Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the four hour chart, you can see that BTC continues to trade above the downtrend channel, as the bulls grind the market higher. However, I'm still concerned about the state of this breakout, and I don't particularly care to buy into it. Normally, I would buy into a bullish breakout, but in this case, I'm still neutral to bearish on the market. Yes, we've broken out above the downtrend channel, but we're still in a technical downtrend. In fact, for BTC to show that a new uptrend is forming, it would have to surpass the high from 3/21, which obviously hasn't happened yet.
With that said, the breakout has also created a formation that I have dubbed the "false flag." You can see that it's a flag formation, with a flag body that rises above the flag pole. The flag body in this formation can extend for a long duration of time, but they typically end up breaking to the downside. Obviously, all patterns fail on occasion. That is a normal function of technical analysis, and you can read about it in any piece of literature on the face of this planet. With that said, if BTC continues to rally here, it's going to run into heavy resistance at the top of the false flag. The heavy resistance that I'm referring to, is the 1200 EMA (in purple.) Here on the four hour chart, the 1200 EMA is a clone of the 200 EMA on the daily chart. As you can see, the highs from 3/21 and 3/24 were stopped cold at the 1200 EMA, so it will be interesting to see if we fail there again. The fact that we are in a bearish false flag, which is rising up toward the 1200 EMA, is a sign that the upside may be very limited right now.
Further adding to the case of uncertainty, there hasn't been any real confirmation of newly found support above the downtrend channel. Meaning, BTC never reversed to test the top of the channel after the breakout. It just broke out, and started to grind higher in this false flag. The bears never slapped it to the downside, to see where it finds support. So, I prefer to wait until either of the following events unfolds, to place a new trade.
1. I will be a buyer, if BTC breaks above the 1200 EMA, and confirms it as support. That will make me side with the bulls. 2. I will be a seller, if BTC confirms the 1200 EMA as resistance. 3. I will be a seller, if BTC tests the downtrend channel, and fails to hold it as support. 4. I will be a seller, if BTC breaks below the head and shoulders neckline (in red).
That's how I'm looking at this market. Haters will probably say "Maaaaaaaaaagic!!!! You've missed the upside on the breakooooout!" LOL I didn't miss sh1t! I've done way better than the hodlers as this market has fallen. Besides, there are plenty of other markets to trade, and that's what I do. I look for ideal setups, no matter where they are. Equities, crypto, commodities, foreign economies, I don't care. If ideal setups don't exist, I step back from that particular market, and assess it from the safety of cash.Then, I look at other markets, and make new entries when things line up. Right now, we're still in a bear market downtrend, which has produced a breakout above a downtrend channel. That breakout does not signal an end to the bear market. Knowing that, I am extremely suspicious of this breakout, and I need to see more evidence of it's legitimacy. That's called RISK MITIGATION. It's an important part of safely growing an investment portfolio. I look for high probability of success, low risk trades. At the moment, one simply does not exist in BTC. The majority of my investment assets are in stock options, and when ideal setups don't exist in crypto, I trade in the equity markets instead. With that said, if 100% of your trading portfolio is in cryptocurrencies, you're fkn up. (Haters: "tell that to the BTC investors of 2010.") Just because the investors of earlier years did well, doesn't mean that you will. Be diversified. Be smart.
Bình luận
⋅
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
1. I will be a buyer, if BTC 4.39% breaks above the 1200 EMA , and confirms it as support. That will make me side with the bulls.
2. I will be a seller, if BTC 4.39% confirms the 1200 EMA as resistance.
3. I will be a seller, if BTC 4.39% tests the downtrend channel , and fails to hold it as support.
4. I will be a seller, if BTC 4.39% breaks below the head and shoulders neckline (in red).
Is that you got bear trapped at the bottom, along with the record high shorts, and completely missed the entire boat, and are stuck in a situation whether you can't do anything. And the market is punishing you for your foolishness. This was a classic bear trap. And you historically continue to fall for the bull and bear traps. And judging by your analysis and where you intend to enter, I can already see it again, you're going to get bull trapped later, just like you continue to do.
Here's a heads up to those who read this guy. You too can easily draw shapes, triangles, head and shoulders, like a pre-schooler. You can do it too! It's the first thing you learn as a brand new trader. Flags and head and shoulders. It does not make it right, and is wrong, most of the time. You need more than this. This shit emoji does not have the ability to catch reversals. You can see that by it happening to him over and over again. Whether its turning up or turning down, he can't solve the issue of reversals. So, you get stuck with one move in the middle, up or down and get destroyed on the actual reversal because you either longed the top or shorted the bottom. Rather than the majority of the move, you get to have a tiny fraction of it. If you can't figure out when a reversal is coming, you will never make serious money in here.
No matter how much this guy bullshits that he's doing well, his analysis clearly shows he isn't. He's getting destroyed. He may make a couple calls correct, but he gets most wrong. As the old saying goes, a blind squirrel eventually finds a nut. So, post 10 charts a day, like this guy does, then you can easily dig back into your collection of a thousand charts and find 10 that were right. But what would be really interesting is to see all that were wrong. Because this guy gets rekt hard at reversal intersections.
And also, someone doing super well wouldn't be so concerned about making money off you, his potential customer. He's a content marketer. He's here to take your money by selling you calls and courses. That's his agenda. To profit off YOU. Not to be some helpful guy, but to take your money.
And if you aren't suspicious as to why his account was created in four months ago, you should be. Same goes for D4rkEnergY, that account was created two months ago and uses nearly the identical writing and charting style as this guy. These overnight accounts that are suddenly "Top" are not out of coincidence.
Here's where I first put the PERFECT 105 taget on my LTC chart, when it was trading above 225.
Here's were I made the PERFECT call for LTC to rally to 225 after the bottom. It was trading at 139!!!
Here's where I called for the EXACT recent low around 137, in LTC, when it was trading at 189!
Here's where I made the literally PERFECT call on the right shoulder of the inverse in BTC!
Here's where ETH was trading well above 1000, and I called PERFECTLY for it to fall below 600!
Here's where i made an UNPRECEDENTED call for an inverse head and shoulders pattern in ETH, when the head didn't even complete yet!
Here's where I called the exact top in XLM:
Here's where I made an EPIC call for destruction in Cardano!
Here's where I called for XLM to fall to at least 0.40.
Here's where I called the head and shoulders pattern in XLM perfectly before it even formed.
Here's where I called a completely EPIC bear flag, just before a NASTY breakdown in ETH!
Here's where I gave an EPIC XLM bear flag call just below a horrendous breakdown.
Here's where I called perfect bear flags in LTC.
Here's where I gave a PERFECT inverse head and shoulders call and target, in LTC!
SecludedJ
⋅
@MagicPoopCannon, Clearly you've prepared this in some .word file in order to copy and paste to defend your content marketing business model quickly.
I on the other hand, don't have enough interest to attack your content marketing business and grab the hundreds of incorrect calls you have made. But I can grab a few exerps from memorable moments:
"Since there are some people who will say I'm calling both sides of the market, let me be perfectly clear. I'M CALLING FOR MORE DOWNSIDE. A LOT MORE. "
That was you when Bitcoin $6700. We are now at $8300. Alts have blown out of the water nearly doubling. I saw you took credit for the explosion that happened the other day from $6800 to $8000. hmmm. Yea, that's calling both sides.
How about the $70 Litecoin? Hell, you even called for $50 Litecoin.
And here's the best of what I'm willing to look for, when you full on capitulated all over yourself and you call Cyrpto Currency a Ponzi Scheme, and just completely melt down like a toddler.
Title: RAW AND NASTY! BEAR MAGIC IS BACK!!! BITCOIN! (BTC) (March 27) Bitcoin Price: $7925
"Let me just start this off by saying that I don't care what ANYONE thinks! My job is to analyze the charts, and do it to the best of my ability. So, assign any of the lame crypto terminology that you want to it. FUD, FOMO, whatever the _ you wanna call it. I really don't care. You know why? Because if you want to roll against me, in the long term, you're going to lose every single time. So go ahead! Question the head and shoulders all you want. Hold On for Dear Life all you want! That's a fool's strategy, and I can guarantee that eventually, you'll be Holding On for DEAR DEATH! You want the bear Magic back!?!? Well here I am, harder and more raw than you've ever seen me! So let me ask, why do you think Charlie Lee sold when he did?! He knows what's up, and so do I! You know too, in the back of all of your minds, that this is a rupturing bubble. Now raise up, and tell me that I'm wrong!
I gave this worthless market a chance on the upside. I've waited for the inverse head test to materialize, but it is now very evident that the larger pattern, THAT ENORMOUS HEAD AND SHOULDERS THAT'S STARING YOU IN THE FACE, is going to prevail. Technically, the inverse isn't invalid until the inverse head is surpassed, but that's only a matter of time. Obviously, it probably won't go down in a straight line. We may bounce from neckline, when the right shoulder completes. But you know what? The broad picture is epicly bearish . You can say that I flip flop all you want, you can say that I suck all you want, but I really don't GAF. I laugh all the way to the bank every day, because I'm a mega boss in this game. I've completely slayed this market, as a bear and a bull, and my charts have ALWAYS backed that up. You want to see how accurate my pattern identification is? I challenge anyone to go through the entire history of my charts and tally it up! You'll marvel at my greatness!
Now, I have a moral obligation to put out the realest, no BS content that I can. If you want to see a sugar 0.50% coated fantasy analysis on this market, then go somewhere else. Because until technical EVIDENCE supports the fantasy, I would be a liar to sit here and tell you that it's all good. You think this market can't completely and indefinitely collapse? You're downright WRONG, an amateur, and extremely naive, if you think so. This market is massively speculative, filled with novice investors, way overvalued, filled with fraud, and possibly just a massive scheme. Nobody even knows who Satoshi Nakamoto is. Doesn't that strike you as concerning? Have you considered that you're possibly engaged in the largest Ponzi scheme in the history of man? What do you think would happen to this market if THAT came to light? "
Oh, and since you are so insecure (yes, you are), you should change your profile title gain, it just doesn't seem to be good enough yet, HAHAHAHA. Maybe change one word or something, it'll make all the difference. Yea, you know exactly what I'm talking about. Insecure, indecisive, you can't make up your mind, even on that.
People wouldn't give you such a hard time if didn't have zero humility, the inability to admit when you are wrong, instead of fighting it till death, and didn't have a clear agenda as a content marketer to take these peoples money. You're hear to profit off these people on TradingView, you're not here to help anyone but yourself.
MagicPoopCannon
⋅
@SecludedJ, My agenda!? Nice, you're a conspiracy thorist too? The reason i have amassed so many followers, is because i have given consistently good information over time.
With regards to my quotes that you've pulled, I still stand by them 100%. The difference between you and I, is that a bounce doesn't make me lose sight of the bear market. That's what makes me great. THAT'S what makes me a legend! You clearly think that we've bottomed, and I simply cannot tell my followers that the bottom is in. We're still in a technical downtrend, with lower highs and lower lows. So, if you want to be a knife catcher, be my guest. You'll probably have your hands impaled, but I have an obligation to warn people of those dangers.
As for the downside projections, you highlight the projection that i made at 6700, and highlight todays price like an epic fall didnt happen in between. YOU'RE a fake and liar! BTC fell signifocantly after I made that call. Give credit where it's due! And fk your humility! I never made a personal attack on anyone, but i have to constantly fend off all of you shit talkers on a regular basis. I just admitted the other day, that I didnt expect the rally. Yet, here you are, talking shit and telling me that i cant admit when I'm wrong. Who the f are you? You talk a lot online, but I can guarantee that you would be dead silent in my presence.
@MagicPoopCannon, I totally agree! i used to hate you, and lose sight of the real trend when i look at 1 H 4 H but looking at Longer time frame We're still looking at a FAT Downtrend and still at OVERBOUGHT. Appreciate your work magic! More power!
SecludedJ
⋅
@MagicPoopCannon, I live in Houston. Let's have a coffee. I'd love to enlighten your audience on who hides behind the piece of shit emoji.
SecludedJ
⋅
@MagicPoopCannon, And yes. Your agenda is to build a target audience to sell products to. And that's clearly obvious. It has nothing to do with helping people. It has opportunist to take advantage of naive people in the crypto space written all over it.
And you can go ahead and tell me I'm wrong and that you aren't going to sell things to these people right here.
1. I will be a buyer, if BTC 4.39% breaks above the 1200 EMA , and confirms it as support. That will make me side with the bulls.
2. I will be a seller, if BTC 4.39% confirms the 1200 EMA as resistance.
3. I will be a seller, if BTC 4.39% tests the downtrend channel , and fails to hold it as support.
4. I will be a seller, if BTC 4.39% breaks below the head and shoulders neckline (in red).
Is that you got bear trapped at the bottom, along with the record high shorts, and completely missed the entire boat, and are stuck in a situation whether you can't do anything. And the market is punishing you for your foolishness. This was a classic bear trap. And you historically continue to fall for the bull and bear traps. And judging by your analysis and where you intend to enter, I can already see it again, you're going to get bull trapped later, just like you continue to do.
Here's a heads up to those who read this guy. You too can easily draw shapes, triangles, head and shoulders, like a pre-schooler. You can do it too! It's the first thing you learn as a brand new trader. Flags and head and shoulders. It does not make it right, and is wrong, most of the time. You need more than this. This shit emoji does not have the ability to catch reversals. You can see that by it happening to him over and over again. Whether its turning up or turning down, he can't solve the issue of reversals. So, you get stuck with one move in the middle, up or down and get destroyed on the actual reversal because you either longed the top or shorted the bottom. Rather than the majority of the move, you get to have a tiny fraction of it. If you can't figure out when a reversal is coming, you will never make serious money in here.
No matter how much this guy bullshits that he's doing well, his analysis clearly shows he isn't. He's getting destroyed. He may make a couple calls correct, but he gets most wrong. As the old saying goes, a blind squirrel eventually finds a nut. So, post 10 charts a day, like this guy does, then you can easily dig back into your collection of a thousand charts and find 10 that were right. But what would be really interesting is to see all that were wrong. Because this guy gets rekt hard at reversal intersections.
And also, someone doing super well wouldn't be so concerned about making money off you, his potential customer. He's a content marketer. He's here to take your money by selling you calls and courses. That's his agenda. To profit off YOU. Not to be some helpful guy, but to take your money.
And if you aren't suspicious as to why his account was created in four months ago, you should be. Same goes for D4rkEnergY, that account was created two months ago and uses nearly the identical writing and charting style as this guy. These overnight accounts that are suddenly "Top" are not out of coincidence.
These people are here to make money off YOU.