MagicPoopCannon

BTC Turns Down, After Testing First Major Pivot High!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
If you follow me on Twitter , you may have seen my warning this morning that Bitcoin may have topped out. Since then, price has fallen even deeper into negative territory. We can see that BTC was not able to close above the 7402 resistance level , and the sell side pressure is starting to pick up. This is the daily chart , but on the smaller time-frames the sell signals are increasing as well.

If 7400 does end up being the top, we could easily see BTC retrace to the 6000 range. However, the most critical retracement levels remain below the 6000 handle. So, I think there is a high probability that we could retrace back below 6000, to test those critical retracements, if we are entering a correction from 7400.

On the other hand, if BTC doesn't fall lower, and it just consolidates here, that would change the outlook. Until then, we have a clearly negative reaction at the first major pivot high that BTC has reached during this rally. For now, we need to see how this current daily candle closes. Remember that the day isn't over. If BTC turns around, and closes this daily candle above the 7400 level, that would be very bullish . However, as of right now, that isn't the case. So, if this candle closes red and below the 7400 level, it would signal more downside in the coming days, and possibly the beginning of a correction.

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-
Nice analysis. This is what im seeing
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I just killed that sell :)
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When’s it going to zero like you said a few months ago?
+3 Reply
dma90210 aburttschell
@aburttschell, in 2 weeks (TM)
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8000.00 BTC on may 14th.... holy manure...it's going up..or down or sideways I feel confident.
+1 Reply
People, if you don't like these TAs, don't read them. Every trader knows you have to do your TAs for yourself. You just post here your own personal ideas and not instructions what to do.Nobody will make profit for you. You have to do it yourself. Crypto is so volatile and fast right now. You post an idea and in 30 minutes it gets old. When I trade, I can even change my mind three times in five minutes on a low time frames.

If you want somebody else to make you money, buy a paid signal group or find yourself a managed account. Stop throwing dirt on somebody with catchy name who is just sharing thoughts.
+2 Reply
hAvE YoU BoUGhT BaCK iN?
+1 Reply
Thank you for the analysis.

We are in a strong bullish mode.

We told you that.

Here is the proof.

We expect strong gains within the next 1,5 - 2,5 years.

+1 Reply
stop posting your stupid absurd TA . do you even know the price of BTC now? what kind of person are you?
+6 Reply
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