Please! And I repeat, please! Stop trying to anticipate the bottom by buying the "dips" that the media and your favorite Youtuber push down your throat. I take it that everyone that puts the effort in to even attempt to dive into TA has a strongunderstanding that the market works in trends. AND RIGHT NOW, AS HARD AS IT IS TO SAY, THAT TREND IS DOWNWARD!!!
With this said I put together a depiction of what this weeks short will look like within my trading community. There is a strong resistance at roughly $6280, which is the swing low of ($7600 to $6280) the previous downward swing. If bitcoin were to break this resistance level the highest I could see it going is $6400- where .... [please stay with me on this, its alot crammed in this next sentence] ,its current channel and the channel of the downward trend of the market would intersect, forming the same pattern of resistance that happened in the previous channel above before it began to follow its downward trend. We predict that there will be a pull back at the resistance level of the latest swing low ($5780), which is where I will take profits before I reinvest them with another short before bitcoin reaches roughly $5400!!
How did I get $5400: I took 90% of the previous downward swing ($6700-$5700) which brought me to approximately 5,439.28 when plugging in the exact coordinates.
Side note: Please do not let mainstream media, whom is controlled by the elite, bait you in to believing that the bottom is near. They are not even close to flushing out all of the "bs" coins that made millions of dollars . So until the regulations come, make you some money strategically placing your shorts.
we are @ $6200 your saying may go to $5400 it went to $19-20K and your wondering why people are buying ? its not just because of "MEDIA" maybe we arent at the exact bottom the difference is FA compared to 20K ;)
domartis22
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@IONCHRONO, lol I know its hard to take in, believe me I was in when Bitcoin was at 1,000 and couldn't stop telling everyone about how it is going to change our world. And I still believe it is; however, right now I need to make money. So in order to do that I have to ignore my emotions I have for the future of cryptocurrency as a whole, and go with what the numbers/trend is presenting before me.
IONCHRONO
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@domartis22, I dont have any emotions on this ive been around since $1500 It's not about me "taking it in" people are buying because you can't know the bottom 100% not one single person does they can guess just like your are now. So when we have gone from 20k to 6k 70% off of course people will buy it your guess is 5400 73% if we go off that as the 'Bottom" people accept the risk of perhaps not getting that 3% better discount and just buying now before it turns.
domartis22
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@IONCHRONO, i am following you my man. But I really do not think 5400 is the low i believe it is much lower. Particularly, until the regulations come in . And a regulated market moves much slower- so the climb to that glorious 20k that keeps baiting everyone in lol -will take much longer than expected.
IONCHRONO
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@domartis22, what's your guess ? unfortunately we can't know for sure when things like etfs come in which would turn this around pretty fast not 20k but atleast 9-10k short term news drives BTC alot more than TA but yes it definitely helps to chart :)
domartis22
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@IONCHRONO, lol i understand, I am going to stick with the numbers though .. thanks for the insight :)