As mentioned in the Title and on the chart Bitcoin is printing a VERY bearish consolidation pattern UNDER the 200 WMA. All I can say to the remaining bulls is WAKE UP! Bitcoin has given you a gift, it has temporarily stopped it's slide, rallied and is nw consolidating. Take advantage of this gift! Soon we are going to print new lows and I pray some of you heed my warning.
All the best brothers and sisters,
Red Boar
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A look at the resistances in play WITHIN the consolidation/corrective triangle. I think Short term long scalps could be in play as we have broken the red resistance line. If we can hold above it on a 4 hour basis I think further upside (in the very short term) is perhaps in the cards.
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Here is my long term view on bitcoin, for those of you new here
I think we are still due for a further move down. Don't think we will see any type of "parabolic" move soon. A lot of bull traps have been set up recently on the charts so watch out for those.
Jefe
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200 Week "EMA". That's where you went wrong.
TEXAGG22
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@fakhan, tomato, tomato, we all seek clues to validate our bias :) i am not immune
Jefe
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@TEXAGG22, No we do not. A good trader seeks biases to INVALIDATE his/her bias not validate.
TEXAGG22
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@fakhan, brother, you clearly seek to confirm your bull bias. I look through your posts and it's pretty clear you havent let go of the 2017 bull run narrative. I am a bear because bitcoin is majorly bearish, you are a bull...because you are bull biased and refuse to change. It's ok bro, I don't fault you but don't come at me like you don't have a bias because it is VERY clear that you do.
Poukitoun
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It is one scenario, it could also bounce on 200WMA and form a W bottom, or it could continue sideways...when things are ‘too obvious’ generally BTC does the opposite...
@fakhan, yes, I have a clear bear bias becasuse we are in a bear market! further more we could be getting to witness the first real bear market in bitcoin history!