MarcPMarkets

BTCUSD: Bearish Pin Bar Points To Retrace Back To 7K.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: Price action is fluctuating around the 7381 resistance level . With a bearish pin bar present, this formation points more toward selling in the near term. If the minor weakness persists, the next buying opportunity may be around the 7K level.

BTC continues to lead the way. What is interesting is other markets like ETH may present obvious buy signals, but we suspect they will not follow through without the cooperation of this market.

7381 is the .382 of the recent bearish structure relative to the 9990 high. The attempt to clear this level has resulted in a bearish pin bar and indecisive price action. The longs that are getting sucked into this area are the ones who will fuel the selling of the anticipated retrace.

Earlier on S.C., we issued a buy order on ETH that aims to capitalize this possible BTC retrace. We anticipate supportive price patterns around the 7K psychological area.

In summary, this market is still in the process of building the structure that can lead to a broader movement higher. Our recent Elliott Wave update revealed that if the underlying sentiment stays intact, reaching 10K+ in a month is within reason. During this time, any tests of support, especially at extreme levels will offer the highest probability opportunities. It is all a matter of patience.
Marc Principato, CMT |Learn more about techniques that I use: https://www.blurb.com/ebooks/641746 | Cofounder http://www.seekingcryptos.com | http://www.greenbridgeinvesting.com

Comments

I think we have a problem with that analysis. Alts, particularly LTC and ETH have been slowly sold into BTC on the expectation of the BTC next massive bull candle.

Given the current ststus of BTC pairs, a retrace to 7k would mean ETH and LTC would make new lows below 420 and 74 UNLESS the btc pairs are shown support from the BTC retrace. Because of this, probabilities are more in favor of BTC pushing through to 8k+, but this is still not a level to buy, that we agree on.

However, should the scenario I depict happen, you would be repeating the very same mistake you did in December 2017. Your refusal to ladder your buys with much smaller positions at key areas which could see a bounce is why you miss the big moves. You are too greedy for a good price and when it matters most, you will constantly miss the real money making moves. Setting a small buy around 7250 was good risk/reward, but you want all in type of swing for some reason despite the fact you always tell us we can manage risk with smaller positions....

Like I said multiple times already, you are an exceptionally good trader, but it seems you completely refuse to evolve and improve a litte your strategy just so you don't miss parabolic moves. I mean, how much risk are you really taking with a small position at a bounce area? Almost none and it can pay off big time due to the growing market sentiment.
+5 Reply
RamzaBehoulve RamzaBehoulve
@RamzaBehoulve, i would just oike to point out I am also expecting the 7k area, but I was and am still ready if it does not happen.
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Branto RamzaBehoulve
@RamzaBehoulve, Agreed!
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ansonphong RamzaBehoulve
@RamzaBehoulve, Though I execute a different strategy than Marc, I respect Marc's conviction to stick with an approach based on strong principles rather than chasing the price up a hill. It's an ultra high risk price landscape riddled with bull traps, so a more conservative approach could pay off in the long game.
+1 Reply
I love you baby
+2 Reply

I'm not too confident this bearish pin bar will see us go to the downside just yet. Bitcoin seems to be following my analysis so far. If we have a daily close above $7,480, I'm expecting this will give the bulls enough time to take their profits at higher prices, but then the following day the pullback will begin. If $7,480 is then taken out as we go down, I'm sure we'll see $7,080.
+2 Reply
Price did not retrace and instead market is moving money out of alts to BTC.
+1 Reply
Pin bar failure. But there is a bullish engulfing candle on the weekly. I believe we are going up to 10k
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BTC Realtime #8 is out.
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