Bulls "Aha! 4 hour RSI very low, very oversold, last time it was this low this was in late 2018 at 3k"
Me: "Ok let's check then"
Looks at this screenshot "Oh yes indeed the 4 hour RSI is the lowest since the 3k area"
Me: "Let's zoom in to see exactly what happened"
Looks at this screenshot "Oh this happened very early in the downtrend :)"
All you have to do is look at it. How hard is that?
Looks like there could be a long way to go.
If you think RSI levels matter like they're some support then you should think there is a really really long way to go.
Anyway enough of this. There is strong selling as I said there would be 2 days ago, price dropped below this trendline, and trendlines are very important to BTC:
All BTC price does is bounce between trendlines.
It bounced on that one a few weeks ago, and went all the way to the one above it, and now back down, next one that I see is around $5000.
There are trendlines all the way down.
Not sure what is below the 1500-2000 one.
Well it's going to find a level somehow idk. But for now it's bouncing between trendlines so reason to play like this.
Actually the closest one will be this:
I just think it will keep bouncing and trapping bulls on the way down. Typical.
A very prolonged slow painful downtrend.
Dumb money, big surprise, is really dumb and somehow the biggest losses they get is when the price slowly goes down and keeps bouncing giving them hope.
You can call it the slow "drift of death".
Makes sense that this bear market ends at around 1000. And last 2 years, as I predicted in 2018.
The amateur weekend trader bitcoin community is still in disbelief of the bear market.
Some still actually htink they are going against the crowd by buying, hilarous. IG clients = 86% bulls. It's simply ridiculous.
If this is a bull market it's the first one I see looking like this.
There is a long way down to go but it won't be in a straight line.
Me: "Ok let's check then"
Looks at this screenshot "Oh yes indeed the 4 hour RSI is the lowest since the 3k area"
Me: "Let's zoom in to see exactly what happened"
Looks at this screenshot "Oh this happened very early in the downtrend :)"
All you have to do is look at it. How hard is that?
Looks like there could be a long way to go.
If you think RSI levels matter like they're some support then you should think there is a really really long way to go.
Anyway enough of this. There is strong selling as I said there would be 2 days ago, price dropped below this trendline, and trendlines are very important to BTC:
All BTC price does is bounce between trendlines.
It bounced on that one a few weeks ago, and went all the way to the one above it, and now back down, next one that I see is around $5000.
There are trendlines all the way down.
Not sure what is below the 1500-2000 one.
Well it's going to find a level somehow idk. But for now it's bouncing between trendlines so reason to play like this.
Actually the closest one will be this:
I just think it will keep bouncing and trapping bulls on the way down. Typical.
A very prolonged slow painful downtrend.
Dumb money, big surprise, is really dumb and somehow the biggest losses they get is when the price slowly goes down and keeps bouncing giving them hope.
You can call it the slow "drift of death".
Makes sense that this bear market ends at around 1000. And last 2 years, as I predicted in 2018.
The amateur weekend trader bitcoin community is still in disbelief of the bear market.
Some still actually htink they are going against the crowd by buying, hilarous. IG clients = 86% bulls. It's simply ridiculous.
If this is a bull market it's the first one I see looking like this.
There is a long way down to go but it won't be in a straight line.
Note
Might top soon, or can also go all the way to 9000+They're milking suckers till the last drop it's sickening.
Note
Topped on the trendline I pointed out exactly.LMAO how do Bitcoin gamblers lose? My dog could make money on Bitcoin.
Note
Note
What is this???Bullish bets are skyrocketing.
Worth keeping an eye on.
6000 next bounce? Or just drops like a rock?
4500-5000 likely bounce in my opinion.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.