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-
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This area really has support all the way down to about $5500, where the bottom of the triangle is.
Here is the information I want to know from this crash:
1. Were the largest trades during this crash buys or sells
2. What currency was the first mover (USD, JPY, JUAN, PESOS, etc)
3. Which exchange was this started on (or was is uniform throughout)
4. What currency was the major seller and what currency was the major buyer where did the bitcoin move from and to
I am working on a system to understand this information. If there was clear information, there would be less panic, less fear, and less profit loss.
efame
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This chart is really bad.
Pro_Trader_HTBB
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What buyers? There are none. Won't be any for a while now either with the big money, not when you have that fool Wright and his mates crashing bitcoin just as they said they would. Why would any institution put money into crypto when you blatantly have flogs like Wright openly saying they will crash the market because he is a cry baby?
He wants to crash it down to 1k, making home investors lose thousands and larger investors millions. Well, time to turn the tables I say on this Wright fool and when you get given your free shitcoin BCHSV sell it and crash his coin to zero. I know I certainly will be selling off my BCHSV instantly the coins are in my wallet. I want nothing to do with an open manipulator of the market costing thousands of people loads of cash. If we all band together and sell off his shitcoin at once, we can repay the favour of crashing a coin to nothing. Who is in?
ClaymorePT
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@HowToBuyBitcoindotnetdotau, This is a Bitcoin TA, not a Bitcoin Cash TA. No one is in because of that. You're just begging for attention and that's sad...
Pro_Trader_HTBB
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@ClaymorePT, If you say I am begging for attention then I must be, you are always correct I am sure. Good for you, you must be a billionaire by now with ESP and never being wrong. One thing I am not so sure on though is your IQ level, clearly I wrote about bitcoin crashing from the bch spat. Hmmm.
Ameero
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@HowToBuyBitcoindotnetdotau, I appreciate your comment. :)
kardia
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@ClaymorePT, Actually, I just watched a video today of Wright. I am very concerned about the things he said. If he is able to back up his words, the crypto market as we know it will likely be finished.
Ameero
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@rev214us, don't let him FUD you. He's got a history of attention seeking and trying to make himself look important
ClaymorePT
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@rev214us, If you are concerned, then you are overexposed.
If the crypto-market is on the edge of its demise, then it just means it is too weak to survive and should be put out of its misery. It is what it is.
If Bitcoin dies due to the effect of other cryptos, then it just means Bitcoin is not as independent as it was thought to be nor it is as strong as many claimed it to be...
kardia
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@ClaymorePT, I don't think the people who started this knew it would turn out like this. The biggest problem I see is there is too much fighting going on within the crypto community. That's the biggest threat to this market. There is a tactic of psychological warfare known as "divide and conquer". I see that happening in this space. It shouldn't be too difficult to figure out what is fueling the fire.
1. Were the largest trades during this crash buys or sells
2. What currency was the first mover (USD, JPY, JUAN, PESOS, etc)
3. Which exchange was this started on (or was is uniform throughout)
4. What currency was the major seller and what currency was the major buyer where did the bitcoin move from and to
I am working on a system to understand this information. If there was clear information, there would be less panic, less fear, and less profit loss.