I am The Seer of The Future, The Master of Charts, A Legend of Crypto, and The Deliverer of Prosperity! In this analysis, I will give you all the gift of simplicity! Rid your eyes of complication, and you will see the answers right in front of you. Let the analysis begin!!!
Looking at the Bitcoin monthly log chart, I want to draw your attention to a very simple indicator that is showing us that the bottom is most likely in. I would like to draw your attention to the MACD. On it, you can see the bars that oscillate up and down. That is called the histogram. When the histogram is moving up, on my chart, it is dark gray. When it is moving down, it is light grey.
You can see clearly that here on the monthly chart, the histogram moves up constantly through the bull market until it reaches a peak. Then, it moves down constantly in the bear market, with no up movement, until it reaches a bottom.
Starting from the peak of the 2014 bull market, we can see that the histogram produced a monthly reversal (left red vertical trendline.) That was very close to the top of the bull market, and a good indication that the top was in. From there, a bear market ensued and the histogram declined until just after the exact bottom on the monthly chart (left green vertical trendline.) Then, the histogram began to trend higher, eventually turning positive and maxing out at the exact peak of the 2017 bull market (right red vertical trendline.) Now, we can see that the monthly histogram has flipped positive again. Assuming that it stays positive, and that the month doesn't close lower, it would be a clear reversal point in the histogram, and another indication that the bottom is in.
So, this is a very simple indicator. Nevertheless, it is historically powerful for determining tops and bottoms in bull and bear markets. Right now, it is showing us that the bear market has come to an end. Technically, we need to monitor how the month closes to know for sure, but all indications currently show that the bear market has ended.
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I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I thought you said we were going to $1000 with hypershit theory :) You also said a few months ago that a massive head and shoulders was going to bring Bitcoin to zero (0) I think you need a few more post to cover 2500, 2000. Thank you masterpoop! With you I will make shit tons of money! ;)
MagicPoopCannon
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@Poukitoun, If you, and everyone who liked your comment, would have paid attention to to my analyses projecting lower prices, you would know that those analyses were CONDITIONAL on a breakdown below the low of 3150, which clearly never happened. I never said that 1000 was a sure thing. I said that it could happen, if 3150 was lost, which is still true.
If I publish an analysis, WITH A CONDITION THAT MUST FIRST BE MET FOR THE ANALYSIS TO COME TO FRUITION, then don't come asking me why it never happened, if the condition that the analysis was based on never occurred. That's something that people who don't understand technical conditions clearly can't comprehend. If you don't understand that, it isn't my fault. It's yours.
keifer
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@MagicPoopCannon, Don't bother justifying. Those who know you read your words to the end and know you don't mislead anyone at anytime rather, you inform thoroughly and you do it so very well. Keep up the good work. I know how annoying people can be with there negativity yet try to see them as a sick person with an incurable disease. How would you treat a person with cancer? It is easier dealing with the sick but the mentally ill is much harder. :P
Poukitoun
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@MagicPoopCannon, what an ungrateful poop! I am merely pointing out some of your factual previous posts and suggesting more levels to add to your arsenal of ´conditional’ ideas. I even thanked you! As I’ve told you before, you are a perfect indicator of market psychology of the masses which is very useful. One thing i’ve Learnt from tradingview is that there isn’t any guru so I don’t follow any chart, so I can’t hate you, I actually love you! You are a continuous source of joy and entertainment when everyone seems pretty down and I have to admit the fact you are still here despite the bear market shows your resilience so please don’t be offended ;) tradingview without masterpoop is not tradingview! (Poop emoji)
MagicPoopCannon
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@Poukitoun, If you dislike my charts so much, I would love for you all to never look at them again. I couldn't care less. I will be just fine without you. =D
tommix
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@Poukitoun, he changes his predictions every 4 hours.