Bitcoin Walks The Tightrope — While Bears Sever Strands (BTC)
Zaktualizowano
Step right up! Witness the wizardry composed by the ghastly shadow of the charts, the legend of legends, feast your eyes on his majesty's greatness! BITCOIN!
Hello friends! On the four hour chart, we can see that BTC has been rejected at the 50 and 200 EMAs, and is heading lower now to test the rising green dashed trendline. Believe me when I say, that is a level that the bulls do not want to lose. Having originated on 9/22/17, it has become a key level to watch. You can see that the last time it fell, BTC plummeted straight to the bottom of the downtrend channel. That's an ominous reminder of how gruesome things may become, as BTC prepares to dip it's toes in the lava. Just below the rising green trendline, is the 78.6% retrace, at about 8686.0. If BTC takes out that level as well, things could get really nasty, in the sense that it could produce a retest of the 6000 level.
We've been assessing this possible inverse head and shoulders pattern (in green,) and you can see that the current price action is still in line with the potential formation of this pattern. However, as you all know, we have been assessing the development this as a HYPOTHETICAL pattern. For educational purposes, I told you that it was wise to be in cash, as soon as BTC failed to breakout of the downtrend channel. Now, you can really see why. We're either in a full blown bearish correction, or we're forming an inverse right shoulder. You don't want to be in the market, when the technicals are mixed. But now, it's crunch time. Now, we need to see a reversal to the upside, and we need to see it quickly. I've pulled my bull mask up, exposing my face, and my bear mask is calling. If the green dashed trendline is violated, Magic will put the bear mask on faster than you can say "I love Magic."
On the flip side, a reversal and subsequent breakout of the top of the pink downtrend channel, for educational purposes, will be a buy signal. A break above the neckline of the inverse head and shoulders pattern will be a buy signal as well. Those are the conditions. This entire market depends on BTC right now. Let's see how it develops. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
Hello friends! On the four hour chart, we can see that BTC has been rejected at the 50 and 200 EMAs, and is heading lower now to test the rising green dashed trendline. Believe me when I say, that is a level that the bulls do not want to lose. Having originated on 9/22/17, it has become a key level to watch. You can see that the last time it fell, BTC plummeted straight to the bottom of the downtrend channel. That's an ominous reminder of how gruesome things may become, as BTC prepares to dip it's toes in the lava. Just below the rising green trendline, is the 78.6% retrace, at about 8686.0. If BTC takes out that level as well, things could get really nasty, in the sense that it could produce a retest of the 6000 level.
We've been assessing this possible inverse head and shoulders pattern (in green,) and you can see that the current price action is still in line with the potential formation of this pattern. However, as you all know, we have been assessing the development this as a HYPOTHETICAL pattern. For educational purposes, I told you that it was wise to be in cash, as soon as BTC failed to breakout of the downtrend channel. Now, you can really see why. We're either in a full blown bearish correction, or we're forming an inverse right shoulder. You don't want to be in the market, when the technicals are mixed. But now, it's crunch time. Now, we need to see a reversal to the upside, and we need to see it quickly. I've pulled my bull mask up, exposing my face, and my bear mask is calling. If the green dashed trendline is violated, Magic will put the bear mask on faster than you can say "I love Magic."
On the flip side, a reversal and subsequent breakout of the top of the pink downtrend channel, for educational purposes, will be a buy signal. A break above the neckline of the inverse head and shoulders pattern will be a buy signal as well. Those are the conditions. This entire market depends on BTC right now. Let's see how it develops. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
Uwaga
To plot the green dashed trendline, connect the low of 9/22 to the low of 11/12. I know that there is a more significant low behind it, but that trendline shoots off into outer space, and the one that I have was highly reactionary through the recent major low. Take your pick. =D-Magic-
Uwaga
BTC is currently printing a small hammer off of the first touch of the green trendline.
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