MagicPoopCannon

My Last (BTC) Charts Were From The Future. Bitcoin! =D

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! Welcome to this analysis of the four hour BTC             chart. Let's jump right in. Looking at the chart, we can see that Bitcoin             has just confirmed the 50% retrace as overhead resistance, and is now heading lower. If you recall, this is exactly what I said was likely to happen, a few BTC             posts ago. We can see that BTC             broke below the critical 50% retrace, formed a bear flag , and traded right back up into the resistance level . BTC             was able to get above the 50 EMA (in orange,) only to test the heavy resistance level and quickly retreat. So, what is this telling us? It's telling us that the 50% retrace once acted as support, then BTC             broke that support, and then later, confirmed it as resistance. Moves like this are continuation patterns. Do you remember my "Dead Cat Bounce" post from a few days ago? I basically told you that this would happen, and that BTC             was likely forming a dead cat bounce. Since the DCB is a continuation pattern, we can expect it to continue. That means the pattern should now form a lower low, which would send BTC             below the low made on the 17th. Oh look, that's perfectly inline with my bear flag target on the bottom of the chart. Huh. Funny how those things work. Anyway, we can see that the MACD is crossing over bearish , and is back below the zero line, which is a short-term sell signal. All-in-all, the ceiling has been defined, and it's not to far above us. The floor, on the other hand, is much much lower.

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-

-JD-
Hey poop enough of negetive trend can u pls tell us abt the movement after touching the bottom of 7618.
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Thanks! helped me dump last week!
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Mr Poop, will you continue making charts after the bulls return?
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we see very high volumes trading now, do you think we are still bearish?
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How precise can this be?
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@matoa, Judging by where BTC is right now, I'd say very, very, precise.
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Big fan of your analysis, keep posting.
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You are the best so far!
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Hi poop,

I just really appreciate the effort you put into this; I mean like: wow!
So genuinely thank you!

I only have one question and if you could reply to this one, that would be great!
A lot of analysts say the correction is nearly over. Do you believe this yourself? If not, how long would you expect it to last for?

I am just super curious about your opinion!

Cheers
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zhanmusi210 kikushken
@kikushken, it not over per master's TA. Lower lowe to come and expect a bear market.
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