MagicPoopCannon

A Word of Advice To The Hodlers! BITCOIN! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! Welcome to this update analysis on Bitcoin! Today, I want to drop some advice for all of my hodlers out there. I see a lot of comments about how people are holding on to their positions, and that they expect this market to bottom relatively soon. That is a very dangerous assumption, because nobody knows when or where this market will bottom. In the mean time, you could be capitalizing on the market's decline, as opposed to watching your portfolio deteriorate over time. Personally, I don't think we are anywhere near the bottom (based on my analyses) but many people do have that opinion. So, I think it's important to shed some light on the primary formation that they should be focused on, to really understand the confines of this extremely bearish market.

The formation that I'm referring to, is the downtrend channel (in black.) BTC             has been in this channel since the all time high, and it has been responsible for the absolute annihilation of the price of Bitcoin             . To highlight how critical it is, for BTC             to eventually find it's way out of this downtrend channel , I'll present you with a fact: If Bitcoin             doesn't get above this downtrend channel , it will be worthless by June 26th. That's a very real fact, that should make you very weary of buying anywhere inside of this downtrend, with the intentions of holding for a long period of time.

With that said, the safest place to buy this market, with the intent to hold over a long period of time, is at a confirmed breakout above the downtrend channel . That would be a technical development that, at the very least, shows that BTC             has deployed it's parachute, and is exiting the current death spiral. So, until we see that development, it probably isn't wise to buy with the intent of holding long term, and it probably isn't wise to sit on your losing positions, when you could be putting that money to work, or protecting your capital.

In the most recent action, BTC             has formed another bear flag , just above the neckline (in red) of the head and shoulders pattern. The bear flag is being formed after a nasty rejection at the 50 EMA (in orange) which sent BTC             back to the downside. If we see a breakdown from this head and shoulders pattern, a rapid selloff could emerge, ushering in a market wide panic driven selloff. Obviously, that many not happen immediately, but the odds of panic increase as this market continues to destroy people's investments. A new bearish crossover has been printed on the MACD , after it failed to stay above the zero line. Sell side volume also continues to dominate the chart. There is a bullish divergence on the MACD , but given the overwhelming abundance of bearish technical indicators, the bullish crossover is insignificant. From here, look for a breakdown of the bear flag , and a test of the neckline of the head and shoulders pattern.

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.***

-Magic loves you-

-JD-
"A Word of Advice To The Hodlers". You should have hodl'd.
+1 Reply
Nice FOMO and encouraging people to buy at the top and not at the bottom. You should be banned for your intellectual dishonesty.

You state " If Bitcoin doesn't get above this downtrend channel , it will be worthless by June 26th. That should make you very weary of buying anywhere inside of this downtrend. "

I could equally say "if your airplane crashes, you'll die. That should make you very weary about flying." This is incorrect because whether you should be "weary" depends on the *probability* of the if-conditional actually happening, a point you probably knowingly omitting like a shyster. Shame on you.

You're intelligent enough to see the fallacies in your reasoning, and likely hope people don't see them like I do. Shame on you.
+3 Reply
samiswilf samiswilf
Nice *FUD I mean
+1 Reply
dayknight samiswilf
@samiswilf, hhaah yea you are right, just check his recent head and shoulder he got rekt again

he is the worst thing on tradingview the worst FUDer in history.
+1 Reply
samiswilf dayknight
@dayknight, I wonder if there's a relationship between his posts and what btc will do. Assuming he's being paid by whales, maybe his FUD is a sign that it's time to buy.
Reply
Soros may have just shorted BTC the big red volume bar.
Reply
First of all this isn't a valid H&S (I've offered why reasons in prior ideas), second there is major buy pressure around 6,500. The idea of falling the 3k is becoming less and less likely.
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I think he is rite! The market is crashing, we don't need to much analysis to see what is happening th downtrend line is still valid.
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Well it's a good thing the hodlers all sold .. day two of this advise they're doing great
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