Bitcoin Price Drop Leading into June 2018 ( Technical noob analysis )


#1

First of all (disclaimer) I’m not a trader and I’m pretty much a complete noob when it comes to TA.

Looking at this chart along with MACD / RSI it seems to me like a pretty decent indicator that we’ve got a further price drop to come? Atleast if we’re going by this small segment of data alone.

Please don’t make to much fun of my post lol, I’m just learning and feedback would be great. I realise a single chart doesn’t show the full picture of course, especially when it comes to Bitcoin.


#2

It’s hard to make calls with MACD and RSI. Right now, it is ranging (technical term) or sideways trading (the way I prefer to call it). People that use Elliott Waves are calling for a WXY corrective wave or even a WXYXZ triple corrective wave down to $5,500. I’m nowhere confident in my chart reads with Fib Retracements so I really don’t make calls. But the point is MACD and RSI doesn’t give you price points in terms of how low or how high things can go.


#3

I don’t like 8200 when I’m out of fiat, so I’ll just Hodl.

About as technical as I get.


#4

Macd can come down to zero line and bounce back up…its called neutralisation.
Best thing you can do is look for support resistence zones and google macd divergence…these bottom idicators lag so will always be telling you what has happened,try not to guess where its going using them,it very rarely works…


#5

Are you using log scale on your charts?

I like to think it’ll dip to 7800 (blue line) then continue upwards, again breaking the downward trend lines (orange lines).

Worst case it dips to 7000 (lower green line) and finds support to push it higher.

It’s just a massive bull flag! :fire:


#6

Thanks, good to know


#7

Yeah I just think we’ve got a little further left to drop but then it’ll rise back up to around $9000 and float around that range for a while.

Aslong as I HODL I can’t go wrong either way. :smile:


#8

When there is lack of volume and momentum, i find technical analysis becomes less robust. Support/resistance are the only useful tools in this scenario and anything outside of that is noise for me at this point. Once the market starts to trend and moving averages have some decent slope to them ill add more weight to TA indicators since they are all lagging indicators of price anyway.