MagicPoopCannon

Bitcoin Fails To Break Out! Here's Where We Are. (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 daily chart , we can see that the inverted head and shoulders pattern has not broken out to the upside. Instead, BTC was rejected at the 50 EMA (in orange.) If you follow me on Twitter, or if you saw my recent post on LTC, I gave a fantastic warning about the growing risk that the market would roll over to the downside. Now that it's happening, it is becoming increasingly likely BTC will return to the 3000 handle. Currently, BTC is on support around 3650. If that level is lost, 3000 will be next. On the other hand, if we can hold 3650, we could see a rally back toward the 50 EMA . As I've warned over and over, this is a powerful bear market. We still have nothing but lower highs and lower lows on the chart. So, BTC could easily continue lower in this bear market downtrend. For all we know, BTC , LTC and the others, could just be printing another lower high on their daily charts , in the misleading form of an inverted head and shoulders fake out. Be smart. Be nimble. Be cautious.

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: Here's a look at the support and resistance on the 1 hour time-frame...

This is what im seeing

Reply
Here is my latest BTC analysis...

+1 Reply
indeed it's been printing LH & LL
Reply
Great Analysis Mr. Poop. The only thing that eventually proves who is right or wrong is the market itself. However, I personally think that Bitcoin bears will fall into a bear trap. Here is my opinion based on the 4 hour timeframe

Reply
Thanks for your thoughtful analysis Mr. Poop. Here's my take.
Reply
@chris333, let's zoom out

+1 Reply
chris333 bitcoinbobby
@bitcoinbobby, I hope you're right:)
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