MagicPoopCannon

Blood in The Water! Sharks Rip Chunks From BITCOIN! (BTC)

BITFINEX:BTCUSD   Bitcoin / Dolar
Hi friends! Welcome to this update analysis on Bitcoin! As you can see on the chart, BTC is dropping like a rock from the bear flag consolidation pattern. Just for the record, when I was posting charts about the bear flags yesterday, I got the usual push back from the amateur analysts (at best) who think they know it all. They told me the bottom was in, these weren't bear flags, blah blah blah. Listen, when you're in university, do you teach the professor, or does the professor teach you? Moving on, you can see that the breakdown is clearly continuing. My downside target looks like a magnet that's drawing BTC directly toward it. With that said, it is not a 100% certainty that the target will be met. However, given the aggressive bearishness in this market, I think a test of the bottom of the downtrend channel (in pink) is highly likely.

If you recall from yesterday's post, I said "There is immense damage on this chart, and the majority of the resistance is to the upside. Don't let a little bounce, blind you into thinking the coast is clear." looking at the chart today, we can see that yesterday's bounce was a dead cat. Sell side momentum is increasing on the MACD , as it rolls over to form a bearish crossover, and red volume is picking up on the chart, signaling the return of the bears. You can see on the left side of the chart, just below the 786, there is a shelf of support that we are currently testing. Once that level breaks, BTC should fall into an area of very little support. Therefore, BTC could soon begin to accelerate to the downside, as it targets the bottom of the pink downtrend channel .

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-
Has bottom been reached. Is this the reversal ? Massive volume at 6K
Balas
stop fuding. look testimonial coming. will pump the market with institutional money

WRITTEN TESTIMONY OF
J. CHRISTOPHER GIANCARLO
CHAIRMAN, COMMODITY FUTURES TRADING COMMISSION
BEFORE THE
SENATE BANKING COMMITTEE
WASHINGTON, D.C.
FEBRUARY 6, 2018

Conclusion

We are entering a new digital era in world financial markets. As we saw with the
development of the Internet, we cannot put the technology genie back in the bottle. Virtual
currencies mark a paradigm shift in how we think about payments, traditional financial
processes, and engaging in economic activity. Ignoring these developments will not make them
go away, nor is it a responsible regulatory response. The evolution of these assets, their
volatility, and the interest they attract from a rising global millennial population demand serious
examination.
With the proper balance of sound policy, regulatory oversight and private sector
innovation, new technologies will allow American markets to evolve in responsible ways and
continue to grow our economy and increase prosperity. This hearing is an important part of
finding that balance.
Thank you for inviting me to participate.
Balas
@pierogr, you just pick the nice part. What about everything regulated as a security? Most of the current coins and tokens should vanish in that respect. Just give people link to the whole text. It is positive, but for hard regulations. Until they are not done, it it uncertain what of the coins and ICO will continue to be traded in the USA.
Balas
pierogr KISStheProfit
@KISStheProfit, hard regulations is exactly what institutional traders are waiting to enter hard in this market. Regulation is POSITIVE for people that don't want the risk of hacking and ponzing shits and not negative. Stop fuding.
Balas
pierogr KISStheProfit
H@KISStheProfit, Hard regulations is exactly what BIG PLAYERS of forex, futures, cfds, stocks and all shit markets are waiting
Balas
pierogr KISStheProfit
@KISStheProfit, basically what is being say is: WE WILL REGULATE AND NOT BAN BECAUSE WE DO BELIVE IN THIS MARKET AND NEW ERA.
Balas
@pierogr, Yes, but not in the way it is now.
Balas
@pierogr, It would be very naive if one thinks that big players will buy bitcoins for millions. They are just going to give u Blockchain dollar in ICO like IPO and that is all.
Balas
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