BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
It has been a busy weekend on my end hence I did not post any new analysis/update any of my existing content, for that reason I want to post a new analysis with my updated thoughts as my previous primary analysis went against what I had predicted, so I will try again and hopefully and attempt to gage the market condition properly this time. Bitcoin has had some great pumping which was done in such a way where it was so subtle that it looked fake, but it indeed pumped! I was almost taken by surprise actually. Obviously no short position was taken due to the pump earlier in the weekend, and no long was taken either as I was not sure if the pump was legitimate due to Bitcoin's technical position in the trend. So, no loss, but no gain either. I did however buy a few altcoins over the weekend which are now all running into profit which compensates for missing the move I suppose :-).

Bitcoin is trading at 6597 as we speak, which directly coincides with a resistance zone that has had an affect on price since the 20th June. If price breaks above the resistance zone , more specifically the actually monthly high at 6844, it'll be the highest prices seen in over a month and this is great news for the coin. Naturally, if price breaks the resistance zone we don't want to just jump in. Let's wait for a retest of the resistance zone to be retested as a support before jumping in. This is so that we are not buying on an overextended pump leg where the stop loss would have to be huge already, also a retest on the resistance zone turned support would prove that the pump was legitimate and the bull run also has some longevity to it, which fake runs usually lack.

An alternative scenario is that the pump pauses at the horizontal resistance zone mentioned. It corrects to the side-wards support line of the triangle found at 6480 or the bottom boundary of the triangle at 6240, or lowest pullback could be the horizontal support zone at 5790 before going up once again. I see a retest at approximately 6480 or 6240 as ore logical and I doubt we'll see the horizontal support at 5790 again for a while.

Where do YOU think price is headed? Feel free to leave a chart and comment in the comments section so we can share our thoughts!

I will update this analysis as Bitcoins moves progress.

Please leave a LIKE and FOLLOW, I'd really appreciate it. :-)

Thank you for your support.
Comment: Price remains in the horizontal resistance zone between 6800 and 6650 and price appears to have got near the highs of the resistance boundary before a small correction has taken place.

We need to keep watching price at this level to see what it will do next. If price corrects out of the zone it will either make a correction towards the triangular structure on my primary chart, or, or will simply do a retest of the triangle and use it as a launch pad to break out of the resistance zone again.

Let's watch price action carefully now and see if it's correcting, or breaking out later.

Please leave a LIKE and FOLLOW. I'd really appreciate it. :-)

Thank you for your support.

Comment: To best determine price action at this level, let's go into a realtime timeframe so we can be ready to see exactly where the bears s**t in the buckwheat.

On the hourly chart, price has well immersed itself in the resistance zone, and appears to be showing weakness.

On the hourly, the candlesticks are supporting on the 20 moving average for the time being but there is not much compelling bullish force there otherwise. The best thing to do is wait and wait for price to give us the exact time to get into the trade.

Comment: Bitcoin has just had a huge pump!

Price stayed above the 20 moving average and continued to use it as support, so this move was able to shove the market! It's great that price held above the 20 moving average and break above the long term resistance zone!

I am glad to once again be your one stop for consistently accurate and profitable Cryptocurrency analysis.

I will be updating this idea with trading opportunities if I find time.

Leave a LIKE and FOLLOW. I'd really appreciate it! :-)

Comment: Bitcoin is nicely holding it's own near the 7400 level since the breakout earlier on today, and the bulls are being pushy and continuing to try and push even higher!

Price needs to correct soon so that people can jump in the action! Can't buy in now, as the stop loss would be way too wide for a proper trade.

My scenario is playing out perfectly right now!

Leave a LIKE. This motivates me to create and update all my content. :-)

I don't get it...

YOU POST THIS:

"To best determine price action at this level, let's go into a realtime timeframe so we can be ready to see exactly where the bears s**t in the buckwheat.

On the hourly chart, price has well immersed itself in the resistance zone, and appears to be showing weakness.

On the hourly, the candlesticks are supporting on the 20 moving average for the time being but there is not much compelling bullish force there otherwise. The best thing to do is wait and wait for price to give us the exact time to get into the trade. "



THEN THE NEXT POST YOU POST THIS:

"Bitcoin has just had a huge pump!

Price stayed above the 20 moving average and continued to use it as support, so this move was able to shove the market! It's great that price held above the 20 moving average and break above the long term resistance zone!

I am glad to once again be your one stop for consistently accurate and profitable Cryptocurrency analysis.

I will be updating this idea with trading opportunities if I find time.

Leave a LIKE and FOLLOW. I'd really appreciate it! :-) "

TELL EXACTLY WHAT IT WAS THAT YOU CONSIDER, "...consistently accurate and profitable cryptocurrency analysis." ???

+1 Reply
ProwdClown ProwdClown
@ProwdClown,

While you were busy telling everyone to wait, I was telling those with large capital they should begin slowly getting in several days before hand. I don't see you using ANY indicators to assist with determining entry and exit. It's always, wait, wait, wait... Too much was missed with all this waiting...
+1 Reply
Taiwan_Bear ProwdClown
@ProwdClown, Now, he is saying " Took profits days ago at 7570, and then made huge profits changing that cash into Altcoins.

Everyone who's been holding since the pump has had stagnant funds ever since. Why anyone holds in a consolidation I'll never know."

His words do not match his analysis.
+1 Reply
ProwdClown Taiwan_Bear
@Taiwan_Bear,

No sir, they do NOT match his analysis and it PISSES ME OFF. That's why I stopped following him. Why the hell someone like this is a TOP trader on Trading View is beyond my reasoning for sure.
+1 Reply
Taiwan_Bear ProwdClown
@ProwdClown, I would like to ask the same question. I respect traders who posts their ideas for free (although many have the intentions of making money from it). However, when I see a trader who continuously claim his/her predictions as correct when all he/she does is to provide both sides of the market the whole time, without a real trade-setups, I just can't stand it.

If you look closely at some of his "perfect predictions", "make huge profits" claim, and then you look at the possible risk/reward ratio, it doesn't make much sense.

Many days ago, he said in a strong tone that Bitcoin is almost certain to go down to $5990 as there is no support above $5990. Then when Bitcoin got pumped from 0.618 ($6170) to $6800, he said that there is a huge resistance at $6800. It is good to wait. And now he said he made a lot of profits. And guess what, he was yet right again.

And yesterday he said Bitcoin was going to drop to 7100 or below, and when the market was only consolidating between 7500 and 7260, he said his predictions was perfect again.

A real trader should not be afraid of being wrong and admit when they are wrong. When you lose you lose small, and when you win you win big.
+1 Reply
ProwdClown Taiwan_Bear
@Taiwan_Bear,

Could not have said it any better. You are spot on, Taiwan_Bear.
Reply
ProwdClown Taiwan_Bear
@Taiwan_Bear,

Lately, I have not had the time to have a look at the analysis of other people I have followed. I noticed he was in the top five on Trading View for the day and thought I would drop by his public profile to have a look to see what all the hype was. Once I got here and began looking, I see he's a "Wait and see" trader instead of a legitimate trader who knows how to use indicators to make entry and/or exit while also having safeguards in place to avoid big losses.

Another thing... It appears most of his publications (at least recently) are videos instead of charts. Why is this relevant? One will have to sit through several minutes of listening to him talk to try to get an idea if his "IDEA" was accurate or not. If it was a chart, one could simply click "play" to see within seconds if the price action went to where he anticipated with his indicators. One would have to go through his videos for hours to try to get an idea of his so-called "consistently accurate" claim.

I'm sorry, but I do NOT see consistent accuracy. I see wait, wait, wait consistently.

I'm actually thankful I'm not a TOP at the moment. Because I'm about to STOP posting HOW I do my analysis and ONLY post "where" I believe it's going and "when." I've worked my ass off to get to where I am now with my indicators and analysis. There's no point in continuing to give away FOR FREE what I've worked my ass of to LEARN. If I were a TOP trader right now, a LOT of people would have very valuable information without paying for it.

I've been on Trading View 4 years. He's been on Trading View 4 months and he has posted almost double the number of publications than I have. He's gone on a massive "marketing" campaign with a ton of publications with few "likes" on each in order to gain a lot of points. I'm sorry to say, his indicator is B.S. The indicators I'm using work extremely well. However, it will take a LOT of work to learn how to use them and use them WELL. I guess most simply fall for the hype of an indicator that will do everything for them without having to invest any long hours on their own to be successful. If I were to ever create such a scrypt, I guarantee you I would not have it up for sale. I would keep it a close guarded secret. ; )

I wish I had never mentioned all that I have mentioned in regard to the indicators I use. It's too good of information given out freely but no more! It would take most people many months to learn how to use my method of trading but it will pay great dividends later if they invested that time to learn it. But again, I wish I had never shared what I have thus far. I'm not sharing anymore. I'm tired of working my ass off for free. It's time to receive reward for all the time invested. No?
+1 Reply
Taiwan_Bear ProwdClown
@ProwdClown,

Pro_Indicators used to post videos but his analysis have been spot on. When he is wrong, he admit it although he was 80%+ right the whole time since the start of the correction.

I love to share my ideas and my reasoning behind my trade although I don't make any money of it. My intention is just to help others and to share my knowledge. However I was almost given up when I received all the negative comments when the April short squeeze happened. But, here I am again.
+1 Reply
ProwdClown Taiwan_Bear
@Taiwan_Bear,

Agreed... A real PRO will admit when they are wrong WHILE ALSO taking the time to explain how they were wrong and offer suggestions on how to avoid such a mistake again in the future and even invite others to offer their own thoughts regarding how to avoid a similar mistake in the future.

For example, read my first paragraph in the following publication; where I mention my "error" and what I did wrong.

By the way, click "Play" before you begin reading the first couple of paragraphs:

Reply
ProwdClown Taiwan_Bear
@Taiwan_Bear,

You will also notice in publications since the one I posted May 24, 2018 that I have put forth a more time invested effort to look at "multiple" TF's to obtain more "confidence" in the analysis; rather than simply looking in a couple of time frames. What do I mean? You will notice I have posted my thoughts beginning with the 7-Day TF frame with a LOT of detailed explanations inside text bubbles. Then I continued with the same detailed explanations in the 6-Day, 5-Day, 4-Day, 3-Day, 2-Day, 1-Day (1440m), 1080m, 720m, 360m and 180m time frames.

Like my most recent publication for example:

Reply
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