MagicPoopCannon

Stick Em Up! Bears Keep Robbing The Bulls! BITCOIN! (BTC)

COINBASE:BTCUSD   Bitcoin / Dolar
Hi friends! Welcome to this update analysis on Bitcoin! If you recall from my previous two posts, I informed you that "the 50 EMA (in orange) is quickly falling toward price action. Judging by how resistive the 50 EMA has been, the odds are that it will continue to put any attempted rallies in check." Looking at the four hour chart, we can see that there were two failed attempts to get above the 50 EMA , which is exactly what I expected. Now, we can see that a breakdown from the blue bear flag has occurred, which has left BTC             desperately clinging to support, at the red trendline . Interestingly, we can also see that BTC             has created a triangle formation (green triangle.) Additionally, there has been a bearish crossover on the MACD , indicating a bearish reversal in momentum. On the volume indicator, we can see that sell-side volume is also beginning to pick up.

So, let's recap the overall picture. We are in a bear market downtrend, BTC             has repeatedly failed to get above the 50 EMA , it has broken down from a bear flag , a bearish crossover was just produced on the MACD , we've broken below the 61.8% retrace, and we've formed a symmetrical triangle during a downtrend, which is typically a continuation pattern. The bears clearly have the advantage here, and the highest probability outcome, is a breakdown of the symmetrical triangle. Initial support would likely be found near the 78.6% retracement level. A drop below that, would put my "bear flag target," which nobody thought was possible, in play. Don't lose sight of the fact that we've just confirmed the heavy resistance level as the ceiling. Further downside is to be expected. A miraculous break to the upside of the symmetrical triangle, would put the 200 EMA (in purple) and the heavy resistance level in sight — an unlikely feat.

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-

-JD-
That is what we would call a stunner. Nice and easy on the landing point. Short since 18240$
Balas
Whats do you thing it will dump back to 9700 ? Or not ?
+1 Balas
MPC you are a legend, but maybe a bit new in Crypto, how are those buys at $7500 doing?
The thing is, IF btc is going down to $7500, its going down slowly, you should have mentioned that.
I have been pulling shorts and longs between 10k and 12k, also waiting on the dip, but as a trader you should also know that your support is getting stronger as well as your resistance.
Don't be biased bro, to bull, no good, too bear no good.
MPC not doing much trading, more like trying hard to push prices down with the media, the sheeple just follow.
Come talk to me when BTC hits 28k :) safe trades
+4 Balas
dinopiccinin saintbitcoin
@saintbitcoin, Do you have any idea how hard it is to chart time?
Balas
Please correct me if i am wrong, but this supposed brakeout starts to look like rising wedge on 15 min timeframe. This pattern coughd place price back in bear tringle if it completes. Im not a pro, just shering my observations
Balas
bull trap.. really guys?? why would whales sell BTC when it's about to go on massive bull run in coming weeks.
whales are just like us. they wanna ride the wave.
fear is gone from this market people are just waiting best time to buy.
charts dont buy or sell. it's the people that buy and sell.
study the market not the charts :)
charts should be used as just a complementary thing to strengthen your view on the state of the market.
+3 Balas
CaueLacerda CryptoBlueMoon
@CryptoBlueMoon, ok, buy it all: D
+1 Balas
MrRenev CryptoBlueMoon
@CryptoBlueMoon, Even the wall street people that shorted bitcoin futures are longing it now.
I feel almost everyone expects it to climb, it's going so slowly thought, like every one is scared.
Probably because alot of people expected it to get to 8k. The thing is 8k wasn't supposed to happen right away, and at the same time if it doesn't happen this week it probably won't happen at all because that would mean a long bear market. Hopefully everything goes up up up once the week end is over and the weekly candle closes.
Balas
dinopiccinin CryptoBlueMoon
Balas
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Laman Utama Pengimbas Saham Pengesan Isyarat Forex Pencari isyarat mata wang Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar