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 [black] 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.***
Oh no, magic got it wrong... again! Missed all his targets, and he was also wrong about BTC crossing the light blue line and sinking even lower and all those who followed his advice and were waiting for the lows he promised (7200 and lower) lost their chance to make money.
If only Magic was a little bit humble and did not talk like an arrogant cock maybe he wouldn't look so silly right now. But he is a cocky fool, so, looking silly is all Magic can do right now...
einSelbst
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@Rico_Pereira, So you are the one who is sure that from now on it will go up again? I don't know anything but at least I'm less convinced than you. We'll see...
Rico_Pereira
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@einSelbst, Where did you read on my comment any predictions of where BTC is going? Where do I brag about me knowing anything at all?
My very point all this time I've been commenting on this guys ideas, pointing out how often he is wrong, is exactly to show that NOBODY knows what BTC will do next. Sure, it's very easy to say "BTC is going down" when we are in a bear market, but predicting where it's gonna bounce is impossible, BTC does not act like normal stocks and doesn't give a shit about resistence/support lines, at least not even close to the level of accuracy this bozo Magic here pretends to know.
Like I said, if he was less arrogant and more humble, less of a douche really, and if he did not pretend to know exactly what crypotocurrencies will do (check the arrogance on all his latest ideas, it's laughable!) then, like I said, looking silly right now wouldn't be his only option, isn't it?
Mauz1
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@Rico_Pereira, Yes but you are talking about last few hours chart, doesn't make any sense to me. At least he shows an idea, its very easy talk about something already happened and as I said is still too early to make any conclusion
Rico_Pereira
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@Mauz1, Too early? BTC shot up almos 13% in 3 hours, that's the trade opportunitty right there, gone, finished, done! For those who were following magicpoop targets they missed the chance of making 12%+ in one afternoon!!! In this market we are at the momment this is a golden opportunitty, missed on the command of magicfool...
Sure, one can wait and hope BTC fall below 7500 again, but that would be another trade entirely. This trade, which this published idea refers to, is finished and the targets here presented did not get hit. Magicpoop made some poop again...
Mauz1
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@Rico_Pereira,
Ok, but you also replied with: "If someone had limit orders at 7200, expecting BTC to easily hit that and go lower, well, than this someone got really screwed, really bad, by MAgicPoop!"
What does it mean? If... we had...
Do you mean buy in one time? First no one is forced to follow MCP and he didn't said to follow is strategy to anyone,
but what if price instead of 8500 went to 6700 in 2 hours? (and btw this is not normal in either way).
You will write the same post you did? Or maybe MCP is a champion? Sure I wouldn't say that anyway :)
cryptoboi1911
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@Rico_Pereira, omg I have an idea! How about you STFU and do something productive?
bwymore
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@Rico_Pereira, you realize that the way BTC moves lately, it could easily drop today and make his chart magically right again... I'm not sure why people don't have anything better to do than knock the guy for taking time out of his day to try to help people. Sure he is cocky, sure he might not be right 100% of the time, but he is trying, and I've seen him right more often than not so far. Either way he is just sharing what he sees. If you disagree, just bet against him. Either way it's up to you what you do with your money and not his fault one way or the other at the end of the day.
powderpc
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@einSelbst, if you knew anything about charting you would have been able to follow signals for the last 4 days that were indicating the potential for a very large breakout. This could have been a coordinated pump since a close below $7400 on the 1 day candle would have put the price below a March 2017 trendline that would almost certainly trigger mass dumping back to 6k and signal a bear market / death cross. If you wanted to bet against crypto in a stupid way you would have shorted at $7400 before seeing a break lower but if you knew to look for a breakout today then it was a no brainer. I called this potential move this morning when a 4 hr candle didn't close above $7400. It came a bit earlier than I expected so I missed it because I didn't want to spend my day staring at the screen and I don't have automated trading tools. Either way the market was poised for a big move today and you just had to understand what indicators and timescales the smart money is following with their HFT algos.
powderpc
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@powderpc, the first statement I made came across more obnoxious than I would have liked. I'm no expert and learn more and more everyday so I think it would have been better to phrase that differently.
If only Magic was a little bit humble and did not talk like an arrogant cock maybe he wouldn't look so silly right now. But he is a cocky fool, so, looking silly is all Magic can do right now...