BillCharison

$BITCOIN, Don't look at TRIANGLE. Watch LEVELS!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
In this idea we are going to figure out all the possible options for further price movements. Please, don't consider this idea as a call for action, we just gathered all existed information about the current BTC market and wrote how to deal with it.

The $BTCUSD chart has formed a triangle which, logically, should be broken from the bottom to the top. However, it looks like pure MM manipulation. If you watch the market closely, you could notice that at the 8th and 9th of August we saw ugly candles which hit a bunch of Stop Losses, both of them were formed inside the same figure - triangle. If we base our analysis on ascending and descending supports, we can draw only one conclusion - BUY after breaking through the upward triangle's edge, SELL after breaking through the downward edge.

Let's consider these important levels, we have three ones. The first one is located at $11910. It was been phoney broken almost 6 times which tells us that big traders actively SELL at this level. Therefore, in case the price stays below this level, the priority remains downward.


Next. Let's talk about the resistance at the $12110 level. Bulls tried to break through one for many times, but with no success. However, in case this level will be broken - the priority will change to an upward (mentioned with thin line).


And now let's consider the final, the third level - $11590. This level is the magnet (strong) for a whole market, which makes it a mirror level in the future - thus it has almost 100% chances of being broken, despite its strength. We understand that in case the price will break through this level, $BTC will continue dumping hard. And now let's consider HOW the price can come close to this level: if both resistances described above will be broken - it would mean that bears are much stronger than bulls. Moreover, the magnet level will attract the price to itself which will increase the impulse's power. Therefore, this level will be broken with almost 100% probability, as I wrote before.


In addition, I want to remind you that this abnormal growth has no correction for a very long time, but it needs one. The amount of LONG positions is evidence of that. Remember that you need to react to market movements fast. Don't try to predict any movements if there are no clear signals from the market.
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Hi,
I like your analysis.
This is my XBRUSD Short Scenario
Good RRR.
Reply
Powerful support and resistance level buddy. I thought he was breaking out to the top.
Reply
nice work
This is my chart
+1 Reply
Hmmmm I’ll disagree and say the low was probably put in at the 40% correction from the $13.8k blowoff top. Another 40% leg down isn’t likely if this is a bull market. More green than red candles since April breakout on any chart. Shorting this market waiting for big downside seems the same as everyone buying the dips last year waiting on big upside. Check a monthly RSI and tell me where most of the momentum is hanging out relative to the past 6y of data. But...just my view. Always ready to have my mind changed as price action plays out. Good luck.
+1 Reply
@HRoark64, Look into my new style of trading i am putting together it is 10x more efficient and in turn is simple to set up and utilize after understanding my base idea.
This is the future of charting, i'm telling you now to try and understand my grounds on this.

This style will be referred to as CarsonsGannishPitchork (module) or CGP (module) for short.
Reply
It was obviously going down due to the diamond top reversal pattern -
+1 Reply
Short term pattern don't tend to matter when long term dynamics, such as the 1W Gaussian Channel turning green, take place. The new bottom of the 2019 uptrend seems to be in.

+3 Reply
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