MagicPoopCannon

Bitcoin Prints A Golden Cross & A Pullback May Follow!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
In the last BTC analysis, I showed how the first 2015 golden cross happened exactly at the high of the move, causing BTC to retrace all the way to the 61.8 retrace. As you can see, we rallied up to the weekly 50 MA (in black) and pierced above it. However, BTC has now pulled back below the weekly 50 MA. It will be interesting to see where this candle closes. I am expecting it to close below the black moving average. From there, I am expecting to see price create a head and shoudlers pattern. You can see that we have what looks like half of a head and shoulders pattern right now, with a possible left shoulder, leading in to what could be the head. So, we did get the golden cross, and we did get the spike up like we saw in 2015. Now, we need to see if price will ultimately return to the downside here. Personally, I'm expecting BTC to return to at least the 4200 range, and possibly even lower.

The upside is now becoming more and more limited, while the indicators are flashing sell signals, and showing signs of exhaustion. I really doubt that there is much upside left, if any at all. We've rallied 80% from the low, and we are becoming increasingly due for a pullback in the coming weeks. In 2015, Bitcoin rallied 93% from the low to the high that pierced the hit the weekly 50 MA. So, this rally has been similar in percentage terms, and nearly identical in it's movement. So, until we see a major deviation, there is no reason to believe that price won't continue to follow the same general movement patterns that we saw in 2015.

Remember, it took months and months of testing for BTC to break down below the 6000 area. It is extrememly unlikely that BTC would be able to surpass it without some potentially big failures on the way back up.

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-
not even close
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AWESOME YOU ARE THE BEST. YOU ARE MASTER
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The update is here!

+1 Reply
Did the flash crash happen because of the NY AG suing Bitfinex and Tether for not disclosing their $850 Million loss of funds? Is this why BTC dumped?
+1 Reply
Noodley lamboluvr
@lamboluvr, Yes, guaranteed. Look at USDT, it's already at 99 cents. Goes any lower the whole shitshow starts to collapse, dragging BitFinex with it. Which would unfold into a Mt. Gox sized collapse as the market is solely propped up on probably 30-40 Billion Tether.
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@Noodley, if you look when usdt goes down btc goes up
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Noodley RicardoCruz85
@RicardoCruz85, Just goes to show how much this market is propped up with fake Tether money. Good luck when that equity gets sicked out during exchange run.
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jasonroy40 lamboluvr
@lamboluvr, fundamentals do not matter if you have a strategy.
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