What's up world? Welcome to this update analysis on Bitcoin! Let's get right to it! You can see that BTC is falling to the 50 EMA (in orange) and the 200 EMA (in purple) as they converge just below, forming what should act as major support. If these two levels are broken, a deeper drop to the rising green dashed trendline should ensue. You can see that BTC appears to be building an inverse head and shoulders pattern, but we need to see more evidence of the development of the right shoulder to know for sure. For all we know, this thing could just continue to fall. So to know that the right shoulder is developing, we need to see a meaningful reversal to the upside. If we happen to fall below the green dashed trendline, and confirm below it, the hopes of a bull market will be looking grim. This action is super critical. If we happen to rally back up, and form this hypothetical right shoulder, it would be wildly bullish for bitcoin. You can see that the upside potential would be enormous, but let's first see if the right shoulder actually develops. The sell side volume that brought BTC back into the downtrend channel was about 2X the normal average — not overly impressive, but it was substantial. The MACD has formed a bearish crossover and is expanding to the downside, signaling a potential for lower prices. BTC has already gotten really close to the 50 EMA as I write this, but it hasn't actually touched yet. The red volume, and plummeting momentum suggest that further downside may be in the cards, but the convergence of the 50 EMA and 200 EMA stand in the way. That level is now a very significant spot. If it falls, we could see some rapid selling, since two important levels will have been surpassed in one fell swoop. Much love everyone! Good luck out there. 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-
Bình luận
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BTC is pushing into the 50 & 200 EMA hard right now. It could break. Keep a lookout everyone.
-Magic-
Bình luận
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Bitcoin is bouncing, but could form a small head and shoulders. Take a look...
@Doktav, I can go up or down but never stay the same, unless it goes sideways
cryptosubs_com
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@MohanadKattan, yes, but when? What indicators? That is what poop teaches us.
Donnerwetter
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I like MPC as brilliant entertainer, but all his predictions are heavily complicated form of:
<I am the great> Let's get right to it! If it drops, then it will drop. But in other scenario if it will not drop it will not drop and even rise. I'm the master of the charts, the professor, the legend, the king <I am the great>
Honestly, it is the best thing happened in TA - we have our own stand up comedy.
Lajmaj
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@Donnerwetter, perhaps you should suggest a better analyst then?
Donnerwetter
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@Lajmaj, If so I will keep it for myself. I am 100% fiat right now, so have no moral right to join the band. But really, MPC is a bright light of fun in the grim world of dull numbers - and it is his value.
RockstarD12
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@Donnerwetter, i find it interesting from a phycological perspective on how these target analysis predictions work. i guess to some degree people trade in the same manor, so its like game where everyone has a standard set of rules (TA) and plots. now in terms of the prediction coming true or not, i think its the same bullshit that nostradamous done back in the day that to this day he is being mentioned that his predictions are true. Basically open for intepretation on a infinite timeline. which leads me to think that , i can put a TA of BTC hitting 100k, and 50 year from now i will return and declare my right status as the best analysis ever.
Donnerwetter
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@gyphorz, Absolutely. Every 'prediction' contains fail-over 'case-of' scenario to claim the victory. Thus it is not technical after all. But let's say it loudly and proudly: people here are loosing money. Many of them, at least. The market as a whole is 99% under control of organized traders. It's prediction, as a whole can be only be done by predicting what is favorable for these organized traders. Haven't we've seen the wonderwalls instantly rising on the sellside or buyside? Haven't we've seen the 90 degrees turns? Or rapid rise/fall where all the 'meaningfull' analysis predicted calm? Yes, the market is manipulated and the TA is a cherry on top of the tools for manipulation. But without the manipulation btc is worth... maybe $50. So it is good thing after all.
MPC is brilliant and I read every piece he wrote. To keep myself entertained.
1) keep going up.
2) Goes down.
Enjoy :D