best to be extra cautious here....people started taking profits all across the alt market just now lots of alts dipped...meanwhile BTC has stalled out at an exact double top...it may just be catching its breath but we need to pay close attention here if it cant get above this point a double top may have occured which could lead to a significant fall...Hopeflly it's just catching its breath and cooling off its rsi, mac d m and stochrsi levels though
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To clarify here in case anyone is making rash decisions off of a potential double top. My outlook is still very bullish...ever since we broke above the massive descending triangle pattern on the 1 week chart I have been confident that we will continue to move bullishly upward on the weekly....I also have great faith that we will most likely still trigger the adam and eve double bottom we have been in for the past 3 months that I have been keeping you up to date on..however its still possible for a double top to cause a slight dip before we do such a thing...I think in the overall context of everything probability favors us overcoming this potential double top and don't post about this to create any kind of FUD but instead give the readers more clarity as to the entire chessboard and the possible outcomes that could detour us from the neckline of the double bottom in the meanwhile. I' am still confident that we are going up and don't want anyone to be mislead or think otherwise by my simple post to alert them of the potential threat of a double bottom. Stay vigilant, and be excellent to eachother.
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sorry i haven't updated this yet. both my phone and laptop broke at the same time and im typing this from a tablet that for whatever reason won't let me post this as a new idea. . .so unfortunately i'll have to post this as a follow up update for this idea. for the record if i was able to access it my ideas would have already been flipped back to long over a day ago when btc showed it could throw a bullwick higher than the double top range. we did indeed see a minor dip when we came to the double top with people exiting the alt coin market in droves but fortunately that was short lived before the rebound. the consolidation was both healthy and necessary in order for us to gain enough momentum to be able to break above the psychological resistance of the $10,000 line however i think to surpass the resistance of both the 10k psych line and the 200MA line just above it we will likely need to take 1 more brief moment of retracement or sideways consolidation first. much like the further an arrow is drawn bacward the further forward it eventually soars. We have just broken bullishly above The 4hr ascending bull flag and both the 4hr and the 1day charts' stoch rsis sugget we have more rising to do soon. i and my ideasare long. s3.amazonaws.com/tradingview/snapshots/d/DjVKEsl1.png
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still plenty of room on both the 1day and 4hr stoch rsi for upward movement...however I think the smartest move here is to limit sell a chunk of your position a couple rungs just below the psych resistance of 10k(dotted red horizontal line) then set up a stop buy back once that triggers a pip above the 1day 200ma (in blue) its a pretty safe strategy..of course hodling will probably pay off as well until we reach the neckline of the double bottom which should still converge with the eve trendline's trajectory on May 10th.
I think btc will be caught by the eve trendline as support. . .if this holds as support we will have once again created a series of higher lows and giving us plenty of room on the stoch rsi to breakthrough the 10k psychological level and maybe even above the 1day charts 200ma all while continuing our higher highs
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a big contributing reason this likely had a plummet was because there appears to have potentially been a small head and shoulders pattern that was triggered on the 4hr chart and likely is more pronounced on the 1hr and 30 minute charts
do you wish to see a double top? if not why the hell are you posting this ??
what do you get from this? .... make other idiots sell or just some attention?
maybe you are posting good TA's in general but you must consider the result of your actions
DrDovetail
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@pakardel, it's called considering all angles...did you read what I posted under it? Did you notice the idea is neutral not short. I personally don't want or think it's a double top...but to not consider it as a possible outcome puts one at a disadvantage. read my description udnerneath and you'll see that my hope is that it is NOT a double top.
DrDovetail
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I appreciate your concern for the readers and hope that they actually read what I wrote and not just the headline(which still only says potential). Thanks for your input.
dayknight
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no BTC IS GOING UP
DrDovetail
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@dayknight, In the long term I believe yes we are going up...but if you don't factor in potential detours you can lose money along the way..best to consider all possibilities including the ones that go against our own personal biases like this potential double top does...hence why I used the word potential. I like and appreciate your passion and hope it does indeed continue to go up.
Jeff_Cryptopop
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@DrDovetail, Personally I appreciate as much info as possible, not just views that support what I want. I promise not to act like a 2 year old, just because you say something I might not want to hear. I don't believe trend analysis manipulates the market. That's what FUD and FOMO do.
DrDovetail
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@Jeff_Cryptopop, a very fair, balanced, rational, and level headed mentality Jeff that mindset should set you up for great success in the future...one can never be blinded by their own confirmation bias or they will miss the bulltraps or bear snares laid out directly in front of them. Cheers!
what do you get from this? .... make other idiots sell or just some attention?
maybe you are posting good TA's in general but you must consider the result of your actions