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.***
I am 100% with you about the criticism of your direction. It is still a bear market for sure and it would be unwise to buy yet (until revelant signals come through) + people should not be calling you out for your directional bias.However, when I reached 'That's what makes me great. That's what makes me a legend' is when I realised you are just a novice with an inflated ego - I think this is what most people call you out for now. Its ok to post charts and be wrong - part of trading. However, when you pretend to be trading subpar analysis (like yours) AND you have the audacity to praise yourself so much while making vague, and bad, calls; one can immediately tell you are just a wannabe with large follower base simply because you were posting at the right time. Truth is, If you were a big shot trader who was apparently making millions, you wouldnt be on here posting overanalysed and overexplained charts in order to get internet popularity points + also having the time to respond to hate comments. But I guess when you are actually an average little man whose feelings are actually hurt when people expose you, you gotta do what you gotta do
Quin73
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@Jibs, this may be the most factually correct post on Tview.