An Important Update on The Bitcoin Selloff! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin is in a new downtrend channel (pink dots) on the four hour chart. However, a slight bullish divergence has been building, and there has also been a bullish MACD crossover. Additionally, price has popped up above the 10 EMA (in orange,) which has acted as resistance for the entire selloff. So, if BTC can hold the 10 EMA as support, and break out above the pink dotted downtrend channel , we would likely see a rally back to the $4492 level. Despite the underlying decrease in sell-side momentum, and the increase in buy volume on the chart, it's probably more likely that we will see the downtrend channel hold strong, with a continuation in selling.

For now, we have two immediate indicators that we can monitor, to understand the forward direction. A break above the pink dotted channel sends us to $4492 (possible, but less likely). A break back below the 10 EMA , and a hold inside of the channel, will likely send us sub $3500 (more likely.) Monitor those indicators, and good luck trading.

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.***

Nov 26
Comment: Price is continuing to move as anticipated, through the downtrend channel.

Nov 27
Comment: BTC has now broken out above the downtrend channel, and has held the bullish divergence's uptrend on the MACD. Resistance exists at $4233. If we get above there, price will retest $4492.


Let me take my glasses off so I can see the look on all the faces that were calling MPC a fraud last year. o_o Oh, you are all gone. Once again winners focus on winning and losers focus on winners. Good day to all and everyone who cashed in heavily by shorting BTC from 6k+.
+29 Reply
@MagicPoopCannon I will honestly admit earlier in the year when you called BTC will eventually fall to 3-4k levels - I laughed and thought what is this guy smoking. Now that BTC has reached these levels, I have realised my assumption of you was incorrect.

Basically from now on ill be taking your opinions more seriously. I would like to know what is your long term view on BTC? Can you see this market recovering as it has in previous bear markets?
+14 Reply
TomPower james077
@james077, Jim thought I had found the master of Elliott wave analysis in my other author, no EW here with Magic just the right stuff. Like u I'm still holding like a sucker! I think that is the way I am with girlfriends as well, life has not bestowed on me much luck.
+1 Reply
frogstomper james077
@james077, respect to you for being able to humbly admit that
+1 Reply
@james077, yes because people didn't learn from history and thought the good times would never end. It was obvious in December it was an unsustainable bubble, prices simply just rise to that level inorganically so fast.

Plenty of people were laughing at the likes of Warren Buffett calling him disgusting names on Twitter and other Economists and experts who were warning.

All of this has happened before and all of it will happen again.
"lambo moon guys" that said that magic is a failed trader today are saying "thanks."
+10 Reply
TomPower EntrepreneurVE
@EntrepreneurVE, I was saying he was wrong, in fact I was looking for the moon 3 months ago, bad move on my part 70% drawdown now. He was RIGHT!!!
+12 Reply
We'll continue to see this drop, maybe even 2.7 or 2.9k... Prepare your bags
+5 Reply
I agree with Magic about waiting for bullish signs to emerge to show BTC has turned around - However - for an investor who truly believes in blockchain tech and bitcoin long term buying when the price is at a 85%+ discount doesn’t sound like a bad idea. Especially with shorts creeping up to near their ATH. Waiting until pricebis back above $6k will result in losing out in doubling your money. You either believe in it as an investment and BTFD or you give it up and put your money elsewhere.
+4 Reply
sonic.he theeverythingbubble
@theeverythingbubble, totally agree
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