BTCUSD: Don't Forget How To Play Defense.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: 6K support holds which should not be too surprising. In range bound markets supports and resistances are both likely to hold until one side eventually breaks. Imposing your own ideas and opinions on the market ("it's a bear market") rather than letting the market explain itself is what leads to succumbing to the herd mentality.

Most "authorities" that are calling this a bear market only do so based on obvious information. They simply draw a trend line on an intraday chart like a 1 minute and if it has a negative slope, it's a "bear market". Markets do not operate on an obvious level.

At S.C., we have standards and criteria that define the condition of a market based on MARKET structure. This means the market tells us what it is and we simply listen and adjust. The same "experts" who are saying Bitcoin is in a bear market will miss the opportunity to buy at good prices.

We follow best practices and our rules, not the herd. These guidelines give us the perspective to buy when the herd is bearish and sell when the herd becomes bullish . Opinions in the market are nothing but liabilities disguised as intelligence and wrapped with ego. What we think doesn't matter, it's all about what the market presents.

As long as Bitcoin manages to stay above 5K, it is telling us that it is in a range bound market. This is NOT bearish , not even close. One of the criteria that helps us define a bear market is a progressive NEW low. So far 5750 is still intact.

Reacting to a dramatic retrace is the sign of inexperience. From our perspective, the pull back to the low 6Ks is nothing but noise. Even if price pushes slightly below 5750 and reverses sharply, that is also noise (and an extreme low buying opportunity).

In summary, Bitcoin by our definition is not in a bear market yet. Meanwhile, the majority of the alt coins are and is why we are WAITING on the sidelines in those markets. We encourage our followers to separate themselves from the herd by developing a strong defense more than anything else while these conditions persist.

The reason why many continue to have problems in these markets is because they seek action and hunger for profits. Simplicity in the form of playing one side and not using leverage filters out numerous would be losses. These are times where a strong defense is what will contribute to positive long term results. It isn't always about "how much you made", it's also about "how much you saved". Think about that. Preventing a loss is never appreciated because it is hidden from the obvious.
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| | Cofounder (S.C.)

Totally agree with you! Thanks!

Here's my Sept. 11 BTC & ETH analysis. Talking points: BTC U-shape fractal | Inverse charts | Weekly bearish engulfing | 6100 break could lead to June low breach:
This is strictly from a classic TA perspective. The pattern in BTC is one well described and detailed here.
MarcPMarkets achtung360
@achtung360, thank you for sharing your perspective.
"Opinions in the market are nothing but liabilities disguised as intelligence and wrapped with ego." -- Couldn't have said it better myself.
@clark05, thank you for the compliment. I try to be clever sometimes Hehe. Opinions only hinder the ability to go with the flow and recognize potential changes before they are obvious.
+1 Reply
Nice analysis and comment bro! This is my last idea from today. If possible check it out and give me your opinion on it.
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@Dude56, good idea. But one thing about bubble moves ($6k->$20k, and back down again) is that the long-term trend line is very often retested, and often even briefly broken. The long-term trend line is currently sitting at around the mid $5ks directly under us. So I expect some new lows, but not too low. For example, I don't expect a break of $5k.
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Dude56 dalmazio
@dalmazio, That's exactly what I showed in the chart. It isn't a bull chart. It is a neutral one showing the possibility of going down or up.
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majic92 Dude56
@Dude56, It looks like a big bear flag, still.
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