MagicPoopCannon

The Bitcoin Bottoming Fractal Holds Strong! (BTC)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! Welcome to this update analysis on Bitcoin! Before we get to it, I just want everyone to know that I'm traveling right now, in a place that has horrible internet. I'm posting from my phone right now, but my posts for the next few weeks may be infrequent. Regardless, I will do my best to support all of you - the community that I love so much! Now, without further ado, let's get right to it!

Looking at the daily BTC chart, we can see that Bitcoin is continuing to hold the triangle that it broke down from (in black,) which is an attempt to further confirm the bitcoin fractal that I've posted about in the past several Bitcoin analyses. However, price still remains below the crucial 50 EMA (in orange.) For the 2015 bottoming fractal to continue, we should see a hold of the triangle, and then a rally above the 50 EMA , followed by a potential rally up to the top of the downtrend channel . If we see a move like that, it would be a nearly exact replication of what we saw in 2015, after the market bottomed on the weekly 200 MA (in pink.)

So, the 2015 bottoming fractal still holds strong, suggesting that the bottom is in for the 2018 bear market. Unless we see a powerful deviation, such as a breakdown from the triangle, a major failure to surpass the 50 EMA , and particularly a fall below the 3150 level, the evidence supporting an end to the bear market is continuing to grow. Until such evidence emerges, to convince me otherwise, I am personally of the opinion that the bear market has most likely ended.

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: The last BTC analysis, for your reference...

Comments

Didn't you just move the line of the bottom of the triangle to fit your bias? Compared to your linked post it seems so....
+8 Reply
MagicPoopCannon ZoltanBalogh
@ZoltanBalogh, Look again genius. That trendline literally makes contact with the exact same points. Perhaps YOUR bias has caused you to see something completely incorrectly. Ever consider that?
+7 Reply
ZoltanBalogh MagicPoopCannon
@MagicPoopCannon, Yeah. I always consider that. I have to eliminate my bias cause it doesn't help at all. But last I checked the bottom line of the triangle looked like it was moved to make it seem to be support instead of resistance.
Reply
" If we see a move like that, it would be a nearly exact replication of what we saw in 2015, after the market bottomed on the weekly 200 MA (in pink.) "
Why must history repeat itself? Why can't it be different this time around?
+5 Reply
@BDG, it can be different. However, it is currently repeating itself. Therefore, it is best to follow the repetition until it dissolves.
+4 Reply
@BDG, Markets have a habit of repeating itself. Bitcoin's life has not been that long yet but we've already seen repeats of its past self before. And we're likely to see them again. Looking at history is just one of the ways to try to tell where the market will go. Nothing is bullet proof though but investing in an educated way is the best you/we can do.
Reply
if your theory fails again, will you leave trading bear?
+4 Reply
xfallensaintx Power_of_Shitcoin
@Power_of_Shitcoin, He not the first expert that tried to call a bottom using 2014/2015 comparison. Ridiculous to think a fractal can be used to call a bottom from a major crash. Give it a week or so and he will be pulling up his old chart saying low 2000s the bottom. By the way true bottom won't happen until around June.
+8 Reply
You are missing only one m,ost important piece on the left chart, a giant falling wedge :)
+3 Reply
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