For Now, We Wait — Like Hungry, Stalking Wolves! BITCOIN (BTC)
Hi friends! Welcome to this often imitated, but never duplicated, update analysis on big king, mac-daddy crypto, BITCOIN! Let's get right to it. Looking at the four hour chart, you can see that the rising green trendline has been reactionary, just as anticipated. I've made the trendline solid, so that we can see exactly how price is reacting to it. The initial touch produced a small hammer candle, which turned into a bear flag consolidation. As I write this, the bear flag is beginning to break to the downside, in a move to test the green trendline again.
With that said, If BTC confirms below the green trendline, I will abandon the hope of forming a right shoulder, in this hypothetical inverse head and shoulders pattern, and I will be in favor of bearish 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 downtrend channel. After all, that is what happened the last time it failed at the top. The right shoulder could still from, but if the green trendline is lost, I'm putting the bear mask on with the quickness!
The MACD continues it's weak trend to the downside, acting under a bearish crossover. Volume 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 downtrend channel 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. 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-
With that said, If BTC confirms below the green trendline, I will abandon the hope of forming a right shoulder, in this hypothetical inverse head and shoulders pattern, and I will be in favor of bearish 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 downtrend channel. After all, that is what happened the last time it failed at the top. The right shoulder could still from, but if the green trendline is lost, I'm putting the bear mask on with the quickness!
The MACD continues it's weak trend to the downside, acting under a bearish crossover. Volume 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 downtrend channel 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. 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-
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Green trendline is being violated...
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The update is here!
