Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily BTC chart, you can see that it has exploded higher, almost reaching my target from yesterday's analysis! In fact, BTC came within a mere hundred dollars of the target. Clearly we're in a parabolic state here. The MACD has broken out above previous divergence resistance, but it still hasn't taken out the previous high. So, overall, it is still in a divergence.
The NVT has literally exploded above the red zone. This thing is probably going to melt BTC's face when the correction comes. Every weekly LVT sell signal in history, has caused BTC to correct to at least the 618, which is currently around 4601. Honestly though, it's VERY questionable if we will ever correct to that level. I'm more inclined to believe that the 6000 range will hold support now (green horizontal trendlines,) but we will have to see how BTC behaves if/when it retests those levels. Furthermore, speaking about at retracement to the 618, if BTC continues to rise, that will continue to lift the 618. So, there is a possibility that BTC could rise high enough to lift the 618 into the 6000 support zone. For that to happen, we would need to see BTC rally to 10000. That would put the 618 right at the lower end of the 6000 zone. In other words, a rally to 10000 would be needed to prevent a correction to a 618 below the 6000 zone. Honestly, I don't think that's very likely, but I didn't think BTC would smash straight through the 6000 area either. BTC is showing incredible strength, and nothing can be ruled out at this point. If that doesn't happen, either the NVT would not yield a 618 correction, or the 6000 zone would fail to hold support. So, that's a very interesting dynamic.
With regards to the upside, if BTC breaks out above the 23.6% retrace (in pink,) which was my recent target, the next resistance point is just above at 7400. Above that, we could see BTC explode up toward 8488, because there isn't really any resistance in that zone. Above there, the next major resistance is at 10000. Good luck trading everyone.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
Wait a minute? What What? Your target from yesterday? You were the guy selling all your bitcoin at 5k. Now you got a target above the pump? I love how these "pro traders" are always right. Never admit your wrong, just gloss over it and keep the TA jargon going!
MagicPoopCannon
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@pacman7331, If you and everyone else actually read yesterday's analysis, you would have known that I put the target at 7100.
CryptoJosh5555
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@MagicPoopCannon, been pretty off on the calls especially head and shoulders. I think youre too much out of the groove. Need to come back to strictly BTC charts and daily charts instead of weekly.
streetgainer
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@MagicPoopCannon, You could have said any number between 6500 and 12000, and you'ld be right at some point, lol
btw, "the target" is for what?, for you to buy back in (way higher than you claim you sold)?... or, sell some imaginary bitcoin that you don't have?
What was the target for?
Ok, we'll try this again. My question is,
You did not have a target on your last "analysis". You had lines going in all directions. How can you claim you had a target?
@streetgainer, his target from yesterday's analysis is shown in pink here.
From yesterday: "When price breaks out above a channel like that, the typical method of finding a price target is to measure the width of the channel, and add that to the breakout point. When we do that on the chart, we can see that price could reach a target of around 7100. Interestingly, that is exactly at the 23.6% retrace of the entire bear market."
If you don't care for his analyses, just don't follow him.
streetgainer
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@evuki,
And he also said this... “However, there are many conflicting signals, like the NVT , which has never been wrong in projecting a retracement to the 61.8% retrace on the weekly chart, which would take us down toward the 4200 area.”
And he capitulated with this... “For now, I see more opportunity in some of the top alt coins”
He did a generic calculation of a pattern, and now that’s his “target”?
Target for what? to buy back in? or sell what he doesn’t have.
He had no targets. He had lines in all directions running across fibs and known supports and resistances, and worded It in a way to save face no matter what direction bitcoin went in.
It’s true though, when followers are searching for someone to lead them, they’ll believe anything. You are right!