall OP YuHan_ : i think it will bounce also. but it will come back down after some time
YuHan_ : But yes, is it stable?
SpyderCall OP YuHan_ : bitcoin is not a stable coin. it works different than a stable coin. its better than a stable coin
YuHan_ SpyderCall OP : Yes, but now it is still more inclined to the influence of speech.
SpyderCall OP YuHan_ : Right. Hype is the only thing that gives it value. Its just intrinsic value. There really is no true value. Its just as valuable as we say it is basically
YuHan_ : Yes, it seems that you know a lot about this.
YuHan_ : I still need to learn and discuss with you.
SpyderCall OP YuHan_ : Any time. I am always on this platform. I’m addicted to day trading
YuHan_ : It seems that there is no chance to ask you for advice.
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