MagicPoopCannon

Bitcoin is Linear & This is A Bear Market Rally!

BNC:BLX   BraveNewCoin Liquid Index for Bitcoin
Allow me to be one of the only analysts to inform you that Bitcoin is in a bear market rally. It held the top of the channel that I showed in my last analysis and rallied higher. However, I'm becoming increasingly convinced that the bear market is not over, and that this is a bear market rally. It's hard to know for sure though, because there really is a lot of evidence to the contrary. However, I think as soon as we roll over, it's going to be very violent. In fact, I think it could be so violent, that we test or surpass the December low. I know a lot of people will disagree, and they're all entitled to their opinions, but that's my view.

I've written extensively about how BTC still hasn't touched the bottom of my rising log arch (in blue,) but I think it will eventually touch later this year. I have calculated the most likely date of that happening to be on October 9th , with price being somewhere around $3000. If that happens, not only would it fulfill the rising log arch, it would also fulfill the linear nature of Bitcoin , which everyone has either forgotten, ignored, or failed to understand. With that said, there could definitely be more upside left in this rally. I have been trading it heavily, getting in and out by trailing a tight stop. That's my preferred method right now, because I know that the market could plummet at any moment. I want to capture the gains safely. So, I maintain a tight stop, usually of a couple hundred dollars, depending on how good my entry was. I also rely on fast moving averages on the lower time frames. I will continue to rely on those methods until the market finally rolls over, and we see the real sell signal from the NVT . Speaking of the NVT , it now has the biggest pending sell signal that it has ever had, and when the sell signal actually triggers (when it breaks out of the red range) there will be absolute carnage that catches the crypto markets completely off guard. So, when we do finally see the sell signal, I will be in cash until BTC reaches my regression line and or fulfills the linear expansion.

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.***

-JD-

Comments

Just one question....
Why are you doing that?
Why are you do analyzes...?
I think your likes are all bots and fakes.. because how u can have this likes with so bad analyzes ....
I never saw something dumm and senseless like you...
+30 Reply
CaramelSpaceFrog HenriikHenrikoo
@HenriikHenrikoo, absolutely i think same.. who the fuck like it? he is more then 80% wrong on all his charts
+3 Reply
You've been wrong a lot lately. People have lost a lot of money listening to you.

Eventually you'll be right, but by that time... It'll be like 5 wrong calls to your eventual 1 right call.

Heck... Even a blind man can hit a dart board at least once with enough darts in hand.

:/
+26 Reply
GLENNVB91 dralerte
@dralerte, if people trade based on a tradingview author .. man you gotta stop trading :)
+16 Reply
dralerte GLENNVB91
@GLENNVB91, I don't trade based on anyone else view but my own. That said, pretty sure plenty of people trade based on 'top authors' opinions.
+4 Reply
ANDcryptINO dralerte
@dralerte, And this matters to you how?
Reply
@dralerte, Give MPC more darts!
+3 Reply
You're very bad at analyzing the market right now man. I've been reading your analysis and you're not making any correct predictions
+26 Reply
@Bunghole, it's a bit premature to tell me that this is an inaccurate post. Come talk to me in October.
+23 Reply
@Bunghole, What's funny is that my last analysis showed that we were on the top of a descending channel, and that if it held we would rally hard. It held and we rallied. Yet, I'm "very bad at analyzing the market right now." I would just say that you and about 80% of the people are "really bad" at actually reading and comprehending my analyses. Other than the excusable hiccup I had around 6000, I called the exact bottom at 3150, I called the fall from 6000 perfectly, I called for 3000 on many occasions when we were above 10000... I could go on and on. 6000 technically should have been resistance, so I'm perfectly content with the calls that I made when bitcoin was approaching 6K. Other than that, my calls have been mostly gold.
+31 Reply
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