MagicPoopCannon

The Bottom is in! My Bitcoin Bottoming Fractal Holds! (BLX)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
They all keep talkin, but Bitcoin keeps walkin! =D Welcome friends, to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart , you can see that BTC is continuing to charge higher, just as I had projected in recent analyses. From here, I am still expecting price to rally to the top if the channel, around 4400 or so.

I am now fully convinced that the 2015 bottoming fractal has PROVEN that the bottom is in. If you follow me on Twitter , you know that I have been long since late December, and that I've been repeatedly saying that the bottom was most likely in. Yes, there were a couple of times where I entertained the idea of price falling below 3150, but those few analyses projecting falls to the 1100 area were dependent on a breakdown below 3150, which clearly never happened. As a technical analyst, it is my duty to occasionally entertain worst case scenarios in the market, especially when things look uncertain, as they did during the time of those analyses. Regardless, some people have expressed their dissatisfaction, and to them, I will say this...

When a market is at a major inflection point (like a bull or bear market coming to an end) it usually takes time for confirming technical data to materialize. The technical data at such inflection points can often be mixed, which results in mixed analyses, especially with the quiet uncertain bottom that is currently forming in Bitcoin .

Many people don't think that the market has bottomed, but I do. I could be wrong, but I have been buying since December, as if the bottom is in. As far as I know, I am the only analyst who discovered the 2015 bottoming fractal , in which I showed how the current price action is exactly like the bottom that was formed in the last bear market. The original 2015 bottoming fractal analysis is attached below.

Getting back to the an analysis, we can see that the MACD is expanding higher above the zero line, while price is also rallying as expected. Today's volume is currently a bit light, but the volume should increase as the day progresses. In any event, the 2015 bottoming fractal projects a rally to the top of the downtrend channel (in blue,) and so does yesterday's analysis, where I showed that sustained trading above the 50 EMA has recently produced rallies to the top of the channel. Price is moving as planned, and I expect it will continue to do so.

Be sure to hit that follow button, and find me on Twitter , via the twitter link on my profile page, for more MagicPoopCannon content!

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.*** 

-JD- 
Comment: 2015 bottoming fractal analysis...
As of December 15th, 2018 until today it looks like BTC is trading inside of an ascending triangle pattern with an imminent breakout within the next few days. Ofcourse with ascending triangle usually the expectation is a rally to the upside. But with constantinople on the horizon there still may be huge sell offs for ETH since ETH's buy volume is the largest EVER since before the November 2018's BTC 60% dump.

So at least for me, it's hard to know what will happen. Will there be a massive sell off following constantinople upgrade as expected because of "buy the rumor, sell the news" or will the ascending triangle pattern that's been building for almost 3 months now finally confirm the market bottom is in the past?
Reply
Price is back below the trend line and having trouble holding support, forming bear flag. Sell < 3700
Reply
lamboluvr etfsandstuff
@etfsandstuff, Since December 15h, 2018 BTC has been in an ascending triangle pattern. It can now be clearly visible with a breakout on the horizon within the next few days. Supposedly a rally to the upside confirming the lows of 2018, were the lows of this bear market. HOWEVER, with constantinople also just a few days away, there may be a huge sell off from that which would crush the 3 month old building ascending triangle pattern.
Reply
@lamboluvr, So you think it could go up or it could go down. Got it!
Reply
I knew when i saw here that confirmatoin of bottom is in that now we should have big Red candle.
+2 Reply
It might be in, it might be out
Reply
This is a great place to evaluate sentiment. Heres how it goes. 1. find the person with most followers 2. read all of the comments on every post and try to judge the approximate number of bullish vs bearish comments and write it down. 3. If you have more bullish than bearish loom to short the next resistance level 4. If you have more bearish than bullish look to buy the next support level 5. collect your paycheque
+6 Reply
Beatnutz etfsandstuff
@etfsandstuff, You would have had zero gains during the big bull run of 2017 with that strategy. Also, to save time and not have to read braindead comments all day long and also get a more accurate result just check Google stats for search terms.
Reply
@Beatnutz, I bot my first bitcoins at 20 bucks when everyone was skeptical about them and afraid to lose their money so i did alright using contrarian signals
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out