MagicPoopCannon

Don't Let A Small Bounce Blind You! BITCOIN! (BTC)

BITFINEX:BTCUSD   Bitcoin / Đô la
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             has rallied hard over the past couple days, as it seems to be reacting from a low that was made just barely above the neckline of the head and shoulders pattern. BTC             was so close to breaking down, but it seems as though the market wants to trap some more bulls before the breakdown. Looking at this rally, I have absolutely no interest in buying it. Instead I'm just viewing it as a great sell opportunity.

If you recall from my last post, I was covering the bear flag that BTC             was creating. As you can see, a breakdown from the bear flag did occur, but price rallied hard after the bear flag breakdown, as a wave of buyers rushed into the market, probably trying to catch the double bottom , and also because BTC             was oversold. However, I wouldn't get too excited about the rally. In my view, it's just another pop before the big drop. Looking at the chart, you can see that BTC             is right at the 50 EMA (in orange.) Now, I'm not just saying that I don't buy this rally for nothing. Here is the technical reason why I don't think there is much wind in the bulls' sails.

I want to draw your attention to the first blue arrow. If you look at the price action before that low was formed, you can see that there was a bear flag , that broke down to for the sharp low, and then price quickly rallied higher, forming somewhat of a small sloppy inverted head and shoulders pattern in the process. From there, it rallied just above the 50 EMA , where it ran out of gas, and inevitably rolled back over to the downside. Looking at the current action, it looks almost identical. You can see that we formed a bear flag , which broke down to produce a sharp low (blue arrow) and then we have quickly reversed back to the upside. Now, price has run into the 50 EMA , where it's beginning to find some resistance. So, just like the outcome of the rally off of the first blue arrow, I'm expecting a failure in this rally, in the very near future. In my opinion, this is a selling opportunity, and nothing more.

On the MACD , you can see that there was a bullish crossover, that produced some momentum expansion to the upside, but the volume has been on a steady decline during this entire rally off of the low. I still see broad weakness in BTC             and the rest of the crypto space. A small bounce doesn't change that. Remember, the markets don't generally move in a straight line. Fluctuations can occur, but the important thing is that we remain on the right side of the market. Right now, this is an overwhelmingly strong bear market, that is experiencing a small bounce. The trend is your friend. Know that, own it, and you will avoid disaster. With that said, the overall trend is down, down, down, and it is highly likely to remain that way. 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.***

-Magic loves you-

-JD-
Bình luận: The update is here!

One messy graph. So many lines.
+2 Phản hồi
@Homeworld, It's a lot cleaner than yours, given the fact that you've never published a single analysis.
+2 Phản hồi
Breaking that 6k level has been predicted an awful lot. Breaking the 5k level, than I will be impressed....Hitting 3k.... come on. I don't see that happening, way to bearish.
Phản hồi
mrhill3232 BradTrimas
@BradTrimas, people are saying that it NEEDS to hit 3-4k to fully be over its correction, if it doesn't then we will just see up and down around this area for a loooooong time. If we want the bulls to come back in force and hit a 20k_ btc again, we want this 3-4k low
+2 Phản hồi
MagicPoopCannon your the best!! You are the master of chart. I save lots of money taking your advice, and I learn..... Thankyou for this magic work almost every day you are here and this for free. Wow just great! It’s a long way doun to 3000 and what then will come is a great bull market up to 50k till end of the year, that’s what I hope for everyone. Good luck trading
+5 Phản hồi
It's going DOWN!
+3 Phản hồi
Please do yourself a favor and your bank account and steer clear from these charts. Not to discredit MPC's charts, although they're pretty bad as it is, he tries to analyze too many micro trends. If you're coming here to analyze micro trends please look at the bigger picture because the market moves too quickly for his charts to always be right. Most of his charts that are correct were solely because of an obvious clear as day trend or luck. The guy's name is "MagicPoopCan" and you're taking/risking your hard earned bucks on his advice? Quit taking short cuts and learn how to analyze charts for yourself. You'll be a lot more successful down the road.

Previous waves resistance = new waves support. BTC is going to bottom out between $2500-$3000. How strong the movement down is indicative of the price. Keep your cash in USD and off the market unless you can successfully day trade without coming here. We'll probably bottom out within the next 2 weeks.
+21 Phản hồi
Snuby3 mashford
So don't listen to him, but listen to you say the same thing he said? Weird...
+10 Phản hồi
@Snuby3, haha touche.

*revised*

Don't listen to either of us.
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