Man-oh-man, so many haters are crawling out of the woodwork, like the pesky little insects they are. They're so quick to blab about how wrong I am, for making accurate bear calls. Remember people, they're the ones who were calling for crypto to launch to the moon, when I accurately projected the selloff! Don't let the naysayers distract you from the fact that this is a BEAR MARKET DOWNTREND! Lower highs and lower lows! There is a saying on Wall St — "the trend is your friend." Of course I'm going to have a "bearish bias" in a bear market correction. I'm a pro, and I know that the trend is my friend! In case anyone out there doubts that this is a bear market, allow me to remind you that a bear market is recognized as a sustained fall of 20% or more. We're well beyond negative 20%! The biggest problem with the crypto space, is that it's filled with uneducated and inexperienced investors, who have foolishly emotional attachments to their tokens, and think that crypto will rise in perpetuity. Let them think what they want. When the time is right, I'll be in with the bears, taking their money like candy from a baby!!! Now, on to the chart!
Looking at the four hour chart for Bitcoin, we can see that BTC has broken down below the bear flag that we discussed in my last post, and is now heading lower as anticipated. We can see that there has been a sharp crossover on the MACD, as the bears come back to the carcass for more meat! Just below, is the 61.8% retrace, which could offer some initial support. Below that, we have the red trendline support, which probably wont be enormously supportive. Analyzing the psychology behind this price action, we can see that traders were quick to buy the dip on the selloff, but ran into a wall at the heavy overhead resistance. We'll have to watch as the chart develops, but the next downside targets should be met. The upside is limited, with the 50 EMA (in orange,) the heavy resistance at the 50% retrace, and the falling 200 EMA (in purple,) just above. If you remember from my last post, I put the "Bear Flag Target" on the chart, and it remains in full effect. Stay on your toes people. The bears are still hungry!!!
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.***
@Quin73, Thank you for the comment! I’m sorry that you feel that way. I will try to be less irritating in the future.
Sincerely,
Magic
Quin73
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@MagicPoopCannon, go to the 1 day chart, notice how we on the 100 SMA? now look at the last 3 large corrections, same pattern eh? No need to over TA, its plain and simple.
@MagicPoopCannon, Do you think the 11,500 mark is a good place to buy yet. It seems this may only go up now from here. Some poop for a fan please.... lol
davethewaver
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@MagicPoopCannon, If the price stays in this range, it will cross the short term downtrend line we have been on and that i would think would signal an up trend. But i'm no expert so i would value your feedback. Also, if it breaks below 11k, then the slide will continue to the 9 or 8k and even 7k level support, and God forbit, 5k. Thoughts anyone?
Sync38
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@davethewaver, there is not enough support to see a sustained up trend, if we cross over we'll maybe hit 13k but the bears don't look satisfied right now so i'd be very careful buying above 10.2k