So this was removed by tradingview because i put my twitter link in the description ( against house rules ) mah bad TV mah bad.
Original post was around $7850 Bitcoin, heres the post again.
Sometimes crypto gets noisy.
Sometimes I like to shut out the noise, switch over to a line chart, and see what our old friend Bitcoin 2.93% is really up to.
With the rejection off of 8450 – a new pattern has presented itself.
Everyone is waiting for the big log scale downtrend touch, myself included until about an hour ago.
When things become very obvious in crypto , they are usually a whale-mirage.
Patterns placed there on purpose to lure in the 90% – and when enough sheep are in place.. the “unexpected” happens.
So while everyone awaits the break of the trendline , stacking buys between 7850-8000, and placing sells up and around 9000, we see the new pattern start to emerge..
There will be no 9000, and those 7850-8000 buys will fuel a major plunge down to the 7000 area.
This will clear out all of the new long positions, and have bears confused when their 9k target never comes, and their trading plan goes out the window.
The whales will have free reign over the price, and will start running stops, accumulating along the way.. and bounce us, in violent fashion, off 6950-7100 right up to 8k, only to once again rekt our hopes and dreams when we return to a nice hard 6600 bottom.
I will provide a more concise update after the 6600 bottom, and make a few along the way if things change.
Short/Long Targets noted on the chart with Red/Green "X"
Stay safe out there boyos
Original post was around $7850 Bitcoin, heres the post again.
Sometimes crypto gets noisy.
Sometimes I like to shut out the noise, switch over to a line chart, and see what our old friend Bitcoin 2.93% is really up to.
With the rejection off of 8450 – a new pattern has presented itself.
Everyone is waiting for the big log scale downtrend touch, myself included until about an hour ago.
When things become very obvious in crypto , they are usually a whale-mirage.
Patterns placed there on purpose to lure in the 90% – and when enough sheep are in place.. the “unexpected” happens.
So while everyone awaits the break of the trendline , stacking buys between 7850-8000, and placing sells up and around 9000, we see the new pattern start to emerge..
There will be no 9000, and those 7850-8000 buys will fuel a major plunge down to the 7000 area.
This will clear out all of the new long positions, and have bears confused when their 9k target never comes, and their trading plan goes out the window.
The whales will have free reign over the price, and will start running stops, accumulating along the way.. and bounce us, in violent fashion, off 6950-7100 right up to 8k, only to once again rekt our hopes and dreams when we return to a nice hard 6600 bottom.
I will provide a more concise update after the 6600 bottom, and make a few along the way if things change.
Short/Long Targets noted on the chart with Red/Green "X"
Stay safe out there boyos
Comment:
Almost showtime
Comment:
First Target Reached, grab the popcorn
Comment:
Downtrend Line - Pitiful volume - Stoch massively oversold, major .618 retrace from the drop from 12k to 6k + previous resistance. I think we all know whats coming
Comment:
Oversold**
Comment:
Overbought***** lol
Comment:
Bitcoin has surpassed my 8350 call - yes i did think 8350 would be the top here, a secondary target would have been 8560 - which is where we are at now.
I was wrong about the 8350,ill openly admit, but i still aint closing this short, and heres why:
1. Major Major Major Resistance at this level
2. Stoch RSI SCREAMING at me
3. Key .786 Retrace from our 9200-6400 move
4. RSI over 70 in a bear market
5. We are now at the log scale trendline - the big test. This volume is not signaling a trend reversal.. yet.
We could be parked here drawing in shorts, like myself - for the BIG move up, but at this moment im still not convinced.
Bulls have been rallying for over a week - and again in my opinion this is not a trend reversal, but a relief rally from out 11700 - 6400 move, and not an official trend reversal or bull market
Impressive work by the bulls so far!
My target still remains at low 7000s
I was wrong about the 8350,ill openly admit, but i still aint closing this short, and heres why:
1. Major Major Major Resistance at this level
2. Stoch RSI SCREAMING at me
3. Key .786 Retrace from our 9200-6400 move
4. RSI over 70 in a bear market
5. We are now at the log scale trendline - the big test. This volume is not signaling a trend reversal.. yet.
We could be parked here drawing in shorts, like myself - for the BIG move up, but at this moment im still not convinced.
Bulls have been rallying for over a week - and again in my opinion this is not a trend reversal, but a relief rally from out 11700 - 6400 move, and not an official trend reversal or bull market
Impressive work by the bulls so far!
My target still remains at low 7000s
Comment:
Stopped out of the short, ouch.
We have a pop outside of the downtrend line, and are consolidating outside of it!
But when volume sir? Wheres our FOMO?
This is going to be very difficult to hold on a weekend guys, we MUST close the daily above 8500, if not.. bear country
We have a pop outside of the downtrend line, and are consolidating outside of it!
But when volume sir? Wheres our FOMO?
This is going to be very difficult to hold on a weekend guys, we MUST close the daily above 8500, if not.. bear country
Comment:
This is nasty