Binance was "hacked" and deposit/withdraws have been suspended for +-1W. FUD is consolidating. Expect a huge panic and most people to do very stupid selling while Operators buy all of the BTC. Don't be a sucker. Don't sell your Bitcoin. Buy Bitcoin while you can get it under 10K.
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You expect a Daily chart to be honest with you, as it is a consolidation of 24 hours of market psychology rolled into one. News Flash: The market is so radically bullish right now that even the Daily chart is manipulating you into selling your Bitcoin.
What is a Shooting Star psychologically?
Psychologically a Shooting Star says, "BUY BUY BUY TO THE MOOOON!" The price rises to new heights at the Top of a move and then buyers realize that they've made a terrible mistake. Sellers unload their holdings to the bag holders and the new buyers now think, "Fuuk fuck fuck, sell sell sell!!" This is what a Shooting Star bearish reversal candlestick pattern is. And what do you expect after this signal? SELLING. RADICAL SELLING. On a DAILY chart no less? This is serious business. Instead what do we have? We have buying and support.
Operators have had the game rigged bullish, shaking people out of their Bitcoin for months and now that the public has finally caught on to the bullish nature of Bitcoin and are following Daily and Weekly charts, Operators have moved on to trading exclusively based on the Monthly chart plan.
The Daily chart tells all you suckers to sell, and you do. You FOMO and FUD and fumble your Bitcoin away reading and believing all this leaked bullshit news. Oh no the Attorney General hacked Binance and BITTREX is actually the Russians! The news will have you believing all kinds of stupid shit to make you act against your own benefit.
What do we have now? Rich institutions Ameritrade etcetera leak, get that, LEAK, in their benefit, against YOUR welfare, that "in a few weeks" blah blah buhe financial institutions will buy Bitcoin and you will become rich like your wildest dreams. But "BOO!!!" TETHER IS EVIL!!! So sell your Tether, buy Bitcoin, get it off of the exchanges! Oh no Binance was hacked and locked deposits and withdraws!!!
Please. Unregulated. Manipulated. Beautiful. Buy Bitcoin now, while you can still get it under 10K. By the time Binance opens up deposits I'm guessing that BTC will have skyrocketed and CNBC will be telling the public that they should buy at the top, and the public will.
Don't be stupid. You must have knowledge. You must think outside of the box.
- Steve Nison - Tom DeMark - Richard Wyckoff
Learn from the Masters instead of the Market and Gurus. TradingView clowns are all about egos and clicks. Educate yourself to make money in crypto. Signals aren't going to do it for you, and FOR SURE buy-sell-buy-sell-fuck!-sell!FOMO!!-BUY!!! aren't gonna get you there.
Learn or Leave the game.
The Monthly chart is the only time frame that will tell you the truth right now. Open your eyes:
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Based on Steve Nison COP (Change of Polarity) strategy we have a target of 8550-9100. You project the height of the box range breakout.
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Sorry, 8150-8550-9100.
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BOX RANGE
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All things considered here's an interesting way to look at BTC's outlook when 6550 is overcome:
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Another creative way to look at BTC now using Weiss Wave Volume.
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Maintain perspective:
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7350 does look like a great place to Take Profit and buy back cheaper. I'm not saying anything yet and will publish later... hmm...
Hey zero, thank you for another Tom De Mark TA! :D
Little question: First picture you use linear support / resistance lines on the BLX. Yet, most people use a logarithmic representation of support / resistance (Yope Channel). Why do you use a linear anyway? Do you think Bitcoin can persist it's HUGE growth long term?
I started my journey in trading studying candlestick analysis from Steve Nison's seminars. Steve Nison trades based on horizontal support & resistance lines and has perfected a trading technique called COP (Change of Polarity). The solid thing about horizontal support/resistance based on candlestick patterns is that your charting is either correct or incorrect. If you understand candlestick analysis you can always identify breakout/breakdown levels and read market psychology like an open book.
Whether or not people draw support/resistance in different ways, the candlestick patterns remain the same. We have individual and groups of candles, each of which tell a story, and allow a market participant to draw solid support & resistance, in all markets, on all time frames.
Regarding Bitcoin's long term potential, I have no idea. I don't know if my monkey brain is meant to understand Bitcoin! :D
Thanks for your question! What are your thoughts? <3
nico14
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@zerocashcool, Thanks for your thoughts!
What I try to match BTC price with in long term view, is Diffusion of Innovations (Wikipedia has a nice graphic). It shows how the market share of a techology behaves. I think with BTC / DLT in general are somewhere in the "Early Adopters" stage (I think this, because when Bakkt / Fidelity / TD Ameritrade / .. launches their BTC products a lot of new money will come in from less tech affined people -> BTC HODLing goes mainstream). Thus, a lot of growth in "market share" can still be done for Bitcoin. Compared to the market share / market cap of traditional assets like XAUUSD (Gold), Bitcoin is microscopic at this time. Anyway, I think, according to the Diffusion of Innovations theory, Bitcoins growth will slow down when it's market share becomes bigger / comparable to Gold and other assets (I mean it can't grow FOREVER, right? Where comes the value from? (Like who creates it? Maybe it's possible when the population keeps greowing exponentially and the "productivity of humankind" can catch up. But I the planet can't provide so much ressources..)). Anyway.., with more adaption and usage (incl. trading volume / number transactions on the blockchain) there comes more stability, thus less volatility, thus less 'steep' growth.
This is why I think, the Yope channel makes totally sense and just drawing straight lines may not support Bitcoin long term. But this is just a feeling from me, and I have no idea from TA, so... :) On the other side, it may be possible to just pull the price axis apart, until the yope channel fits +/- into straight support/resistance lines. But I think they are not compatible 100% anyway.
Additionally, I must admit that I got a bit triggered by the upper resistance line, which shows a price of 6.37 Million$, which would be a Market Cap of 133.77 Trillion$ (with max supply) :D If I look at the resistance line, last time BTC touched it in December 2013, so exactly 6 years before touching the support line. Maybe we see another 'miracle' in 2025?
Also monkey brain here btw, I like the name! :D
zerocashcool
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@nico14, I'm really enjoying reading about this. Thank you. This is pretty deep. I'll keep the Wikipedia tab open and keep reading about it this week. I look forward to testing Yope in different ways to see if I can pervert it into something more sinister. :D Also, 2025? I want Lambo now! >.<
nico14
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@zerocashcool, hahaha me too! But probably get one of those electric sports cars instead. For example Polestar 1.. *.*
zerocashcool
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@nico14, Have you studied EW? I haven't touched it yet. Looks really useful.
nico14
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@zerocashcool, no I did not yet. I really do not know these concepts in deep, I just know from a lot they exists, I'm kind of this person haha :D Didn't @DLavrov or another Tradunity PRO once wrote somewhere he didn't like EW that much? Please correct me if I am wrong, it's just a leftover in my head..
zerocashcool
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@nico14, the thing about EW is that it's 100% effective *retrospectively*.
Little question: First picture you use linear support / resistance lines on the BLX. Yet, most people use a logarithmic representation of support / resistance (Yope Channel). Why do you use a linear anyway? Do you think Bitcoin can persist it's HUGE growth long term?