"Not Everything is A Flag, MAGIC!!" LOL Bitcoin! (BTC)
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the four hour chart, you can see that BTC has broken down from the third bear flag, and is back below the falling pink trendline, which used to represent the top of the downtrend channel, before it morphed into a wider channel on 3/5. BTC is also now within striking distance of the neckline of the head and shoulders pattern (in light blue.) This price movement is perfectly in line with my expectations, and now it's just a waiting game to see if/when BTC will break down below the falling light blue trendline.
If you recall from my last post, I was talking about the importance of the rising black trendline support. I said " That trendline is very important for BTC to hold, because it ties major lows together. Specifically, the low of 9/15/17, and the low of 2/6. Personally, I will be watching closely, to see if BTC holds that level. A break below it, will definitely put the deeper downside targets in our sights." With that said, we are well on our way to testing the rising black trendline. By the time BTC gets down there, if it is within the coming days, BTC should make contact with it somewhere in the 6900 area. Good luck trading, comrades!
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.***
-Magic loves you-
-JD-
If you recall from my last post, I was talking about the importance of the rising black trendline support. I said " That trendline is very important for BTC to hold, because it ties major lows together. Specifically, the low of 9/15/17, and the low of 2/6. Personally, I will be watching closely, to see if BTC holds that level. A break below it, will definitely put the deeper downside targets in our sights." With that said, we are well on our way to testing the rising black trendline. By the time BTC gets down there, if it is within the coming days, BTC should make contact with it somewhere in the 6900 area. Good luck trading, comrades!
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.***
-Magic loves you-
-JD-
Comment:
The update is here!
