Bear market. The Eye of Sauron. Dont get your hopes up
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if it went straight vertical at this moment.... The cap would be 4140.... BE CAUTIOUS!
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Bingo Bango Bongo.... Bearish Wedge
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Brakes On Fun! Capitulation Troll!!!
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How I made that fib retracement
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One last thing to consider in similarity to 2015 crash. It was the only time that the weekly RSI tapped 30. It bounced and then went under 30 just a shade. Could we be experiencing something similar?
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Something bad is about to happen... crypto, financial, geopolitics... I dont know. My money is off all exchanges for the foreseeable future
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SEC crackdown? Something big is about to crush BTC
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Holy crap.. you guys have been ultra supportive of me even though this was all crafted off of linear charts.. I made a ton of mistakes and many of you were nice enough to point them out in an educational way...
If its not obvious i lift weights. One of the running jokes in the gym is that you can always tell who skips leg day. Well, apparently in the charting gym.... I missed log day.
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This will be the last update for this post. I will be crafting a new idea after we retest and the conclusion of that is drawn. I feel as though this was a very very educational idea for me. I'm not going to say I KNEW IT even though i believed in it. I GOT LUCKY! This community can be absolutely incredible! Tradingview, you have a gold mine sitting under you, with this social network!
Anyways on to the point. First off, I have a question. Can linear charts apply to long timeframes? Because my linear "eye of sauron" acutally held up effing nice! We had 3 tests and then a fail.
I've calculated that back and forth, considered and reconsidered and looked at it from different angles. I guess it's going to be more like:
UnknownUnicorn1444042
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@ReallyMe, trading is not emotional but I like this one better
ReallyMe
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@transamspirit, Thanks! We'll see how it plays out...
RB1988
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Nice analysis, but your bearish divergence is flawed since RSI is on a close only basis; hence the candle close made a lower high like RSI. Keep up the good work though mate!
@TEXAGG22, I dont. Nor do I claim to be some all seeing guru. I'd hope my $2 jokes would be a hint to that. I just like patterns, simplicity, and symmetry. The capitulation troll picture for instance, If you divide that image in half you get our current consolidation phase on top of last years china ban... The big red "Eye of Sauron" line also leads me to think it will cause another dump. The US government is in shutdown mode so it wont be the SEC cracking down. (That would have been my guess) Honestly, I just dont trust the market. Hope and optimism about a reversal has had me holding through some gnarly spikes down. I dont see anything that leads me to believe we have reversed, not without massive volume.
ReallyMe
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Your line and anylsis is correct, it's the corrective Wave A:
UnknownUnicorn1444042
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@ReallyMe, I never got into wave but I appreciate your analysis. Will keep an eye on it!
PonziTycoon
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@ReallyMe, There is no evidence to support this. Historically bitcoin is bullish. The only thing you can gather from the BLX chart that is bearish could be a potential head and shoulders pattern on log view where wave 3 is a left shoulder, wave 5 is head, and B is right shoulder