To my loyal followers who are able to read my analysis correctly and patiently wait for a setup you will be aware I identified both a Long and Short setup in my related charts below. Both of which have not occurred and we remain in the no-entry zone.
As pointed out in my previous articles we remain neutral until we have confirmation and a trade setup where we can define our risk.
We are currently hitting the Fib Reaistance Zone I identified (see related charts) and potentially looking for a reaction against this.
Breaking above, the resistance zone means we wait for the Market to either confirm a higher LH or a resumption of the Up Trend.
Support remains as I identified around the 12500 and as previously pointed out we don't enter short until a breach and retest.
My followers know how I trade with confirmation and stop losses. For the very small handful of others who continue to struggle to read properly or understand my analysis correctly or have opposing views (which you are free to have) please follow the numerous others publishers on this Forum you can learn from.
Thanks for the post Sean. Appreciate the idea. Doesn't matter if it works out or not because Bitcoin especially can be tricky. I'm just surprised with so many people coming on to your post just to ridicule you. The gains from their 'investment' aka gambling must be getting to their heads (in bull markets, everyone IS a genius). You've already mentioned you're long term bullish. Not sure how many geniuses lost their shirts when btc went from 19k to 11kish (pretty sure they'll comfort themselves that they were still in crazy profits anyway / or 'hold' to soothe the bruised egos).
Calben
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I honestly dont even see bitcoin reaching anymore to 20k. I think it is going to die. I have already decided to sell all my coins in hand. I am wasting my time with bitcoin. Time for new investments.
MajhiMi
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@Calben, Can you please elaborate as to why you think so? I am new and would like to know more so I can make a decision myself. Thanks!
jeffreyjim
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@MajhiMi, --- Let "ME" share something with you and the rest of the world.
=====================================================================
a = From what "I" understand -- "Bitcoin" -- is backed by "Nothing"
--- "IF" this is not true "PLEASE" correct.
-------------------------------------------------------------------------------------------------
b = "?" -- Why would anyone want to pay -- "$" Money "$" -- for nothing -- "?"
c = "Nothing" -- plus -- "Nothing" = "Nothing"
d = "Nothing" -- minus -- "Nothing" = "Nothing"
e = "Nothing -- times -- "Nothing" = "Nothing"
f = "Nothing -- divided by -- "Nothing" = "Nothing"
==================================================================================
"Please" remember "ONE" thing -- "Nothing" -- is only worth what you are will to pay for it.
------------------------------ "IF" this is not -- "TRUE" -- please correct -------------------------------
==================================================================================
This "Is Not" a recommendation to buy or sell anything. -- "Please do your own homework"
This is for information only.
"I" do not and will not ever own "Bitcoin"
"One Eye Jim"
bushranger84
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@MajhiMi, Sean gives us very comprehensive technical analysis as seen in the chart above and describes it well in his text. As to the why the market is presenting itself this way, that you cannot read from the chart alone, that is fundamental analysis and your best looking at reddit, Twitter and Co in order to do your Fundamental analysis.
MajhiMi
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My question was to @Calben as to why he thinks bitcoin run is over. It was by no means meant to challenge Sean's analysis. I expect @Calben to back up his claim with similar analysis so I can take my own calculated risks.
@jeffreyjim, I didn't need a philosophical answer based on beliefs. "Please do your own homework" - Isn't THIS what homework looks like? Learning and researching every idea, theory that's out there? Even if you agree or disagree with it? So save your attitude to yourself.
I'm not challenging anyone here. Just trying to listen, read experts' articles comments and understand why they think what they think.
jeffreyjim
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@MajhiMi, "I" did not challenge -- "Sean's Analysis"
"Sean's" work is very nice.
"I" did do my own homework.
Sorry if "I" made you angry.
MissConduct
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i love your advice. I am just learning but i know enough to know your approach is sound.
I will look for your next update. I am looking for re-entry point and dont know when to buy back in.