frothmonster

Do people ignore confluence now?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
618-65 / previous 382 rejection
Ascending wedge / bear flag
Inside a bearish Descending Triangle
With bearish divergence on RSI

Why are people bullish?
ETHUSD great "buy the dip" setup on H2 price chart and reload short from overhead near 260, detailed SL/TP for both trades, please see chart. As always, good luck, traders!
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Bullish == more likes, in my opinion.
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@skorched, I don’t understand sorry?
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Well guys.. Market loves stops of traders.. And now stops are like confluence money as these are gathered together under 5800 from last 6 months... And as per market funda.. Careful!!!

Moving averages and MCAD confirming prices to move lower and btc is trading under neckline of 4hr double bottom.. Another bearish sign as it tried to clear neckline but failed all time.. Also it created 1hr inverted head and shoulder close to 6600 and fall under..

For now its completely on sell side with stops at 6800 and with targets 5500, 5000 and if 4900 gone then 2500 even possible. Only move above 6800.. Double Top will confirm low is in place and targets are 9900 and high! Good Luck!
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frothmonster Jollymolly
@Jollymolly, correct
The needed a false bottom for people to feel like they had a safe place to set the stops
Good night stop losses
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Jollymolly frothmonster
@frothmonster, if btc remains above 4900 then it can reverse up towards 9900 and uptrend but to me before reversing it will take stops under 5800.. And if 4900 gone then deep downside... Possible even 2500...
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frothmonster Jollymolly
@Jollymolly, Ive found 2800 on a fib, also 1500. Could get nasty.

can someone say death to sh!tcoins?
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Jollymolly frothmonster
@frothmonster, I can even say 600... As you can see last time on coinbase trading platform Ethereum plunged down towards parity before reversing.. At that time it falls from 400$ towards 12 or something within days... So who knows as btc also left a falling pattern at 600.. But we can only do chit chat.. Rest market knows.. But I am short.... And only buy to me if btc keeps 4900 and reverse up above 6800... Then buy otherwise plan will change.. For now only sell
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I think bitcoin HAS to reach 3.2k-4.8k. In each of the previous BTC bubbles, the value of bitcoin dropped to its value based on Metcalfe's Law. That and the fact that the last bubble did not recover/become bullish until 2 years later. The timelines seem to match up as well with both beginning in December. Just considering these facts alone I think its almost impossible for bitcoin to reverse. Not until late 2019 at least.
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