Yes, yes, YES!!! Ladies and gentlemen, boys and girls, animals, aliens, and people of all genres, welcome to this ever-so fabulous analysis on big-king-macdaddy-crypto, BITCOIN! Let's jump right in! Looking at the four hour chart, you can see that the breakout has occurred! We have liftoff, and BTC is kissing that nasty downtrend goodbye. This is an EPIC development. You can see that there wasn't even much hesitation at the top of the channel. However, the volume is a bit light, so be on the lookout for that.
This is a major achievement, in establishing a new bull market uptrend. BTC has to hold it though, because a break back into the channel would be a nasty thing to see. On the upside, my inverse head and shoulders + bull flag target should act as major initial resistance, at about 12,187. Above that, the heavy resistance level at the 50% retrace will be an extremely important level to conquer. Should BTC surpass the heavy resistance level, I will be proud to announce that the bear is dead, and the bull is alive and strong! LONG LIVE THE BULL!!! 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-
ความคิดเห็น
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If BTC falls back into that downtrend channel, and confirms, it’s time to be bearish.
-Magic-
ความคิดเห็น
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This could potentially end up being an inverse head and shoulders pattern. The pullback may be healthy for the bull run. Especially since we've gained a massive amount of ground recently.
ความคิดเห็น
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It looks like BTC wants to test the bottom of the downtrend channel. If it fails to get back above, then look out below!
The fact that there was no reaction might be an indicator that... it isn't even really there, and your line is wrong ;)
kardia
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@SecludedJ, I told you already that the rules don't always work out in crypto as they do in Forex. You can ignore this fact all you want, but you will be the one to miss out if you don't listen. Does that mean it won't go down to test support? Of course it will go down, but we can only guess where based on the finite tools we have to work with. Nobody knows where price is going to land. Anyone who pretends to know is nothing but a modern day Charlatan. We have to change the way we think about trading crypto as it doesn't always play by the same rules as Forex.
SecludedJ
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@rev214us, Man, you just won't quit, will you? Are you going to follow me everywhere? I don't really care if you told me the rules don't always work out in crypto as they do in Forex, "Mr. I Joined TradingView Last Month And Now Know Everything About Cryptocurrency".
I sold the top of Litecoin, Bitcoin, Ethereum, NEO and Ripple. Perfectly, each time.
And my analysis tells me that we do not go beyond $12,000 before correcting to $9,000. Then we bull run to $17,000.
If you don't like my opinion, don't read it, ignore me, and bug off.
kardia
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@SecludedJ, I'm not following you. It just so happened you left a comment on here and I responded. So don't flatter yourself. Moreover, I have been involved in trading a lot longer than I've been on here. So don't jump to conclusions. Finally, if you were paying attention, you would know that I never denied price could go back down to 9k. My point is you come across like a know it all, like you can foresee the future, like you know where the tops and bottoms are. You don't know. Price will go wherever it goes, irrespective of how you feel about it. You don't control the market.
@SecludedJ, I can assure you, my line is perfect. =)
-Magic-
kardia
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I believe the Bears in this market are mostly made up of professional traders, and the Bulls are mostly crypto enthusiasts who don't know how to trade. That's likely why the bulls are losing so badly. Unless big money comes back into this market, the bulls will continue to lose.