Look at where BTC is — right back in the apex of the triangle. You can see that it has fallen exactly to my rising black trendline, just as I had warned in several of my last BTC posts. Remember, I told you all that "if the buyers don't buy, the sellers WILL sell." BTC has been destroyed by the 50 EMA, so the sharks came in for some easy money. During the selling, I was able to get long entries right on top of the black trendline, with a stop just below it. With that said, if the black trendline is broken, especially on high volume, we could see some significant selling. I realize that buying here is risky, but my risk is mitigated by the stop below the black trendline. So, if we start to go down harder, I will be able to exit with minimal damage. A break below the triangle will take us down to $4970. Good luck trading, everyone.
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-
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-
Comment:
This area really has support all the way down to about $5500, where the bottom of the triangle is.
Comment:
Clear violation of the black trendline now....
Comment:
The update is here...
