MagicPoopCannon

Bitcoin False Flag Breakdown & A Message 2 My Critics (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the four hour chart, you can see that the false flag has now broken to the downside, just as I had anticipated. It feels good too, especially after so many people mocked it and said that it was this and it was that. I wonder what they'll be saying when BTC             breaks below 6,000. Anyway, as a refresher, the false flag is a pattern that I've dubbed, in which a flag-type formation is created, but the flag body rises above the top of the flagpole, at a steep angle. These patterns generally result in a breakdown, but they can be extended for quite some time, before the breakdown actually occurs. Throughout my time as an analyst, I have always seen these formations, but I've never really found any notable literature on them. So, I've just decided to call them false flags, to help with my analyses.

In addition to breaking down from the false flag, you can see that BTC             is beginning to surpass the 20 EMA (in blue.) The next support level will be the 50 EMA (in orange,) but I believe that there is a high possibility that we will return to the top of the downtrend channel , to test it as support. If you recall from my previous BTC             post, I said "Now, I don't believe that the 20 EMA will hold, because it's more likely that the market will sell into the top of the channel. Nobody really cares about the 20 EMA right now. Traders want to know if the top of the downtrend channel will be supportive." As you can see, that assessment was right on the money. So, now we need to see if the 50 EMA will hold. That quote that I just cited was made before the 50 EMA was really above the downtrend channel . Now that the 50 has made it's way above the channel, it is a support level that we need to assess. However, I still believe that a test of the top of the downtrend channel is the most likely scenario.

On the MACD , you can see that there was a small bearish divergence, which correlated with the bearish false flag that I've been covering. Additionally, the MACD just printed a strong bearish crossover, and momentum is beginning to accelerate to the downside. With that said, we're still above the zero line, so we need to see if the MACD can get back below zero. That will be a great momentum indication that the bears are ready to hammer this market.

To all of my critics, who have chastised me for not going bullish , I just want to say that I have an obligation to give the best information possible to my followers. I truly care about their success, and I know that this is a raging bear market. Regardless of the rally, it would be very reckless of me, to tell my followers to buy into this nonsense. There is no confirming evidence. The amateurs who lite up my comment sections obviously can't see that. However, I can. That's what makes me great. That's what makes me a legend. When the evidence of a bull market unfolds, I will gladly side with the bulls. As far as I can tell, all we did was print a lower high. So until then, I will continue to look out for the safety of my followers. I've always said that I am their blazing torch in the dark market forest. I will lead them through the hype, and guide them in the right direction, even in the face of great opposition and adversity. 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.***

-Magic loves you-

-JD-
Comment: The update is here!

Below 6 K lol... check this bro and get some good perspectives before posting cr*p.
Reply
Bitmom2018 Mikephicc
@Mikephicc, what you say now? We are well below 6K,lol.


Reply
Mikephicc Bitmom2018
@Bitmom2018, lol BTC went to 10 K after he posted this "idea" and yeah we are well ABOVE 6K now... I don´t feel like you guys are really meant to trade crypto or give any kind of advice or similar euphenym... haha omg whatever
Reply
Bitmom2018 Mikephicc
@Mikephicc, it is still in a big downtrend, will go to 1800.We are in a big wave 3 of C right now, there is a long way to go down. Some bounces along the way are normal,it can not go straight down in one line.
Reply
Mikephicc Bitmom2018
@Bitmom2018, OMG... keep on shorting then, hope you doing well today lol
Reply
Thanks JD for being so honest!
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Just gonna post this here incase this guy claims to be the first to have seen that HS pattern - quite obvious if you have a clue, I wasnt the first to post an idea on it, but then again I dont claim to be. Also keep this idea in mind,as no doubt if the bigger HS pattern in this chart forms, he will be here saying 'who saw it like me? nobody' after posting it 2 days before its completion

+2 Reply
@Jibs, He saw it way earlier before you. Everyone and their mother saw h and s earlier than you. Why don't you work on your own ta channel?
+4 Reply
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