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.***
@The-Boss, What makes you say that? Anything could happen. It could go down to 0 or it could go down to 100K..Don't tell me SKY IS THE LIMIT when it comes to Crypto :)
PeeWoo
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@x718style, I mean it could "up" to 100K
CrowdConscious
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@x718style, 100% agreed - not a single one of us actually knows what will happen. BTC could soak up every single alt or BTC could trade sideways or do anything else. MPC helps out with these TA's though, gives us an idea of IFTTT. Could see bigger than 100k - remember, McAffee is going to eat his junk if BTC isn't, what, 500k by 2020? Or was it 1M? Idk, but a lot of big players are supporting its growth and a lot of people don't like banks these days because they have hurt too many people. Time will tell!
luv2give
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@CrowdConscious, Right on! He first tweeted 500k, then he increased it to 1m in a succeeding tweet. Here's a copy and paste of Mcafee's revised tweet.
"When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong."
mr.didgi
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@luv2give, I don't think that bankers and elites would allow so many people to become millionaires and even billionaires, think real guys.
luv2give
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@MR.didgi, Many hamburger flippers have already become millionaires from accumulating when the price was 0.06. Back then, the 'smart' money was calling Bitcoin a scam and said it would never get beyond 0.10, 1.00, 5.00, 10.00, 100, 1000, 5000.......20,000.........we'll see where the party ends, but for now, it seems like it's just beginning. When kids are swapping cryptos on their smart phones in the school yard, then where probably nearing a top. I gauge where we are by asking smart young people questions about the space and they have no idea as to what I'm talking about. When I get to the final question, what is Bitcoin?, the best response is, "I don't know, a coin the cost a lot of money?".....when my mom asks me how she can buy Bitcoin, that might be my shoeshine boy moment. haha.