Seems like intuition comes long before solution. I was $ 7064 long with small amount since last big drop and stopped. I was almost sure about exit pump. Well, time to create some stable view on the market. This is mid term trade setup where I expect last strong dip, so risk increases although risk reward stays similar to my standards. We need to be careful there, where We are selling quite nice bottom and buying is not good idea considering low additive volume at all. Still We are in the middle of bubble burst phase.
Technicals: - SMA 50 + SMA 20 crossover in play, that means We are in bearish mode, every meeting with SMA 20 would be treated as good short entry point - Triangle formation breakdown. There is not that clear path when following patterns - these are often used by market manipulators to trick traders. If We consider possible scenario using this tool, there suspicion should appear of next breakdown killing longer dreams -Horizontal resistance breakdown at 7366.7 -Pitchfork signals median zone demand. This indicator will work for us to take profit. We assume that price is likely to stay within range of median zone. Once the edge of pitchfork is crossed with clean breakout, there will be trend mark. -Bearish candle formation. Simple bearish overlook, no power here. Plain correction. -RSI still above 30 and sticking close to this value. I think it will go deep under.
30 min chart with channel shown in between red lines
2hr chart with Inverted H&S fakeout scenario
4hr chart with SMA 50 resisted
Entry: $ 7315
Stop losses and profit taking should track lines described on main chart. Go check my BTC 4.01% ideas history, leave thumb up or feedback, let's accumulate our own community!
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BTC 7800? I don't think so
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rising wedge breakdown
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The price has returned to rising wedge channel. No worries there, We had clear breakdown with proper volume. Market Gods need more fishes.
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deadline is the broken support of triangle fomation. Green is last support confirmed at 01.04.2018. Pink is horizontal resistance, still shows its power. Seems like We have just tested this zone and declined + SMA 50 on 30min chart plays well.
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my original dumping whale: Dumping whale now: There we can see green fishes caught in specific zones. now the price is whetting whale's tooth, so he can slice his meal easly. Next stage is closing his jaw and dive deep to the ocean, that is right under the chart. I'll draw next whale formation if I would have some spare time.
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Green line as last hope for bulls will be occupied with longers blood. I expect heavy battle on this line. Good time for scalpers.
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Now I will throw plain overlook on the BTC using EMA 12 on 1D chart as good indicator to buy in bull market and sell in bear market.
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SMA 50 on 30min chart declined
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Update on 4hr chart. This is what market painted. Blue line is important level on current mid term. This type of closing candles means that someone defended this price (green circles). Why then don't We go up? Because this line was pierced with with many candles during this process and the price has obtained high momentum. EMA 12 as good dynamic indicator, very useful in this phase. median zone is calling, every forced spikes above will engage gravity force down to median of the pitchfork. In the time of writing the price has just tanked another 100$, showing tending toward direction. Green line is in fatal danger.
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There is huge battle on the green line,as I expected. Now bears will try to blind You with high green ticks showing "power", but in reality its just called volatility. Return to blue line is possible. Stay cool !
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4 hr chart. equal volume on both spikes, first candle is bigger, second did smaller step ;) This is why it could collapse right now, however upper resistance of pitchfork could be tested all along. Still I see no strenght, crossing SMA 50 was occupied with hard battle.
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1D chart Alright, TV went fomo after bottom hype :) We stay cool, it was just healthy correction. I would say, wait for tomorrow!
Thank You for Your attention, please like this if You enjoyed or profited from this idea. Breakdown, green line is fenceless
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This inverted H&S won't work 30 min chart
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Welcome to my next update. Today We can take a step forward and look closer at fresh paint. The price is fluctuating in its neutral way. I standstill with my short statement because current pullback is very healthy. After significant drop people started spreading fear. Since We crossed both SMAs (50,20) from above there is clear sign that market crash is inevitable. However We need to pick up shorters effort and accumulate our position in retest zone. Should the price travel up to SMA 50 and declare its direction(SMA 20 retest is more likely). Of course reversal is always possible, but We need to scrutinize stock market behaviour. Retest zone is good short entry point but very risky. The price has received strong resistance signal coming from pitchfork border and minor resistance coming from 1D chart (red intermittent line, scroll up 5 pictures upside). I wish You have learned a lot here and You liked this stuff. I wish You the best. Good luck !
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Chart above is created on 4hr chart. I have removed a few tools temporarily for transparent view. This means Green line coming from Great Triangle Formation is still in play, because this kind of lines are always gambled by plain traders!
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30 min chart Next rising wedge formation appears. Retest zone reached.
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Special update at 4 hr chart. I have noticed hidden price activity based on small steps. There is EMA 12 crossed, it means that we could jump up once again.
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Now it is about to crash. Short it, good luck.
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spring, fomo mode. 30 min chart shows quick dash to double resistance zone and rejection in progress. Patterns lines are not strict lines. We need to just imagine specific formation and not to shout breakout! all the time when it is possible. If We draw a line covering candles closings then it could show additional information. There is a lot of hope creation in mass media, holders standing still. Don't get mixed up.
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There You could see wedge more as channel, borders as zones, not lines.
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Very interesting phase of candles printing. There is a little possibility that the price will rally up again. To confirm that, there should be pretty strong green moonshot that would trigger our stop.Pitchfork could be crossed with low volume ticks, so You should consider stops a little higher.SMA 50 could help a bit in strenght recognition, closing above would be dangerous.
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pop crossing pitchfork was very gently. I haven't stopped this because market didn't show any signs of strenght. Now I am sure that this bear flag will trigger.
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Again, thank You for Your attention, for Your feedback! Those likes are very precious for me, stay tuned for next updates!
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1D chart. General overlook at the market. I am going to continue signalling by using EMA 12. There could be pattern recognized, where 5 arrows down are enough for bear market to complete the cycle. So, this time We are on the edge of similar phase where market dives and and bounces back for next momentum.
@pinfkloyd, Ahh I see. I understand and I see the logic a bit... but why wouldn't they want the majority on their train? Then it falls and bears make dough...?
pinfkloyd
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@GustavoBrucestavo, Imagine You have $ 100 in a pool. You have power to share $ 30 or $ 50 to players on Your side instantly. What You choose? The answer is: You play as long as players on Your side finally give up and return their major profit to You.Then it is technically possible You will share 0 $ (of course in reality it never ends this way, because there always is a group of strong players). Because You want more, not less. This is how market game looks like.
pinfkloyd
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@pinfkloyd, This was,of course, very simple example of market mechanics. There are more indicators that drive market creators, they need to look after their buisness, they want to be the majority in market moves because this provides stability and purity. The thing You asked for is the key of healthy and coordinated marked.
Let's say some1 bought Your house and You have no roof above Your head anymore ... This wouldn't happen if You haven't put Your house for sell.
GustavoBrucestavo
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@pinfkloyd, It was a good example mate. Simple is good. Thank you for the explanation on this aspect of market mechanics
EIP-EverythingIsPlanned
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what does this mean? your last comment?
pinfkloyd
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@yshashmi37, Hey, the price is catching more shorters, stays in the rising wedge pattern. Let's check if dumping whale is fed enough!