MagicPoopCannon

Who Makes Calls Better Than I? Bitcoin! (BTC)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! Let's take a look at Bitcoin! If you remember from my last post, I said " If you'll notice, the 50 EMA (in orange) is quickly falling toward price action. Judging by how resistive the 50 EMA has been, the odds are that it will continue to put any attempted rallies in check." looking at the four hour BTC             chart, we can see that there has been another failure at the 50, exactly as anticipated. Now, it will be important to see if the blue bear flag breaks to the downside. Currently, we can see that the bottom of the bear flag is being tested, so a breakdownd seems imminent. Also, the MACD is beginning to roll over, as sell-side momentum returns to the market, increasing the likelihood of a break to the downside. Don't forget people, the trend is your friend, and we are in a bear market! Until the bull returns, the highest probability trade is to the downside. Since I know that the trend is my friend, I know that the upside will be limited — until I am proven wrong. Remember, people who try to catch the bottom of a bear market, usually get destroyed as the market continues to fall. People who trade with the trend, are usually only wrong once, and that's when the trend confirms a reversal. With that said, don't lose sight of the fact that we've just confirmed the "heavy resistance" level as the ceiling. Going forward, watch to see what happens in the blue bear flag . If BTC             breaks to the downside, the formation of a lower low would be highly likely. However, a break to the upside, particularly above the 50 EMA , would be reason to reassess the possibility that we may have formed a higher low. A break above the heavy resistance level would be a very good sign. However, a confirmation that the bear market is over, will likely come from a sustained breakout above the rising black trendline . Remember, this market is different than it used to be. It is now heavily traded by institutional investors, who are generally more sophisticated than the average crypto investor. They want easy money — and that easy money is currently being made on the downside.

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.***

-MPC loves you-

-JD-
@MagicPoopCannon where you at? we need you, say something... what should we do right now?
+4 Reply
kikushken saadmoinkhan
@saadmoinkhan, Just watch the show for now : )
+1 Reply
rafalemban saadmoinkhan
@saadmoinkhan, check out my analysis bro and you will understand what's going on

best of luck
Reply
rafalemban rafalemban
Reply
Spot on!
+1 Reply
Three invalidated H&S's and still tries to TA BTC. #Fail

BTC don't care for TA. Buy dips and never sell
+1 Reply
@Quin73, How do you know the freaking dip without TA? Is this the dip or will it go down to 8000? or 6 maybe 4 even 1000 dollars...
Reply
Btckk89 Quin73
@Quin73, Bet you were chanting 'buy the dip' since 18k then? XD

Not saying it won't go up but at what cost? You do know if you lose 50% you need 100% just to break even right?
+1 Reply
Quin73 Btckk89
@Btckk89, I have been buying BTC since 3k and on its run to 20k, and all the stops on the way down. Instead of selling, I buy alts. Has not cost me a cent, as I am a long term investor, not a meme investor.
Reply
Quin73 Btckk89
@Btckk89, P.S BTC realized 1300% gains in 2017 with 1% adoption, and you worried about 100% gains? XD
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