Bitcoin price will make many people rich this year. The bullish prospects are self-evident and a steady parabolic advance, some time this year, will give bitcoin traders what they want. Bitcoin price waves, like all market charts, advance and decline between established support and resistance zones.
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Preamble – No Bears Allowed?
Lots of discussion in yesterday’s comments section . Many readers expressing annoyance with the fact that my analysis is persistently bearish and I replied with clarifications as to why this has been the case since the start of the year. Also, some accusations that analysis opinions have frequently been “wrong”.
Perhaps so, but readers should be aware that this analyst is not in the business of soothsaying. The objective is to analyse the chart’s technical indications with an eye to determining possible scenarios going forward. Actually trading those scenarios is discussed, in depth, and practically applied at xbt.social .
The outlook remains biased to the downside – that there is likely to be a test of support at $400 (and possibly $300) before meaningful advance happens. During the 4 months that this outlook has been offered in these articles, there has been no new high – no advance out of the existing trading range – and the analysis assessment has, therefore, not been “wrong”.
Those readers who keep an eye on other analysts’ views will know that Venzen Khaosan is not alone in this bearish perspective. Yet, since there is widespread resentment against the bearish view, ongoing commentary of the bullish outlook will be presented – even if price declines.
Time of analysis: 14h00 UTC Bitstamp 1-Day […]
