FlourishingCapital

FlourishingCapital

We've seen a complete Elliott Wave here as well as hitting a VPVR high volume area and major resistance trendline dating back to the 2017 peak. The halving is just a few days away and I expect many will sell the news which means many will sell before those people sell. You can see this already starting on OTC:GBTC into the close today like a predictor of...

FlourishingCapital

Check out the big picture as I've described in previous posts. I expected it to be rejected at the bottom of the wedge, a bit of a surprise it went all the way up to the top of the wedge the first try but I am still of the belief this is an unsustainable pump and price needs to come back down to collect buyers. Our trading bot has also signaled half a billion...

FlourishingCapital

We have an upper channel hit and a touch from under the previous supporting wedge which led to the halving. People FOMOing in and it will be a race to sell once the first big ticket sell order comes in. Now is the time to derisk and start taking profits. Unlike previous halvings, this one is already priced in and widely known. Given that it will be a bearish...

FlourishingCapital Updated 

We saw a sharp recovery on SPX almost to the 618 fibonacci level but the underlying situation is still bad in the economy. People are afraid to buy back in at these levels knowing there are many problems in the economy still with coronavirus still running rampant. This lends to the many types of bear structures that easily play out from here: rounded top, head...

FlourishingCapital Updated 

$BTC currently caught between upward channel vs major resistance line. If it manages to break above 7250 we will see upward continuation in the channel until we hit the VPVR around 8000 which would be a good short entry. If BTC goes under 6700 coinciding with the 382 fibonacci level then we can expect a return to 6000 which then leads to a stronger breakout of...

FlourishingCapital

We have a trend since 2015 and we are now on that support. Days like this make or break traders. A weekly close significantly below current levels would fundamentally change the structure of the chart and should cause pause for thought as to whether BTC is gaining value over time. A weekly close above the support line is yet another confirmation of the many times...

FlourishingCapital

Those tiny blips around the last halving are 20+% dumps before the 3000% bull run. Whales want to accumulate BITSTAMP:BTCUSD before the halving for the next bull run. The easiest way for them to do this is to cause retail traders to sell out of fear . Of course our trading bot was signalling to sell the last top for day trading purposes but that is beside...

FlourishingCapital

Early 2019 had this same style wyckoff accumulation leading into a pump and failed breakout and reaccumulation for the real bull run. The current chart has too much resistance for price to just pump through all of it in one go and as I explained last time $8000 is a big resistance area. Many bears are foaming at the mouth to short this pump. Wait for it to...

FlourishingCapital

We are in a whale accumulation zone bouncing off the huge 6000-6500 support area defined by mining profitability, tax harvesting and rebalancing season, holidays where no news is expected from alts, the 2018 chart and the all time history log chart aka the 'rainbow chart'. See my earlier explanation and prediction of this in Many small time investors and bots...

FlourishingCapital Updated 

We have a COINBASE:BTCUSD potential double bottom within the green buy zone. But what we don't want to see is yet another repeat of the pattern in blue bringing lower lows again. Shorts will not give up so easily and allow the reversal to happen immediately. Therefore what we want to see is a low volatility sideways price movement indicating that the bottom...

FlourishingCapital

We see COINBASE:BTCUSD going into the buying zone. Miners now losing money Shorts see that there is a wall around $6000 in 2018 and are afraid to try to short into that area Bottom of the green buyzone coincides with bottom of the descending price channel For tax efficiency I believe investors will start buying before the end of this year There is...

FlourishingCapital

Most Alts are still in bearish trends seeking their all time lows (or even something below that) to potentially bounce from. Thanks to the Flourish Crypto bot I was tipped off (and automatically entered into a long position) about one Alt which has already found a strong support from its previous all time low and is now going back up. That coin is ZCash ...

FlourishingCapital

As I explained before in I believe this is close to a bottom for many reasons but we have not seen definitive action either way to break out of this wedge. The very low volume indicates many are in a wait and see mode (or just closed out for the year). We have 2 possible scenarios which I've labeled in purple and I think the downward movement is less...

FlourishingCapital

We have multiple indicators saying we are near a bottom. Twitter BTC mentions at all time low 382 Fib retracement for the whole year Price is around the break even level for miners Price is very close (within 10%) of an ideal short target based on the entirety of 2018 price action Longs/shorts are at all time high Altcoin market cap is also rekt ...

FlourishingCapital

We had some hope for a short time of a COINBASE:BTCUSD possible reversal but too many people are taking profit via day trading, tax purposes or mining costs related purposes between 7500-7800 right under the last support area. But many are also buying up any dip under 7000 knowing that 6000-6500 is a large support area based on the entirety of 2018, mining...

FlourishingCapital

We see a normal market cycle playing out predictably dumping into the holiday/tax season when traders begin to close positions and realize P&L for the year. You can see this plays out quite often not just in crypto. COINBASE:BTCUSD is currently trapped in descending channel after 3 ascending channels earlier this year, the last of which was so strong with new...

FlourishingCapital

While doing my normal TA routine I noticed something interesting. Novogratz and Soros both entered $BTC around the same price level. Both have access to resources and connections beyond the normal person. Will history repeat? Will we see one final shakeout dip followed by a massive bull run?

FlourishingCapital

$BTC.X $4900 critical support buy target has yet to be hit. Clearing a path to $10000 by end of year. We've seen this pattern twice before already this year.