My Last Bitcoin Chart Was From The Future! (BTC)

BITFINEX:BTCUSD   Bitcoin / Dollar
Hi friends! Welcome to this update analysis on Bitcoin! As you can see, the bear flag is now breaking to the downside, and wouldn't ya know, the 50 EMA (in orange) was the catalyst. =D If you recall from my last post, I said "Also, you can see that the EXTREMELY RESISTIVE 50 EMA is about to intersect with the bear flag price action. That could easily be the catalyst that sends BTC falling from the flag." If you want to step your analysis game up, you need to be able to spot catalysts like this, when you're looking at the charts. Now that BTC is breaking down, we need to assess the downside potential. To do this, I want to draw your attention to the entire breakdown move, from the symmetrical triangle. You can see that BTC formed three bear flags. Each bear flag produced a decline that was greater than the height of the prior flag's pole. In other words, each flag pole was longer than the prior flag. What that is telling us, is that (if this pattern is to continue) we can expect a decline that is greater than the current flag's pole. As you can see, I have copied the current flag pole, and pasted it to the breakdown of the flag, to give you an idea of how a breakdown equal to the current flag's pole would look. Keep in mind, though, that we're in a pattern that is producing down legs that are longer than the current flag pole, so it could be deeper. With that said, you can see that my "head & shoulders + symmetrical triangle target" has not yet been reached. Perhaps, this is the move that will finally reach the target, and the bulls can begin to work harder on forming a bottom in this market. For reference, Litecoin is the only one that actually reached my downside target, and it has had the most powerful reaction to the upside, since Tuesday's low. It seems like the market just wants to hit the MPC targets. =D Remember all of my analyses on fractals, and the fractal symmetry of the markets? It seems as though the fractal symmetry wouldn't be complete, without a full retracement to the targets. Looking at the MACD , you can see that it's starting to roll over, as it prepares for the next crossover. Volume is rapidly declining, but it may begin to pick up, if BTC starts to accelerate to the downside. Volume is going to be an interesting indicator to watch on the way down. If it's relatively light, and BTC sort-of drifts to the downside, that could be a powerful indication that the market is bottoming. Don't forget, we have a huge bullish divergence on the MACD , signaling a widespread decline in underlying sell-side momentum. Divergences like this can be a powerful indication of an impending rally, and in this case, it could be an indication of a bottom forming in the market. For now, let's keep an eye on the downside. On a more bearish note, we did just confirm the green dashed trendline as resistance, which was long-term support for this market. That, in itself, is a very negative sign.

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-

Kommentar: LTC appears to be breaking out, above the downtrend channel! More on this as it develops.
Kommentar: That was supposed to be on the LTC chart. My bad.
Anyone care to explain what all that means in english? Sell/buy/hold? Dont get what all this means lol.
wow delete my comment what a joke
+2 Antworten
+1 Antworten
Poop are you actually Satoshi ?
+2 Antworten
Poop, you the man.
@m5b11, Poop is going to get the shorts crushed. Funnt watching trades on BITFIN. Shorts are trying so hard right now. Pissing intot the wind.
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