Bitcoin Technical Analysis: BTC Cannot Stall The Next Big Crash For Long (May 2020)


The price of Bitcoin appears to be trading sideways to nine. A move to the downside. And you will see that there are a lot of forces that played that key point, saving the price from making that big decline and they keep on coming to the rescue. You know, previously they barely saved it from declining to zero. And this time at the worry, opportune time. You know, the bedmates exchange goes offline for some magical reason. And, you know, nobody questions. And I don’t know if people are still bullish on the market. They are still magically hoping that the market is going to New All-Time High from here. For reasons beyond my understanding, I don’t really get it. But, you know, I have to say that for more as at a certain level at this point, that people are unconcerned by any of this. People don’t care if it is, you know, exchanges setting the price from collapsing or if it is USDOT printing and pumping. They don’t care as long as a price is not falling. And it is going in the opposite direction. They don’t care if it is manipulation. But as you can see, none of this is going to end well. And previously, it has not ended away. So this time it is going to be no different, because at the end of the day, to these big players, it doesn’t matter whether you are a bull or a bear. As long as they can take advantage of you and they’re going to do that, they’re the sole reason they have been pumping the price is to trapping more bulls and to take advantage of the long term. So they have been selling the price from declining below trend line supporters. And you won’t when it decline to a certain Savoy’s trend line supports, they ended up saving the price from collapsing completely because this is what they want to do. They want to keep the price in these ranges over here. So a lot of people who would still think that this is sort of this is going to be like, you know, ascending triangle or something. And this is going to lead to further upside. So they don’t want to spook the horse here. They don’t want to throw people off and to let them believe that, you know, this is about to collapse. This is about a fight. They want to keep them hoping that this is an ascending triangle that is going to lead to a major upside in the near future. That is what they want them to believe. But here’s the thing to us. It shouldn’t matter whether this is happening or not happening. I mean, at the end of the day, our concern should be whether the price is going to flip that 10k level support or not. If it does end up happening that we can change our mind short term, short term, that would mean that we could see further upside. As I mentioned before, you and then I’m not going to belong with the market, especially after what we saw yesterday with the exchange outage. I’m not going to be doing that because I know what is going on. And, you know, I’m not going to take that risk. But if you want to take that risk, at least wait for that confirmation. At least wait for that 10k lower the sixty-one point eight percent figure retracement level to be flipped as support before you decide to polish on the market. And one of the strong reasons that I have no reason to be pulling you in the market, even if that happens, is because of what is happening here on Good. As I previously mentioned, this kind of a decline that we saw in gold was a result of, you know, this kind of asymmetrical triangle breaking we’re here, which was also arising, which, as you can see here, this is a rising Gwangju, but it is a smaller rising, which compared to what we’re seeing here. And this led to this kind of a decline, this kind of a downside. So in my opinion, if this breaks, this is going to be anyone more brutal downside over here, which is the reason that I think this is not going to be bullish for Bitcoin, because previously when this happened on the low end of March and the 10th of March, when we had this major aggressive crash in the price of gold, we saw what happened to Bitcoin, the price of Bitcoin crashed as well. Around that time, as you can see, this is the low end of March or here when the price of Bitcoin crashed as well. So for that reason, I think this time is going to be no different because as we can see here, this is the rising wage that the price breaks. If it breaks below, this is going to lead to a major decline in Bitcoin this time as well. So for me, this is not a good time to be taking that risk. And if Bitcoin were to flip that 10k lower support, because I think we don’t have much upside to look at at this point, I think there is every reason to be way too conservative and to be expecting a major crash at this point. So if you were to talk about a year ago for exposure, we can see that temporarily it has made this move to the upside, which I consider to be a fake-out. I think after this move, it is likely to begin in a downtrend sooner rather than later. And when this move comes to completion, we’re going to see that downgrade. So the way you can trade these FICOs is first. First of all, you don’t have to take trade around here. You know what? Take a trade here, because this is rarely as cleanly as it plays as you would expect it to play out because this doesn’t happen that way. So you need to wait for rejection at this trend line, which obviously didn’t happen at this point. So when that didn’t happen, you have to now wait for the price, the pear Pareto to come back into this Temescal triangle. And then you want to live below that so long as that doesn’t happen. We have no reason to be bearish on, you know, this breakout or this a year for an expert. But at the same time, I have my reasons to believe that, you know, previously it had opportunities to break higher. It had opportunities to turn bullish, but it didn’t. So for me, it doesn’t make any sense for it to be doing at this point. And I think what is more likely at this point is that the euro for expert might have reached resistance at this point, as you can see. This is a strong horizontal resistance, which is the pair would find really difficult to breach and to break boss. And for that reason, I think we’re very close to the beginning of a major downtrend in the year out of four expected just at a time when the euro for the experience was expected to decline. The price of gold is expected to break below this rising wage and the price of Bitcoin. For that reason, it’s expected to climb, even though it broke below. As you know, a trend line support over here. But it is just telling the decline. And we can see that the artists like clearly remain in a downtrend and it is still startling that decline. But it cannot do it forever. One of these points, it has to collapse and it has declined. So if you were to take a look here at Bitcoin dominance, we can see that everything is pretty clear now. We can see this sixty-seven point five percent is important to support here. And the Bitcoin dominance has managed to you. Right. To remain above it. And as long as it does that, we have every reason to expect for the downside upside in Bitcoin domains and further downside in the cryptocurrency market for that reason. So if Bitcoin Damos were to keep on rising as expected to and it has already begun a new Opteron from here, as you can see, it broke buys this trendline resistance at this point and it’s now aiming for the upside. So as you can see, this might lead to a major uptrend in the weeks and months ahead. And for me, therefore, there is every reason to be bullish on Bitcoin domains and every reason to be bearish on Bitcoin and the rest of the cryptocurrency market. If we were to take a look at BTC long CIBC shorts, Rasiah, you can see that previously when this happened to zero on the 24th of February when Bitcoin BDC with the longs to BTC with these shorts ratio started to decline. This was on the 24th of February. If you take a look at the price of Bitcoin around the 24th of February, you’ll notice that it was just getting ready to decline. So this was around the 24th of February. It was just getting ready to decline. And then this started to happen. And then this move was followed by this crash. So this time it seems to be something similar. It began this downtrend around 24th of February and it has begun this down to around element of May. As you can see, that is where the price appears to have topped out. This was around a low end of May, which was around here. And that is when we had this crash and offered that this is now just as, you know, some sort of a sideways move, an attempt to break, Kyra. But as you know, it isn’t very clear at this point that Bitcoin does not have the juice. It doesn’t have the momentum. And the blues don’t have the strength to make the price go significantly higher from here, even if it breaks 10k short term to mislead a lot of people into taking long positions and to make them into thinking that the market is ready to flip bullish. Even then, I don’t expect it to have further upside. And as you can see here, this is the trend line support turn resistance that has to break for the price to go higher, which I don’t really see happening at this point. What I’m really hoping to see at this point is for BDC with Zilong Distributors USD shores ratio to decline similar to what it did before. And when it does that, this time, I expect nothing different and I expect it to decline in the same way as it did or here, if not much more aggressively, considering we are looking at a much more aggressive downtrend in gold this time compared to what we saw here. They’re sort of for today. And thank you for watching.


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