BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
What's up world? Welcome to this update analysis on Bitcoin! Let's get right to it! You can see that BTC is falling to the 50 EMA (in orange) and the 200 EMA (in purple) as they converge just below, forming what should act as major support. If these two levels are broken, a deeper drop to the rising green dashed trendline should ensue. You can see that BTC appears to be building an inverse head and shoulders pattern, but we need to see more evidence of the development of the right shoulder to know for sure. For all we know, this thing could just continue to fall. So to know that the right shoulder is developing, we need to see a meaningful reversal to the upside. If we happen to fall below the green dashed trendline , and confirm below it, the hopes of a bull market will be looking grim. This action is super critical. If we happen to rally back up, and form this hypothetical right shoulder, it would be wildly bullish for bitcoin . You can see that the upside potential would be enormous, but let's first see if the right shoulder actually develops. The sell side volume that brought BTC back into the downtrend channel was about 2X the normal average — not overly impressive, but it was substantial. The MACD has formed a bearish crossover and is expanding to the downside, signaling a potential for lower prices. BTC has already gotten really close to the 50 EMA as I write this, but it hasn't actually touched yet. The red volume , and plummeting momentum suggest that further downside may be in the cards, but the convergence of the 50 EMA and 200 EMA stand in the way. That level is now a very significant spot. If it falls, we could see some rapid selling, since two important levels will have been surpassed in one fell swoop. Much love everyone! Good luck out there. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-
Comment: BTC is pushing into the 50 & 200 EMA hard right now. It could break. Keep a lookout everyone.

Comment: Bitcoin is bouncing, but could form a small head and shoulders. Take a look...

Comment: The update is here...

Jack Dorsey, chief executive of Twitter and payment company Square, has just spoken of his strong belief in the future potential of bitcoin.
In an interview with The Times published Wednesday, Dorsey, himself a noted bitcoin investor, said he believes the cryptocurrency will take over the U.S. dollar's dominant place in world finance and become the primary global currency for payments.
@crypto008, welcome to the convo. Jack Dorsey. Poop Cannon. -JD-
He was wrong. Again...
+2 Reply
Ohh.. pooo.. you know haters gunna hate.. they just jealous of your chart bling. Keep representin.. speak truth to the dark forces here.. shoot them negative bear comment bombers down with your poo flack cannons of crypto greatness. We believe in you poo.. all you got to be is right 7 out of 10 times and we'll keep our pitchork and shovels in the fields and keep from raising them above our heads and storming your castle gates king cannon.
+1 Reply
Don't let the haters get to you bro. You are doing a great thing for the community. Your contribution helps many of us learn how to be better traders and in turn make the whole market stronger. I don't see anyone else of your caliber doing what you are doing.

Forget Poop, you are a diamond! Keep it up!
+1 Reply
god of poo :D
Looks like it's confirming that small H & S pattern...
+1 Reply
wow man, your graph is legit
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