With that said, If BTC confirms below the green , I will abandon the hope of forming a right shoulder, in this hypothetical pattern, and I will be in favor of trading. Sure, the right shoulder could form at a lower level, like the 78.6% retrace, but I need to see hard evidence of an upside reversal below here. For all we know, BTC could continue to plummet all the way back down to the bottom of the pink . After all, that is what happened the last time it failed at the top. The right shoulder could still from, but if the green is lost, I'm putting the bear mask on with the quickness!
The continues it's weak trend to the downside, acting under a crossover. is on the decline, as traders await a result of this test of imminent danger. Either we break down from here, or we reverse to fill this right shoulder and move higher. Right now we're watching and waiting for a proper trade setup. A breakdown will put me in the bear camp. A break above the pink will put me in with the bulls. For now, we watch. We wait like the hungry stalking wolves that we are, and we strike when the prey is ours for the taking. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. 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-
Great chart your upper support line I don't understand, you've really shot this one from the cannon.
I am going to be running some free educational courses feel free to join if you like you have amazing charts but I think we can tweak a few things to make them extremely accurate.
Can you tell me what the top trend line is based off?