MagicPoopCannon

Bitcoin Remains Above 50 EMA! Here's What it Means! (BTC)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! I just want to give a quick technical argument for why I believe Bitcoin will most likely rally to the top of the downtrend channel , somewhere in the low 4000s. As you can see, each time during the life of this downtrend channel that Bitcoin has consistently traded above the 50 EMA (in orange,) price has rallied to the top of the downtrend channel (in blue.) Now, if you have been following my recent BTC comparison of the current market to the bottom in 2015, you know that I have been expecting a rally to the top of the channel, since that would continue the 2015 bottoming fractal . Knowing that, and seeing how BTC has rallied to the top of the channel after consistently trading above the 50 EMA , we can see that the probability of BTC rallying to the top of the channel is quite high. Furthermore, the current price action on the daily chart is in the form of a bull flag consolidation. So, unless price breaks down below the 50 EMA , the technical likelihood that we will reach the top of the channel is very high. From there, we will continue to monitor the progression of the 2015 bottoming fractal that I've discovered.

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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- 
Bitcoin's pretty overbought (RSI = 75), I think a crash is approaching...
+6 Reply
jastoor ReallyMe
@ReallyMe, there is not such thing overbought and over sold please don't cheat yourself
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jastoor ReallyMe
@ReallyMe, thanks, but i dont use rsi
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ReallyMe jastoor
@jastoor, that's why you have no idea why it's chashing now, right? I told you it would...
+4 Reply
jastoor ReallyMe
@ReallyMe, thanks , i will keep in mind check my indicator killer rsi
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NQ95 ReallyMe
@ReallyMe, damn this aged well
Reply
hey guys, check my analysis
+3 Reply
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