I'd probably do more research before posting charts.
OyeBeto
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@garyuws, Looks like a valid idea to me. It would be more constructive if you posted your arguments.
GJMRealEstate
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@OyeBeto, empty profiles like this are all over tradingview. they are not really here for a constructive conversation about trading ideas. I just let them sit vacant. they don't offer substantial content and do not deserve our time. maybe tradingview generates them to increase the posting activity, or maybe some other motives from an outside source...either way it is likely designed to use up energy.
madetrades77
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@gjmullen, I feel like I didn't need to explain it at first. Any somewhat educated investor should know 4 to 5 key reasons why we are breaking down. It's right in front of all our faces.
GJMRealEstate
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@garyuws, of course you never have to explain yourself. but your first comment was designed to mock. maybe you should understand the forum before you post garbage grade school comments. the charts are for others to learn, discuss, and share ideas. some people post charts as if they are some kind of trading guru, but unless you have a firm understanding of your personal trading style and the risk and loss controls needed to preserve capital you shouldn't look to people here for advice anyway. the novice trader should probably understand that patterns can break down, up, or possibly never provide a comfortable assurance of direction.
I have read and studied every book on trading in the known universe back in 1998. I have worked on trading floors for private capital. when you really start to understand trading you will realize that shapes, lines, elliott waves (especially elliott waves) measured moves, and all the other so called trading tools are essentially arbitrary. even the algorithm trading is arbitrary. all tools for predicting the market will fail at some point.
back in December when bitcoin first crossed $12,000 I suggested (and charted) that BTC was getting tired and would have to revisit $5000 range, and it did just that. of course the current trend can break either way. in my opinion, if we are truly going in for a deep correction then the target is $1,200 BTC not 7k or 6k. I am leaning more towards the continuation of the long term up trend before that happens as it has not shown to be broken on a weekly timeline. I can see the possible scenario where bitcoin goes to $40,000 on a weakening stochastic divergence and spends the next 6 months correcting down to $1,200.
the low volume is an indicator of an upcoming trend change... could go either way. the apex here is likely a good place to look for a breakout in either direction.
good luck
madetrades77
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@gjmullen, Again, whether you are learning or not, it's not responsible to be one of the dozen people each day who post going long charts in a bear market with an obvious storm coming. I'm not an expert but I listen to people smarter than myself who say we're clearly breaking down. Even John freaking Oliver is spreading effective FUD. You don't have to be a lifer to see which way the wind blows. 7.7k is the next stop, then 6k, then 1.2k? Maybe.
madetrades77
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@OyeBeto, A) There are no institutional buyers right now (or new buyers for that matter). B) Tether issue not resolved. C) Volume is low, so is interest on social media etc. D) SEC and Europe regulations forthcoming.
I am a strong believer in Cryto and I'm holding coins so don't get me wrong. But you have to face a reality that we are in a bear market. Anyone advocating a long right now is not facing reality. We're going to 7.7k or more likely 6k again.
OyeBeto
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@garyuws, Much better response. I think the same.
madetrades77
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@OyeBeto, Thank you. The line actually wasn't drawn correctly on this chart as well. This trend line has us bouncing at about 7.7k. I just want to help the community because there's a lot of irresponsible charters on here (bears and bulls).
GazMema
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Good one...sometimes you need to see the bigger picture