MagicPoopCannon

Bitcoin Tests The Line-in-The-Sand! Be On Guard! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Welcome, friends, to this update analysis on Bitcoin! Let's jump right in! Looking at the four hour BTC chart, we can see that a breakdown from the bear flag has occurred, and BTC is now falling straight to the very important uptrend support level (green dashes.) This rising support level is important, because it originates at the beginning of the rally, which sent BTC to the all time high. Therefore, a break of the green dashed trendline , would signal a longer term trend reversal, and it could have a very negative psychological impact on BTCs long term holders. I do think BTC could catch a bounce off of that level. I'm sure there are plenty of buyers out there, who have noticed this simple rising trendline , and have placed buy orders around $8,600. As you can see, the trendline also corresponds with the 78.6% retrace, which increases the support of that level. You can see that the current candle is already trying to form a small hammer , as buy orders begin to execute. The question is, will it actually hold? I'm not so sure that it will. Based on my last post, "Bitcoin Sets Up For 100% Retrace — Fractal Mastery," you probably realize that I value fractal relationships over trendlines . However, I will always wait to see what happens, before actually placing a trade. Confirmation evidence, is the key to success in this game. It is entirely possible, that BTC catches support off of the rising green trendline and rockets to the moon. However, that doesn't align with the overall technical picture of this chart, or the fractal implications of the patterns it contains. Undoubtedly, it is an important level to watch. If the green dotted trendline falls, panic selling will most likely consume BTC , and the entire crypto space in general. As I stated earlier, buy orders are sitting just above the green trendline , but sell orders (probably a massive amount of them) await below. If the green dashed trendline falls, the bottom of the downtrend channel , and my long awaited, heavily criticized downside target (around $5,650) will be in BTCs sights. Watch the green dashed trendline . It's do-or-die.

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-
ok, thank you
Reply
Mr. Poopy, the weekly chart just turned over 80 mark to the dark side. You may be right on this one. The Horror !
+1 Reply
Thanks for posting you analysis. I don't agree with every conclusion you make, but you lay it out there and are right more often than wrong (which is great)...Keep it up, and bask in the glory when right!
Reply
In 1 hr chart it looks like either a bullish flag pattern or a small falling wedge, what u think?
Reply
you are right
we can see the auto-buy order kicking on 8200 happening 5 minutes ago
+2 Reply
Hello MagicPoopCannon
I am beginner. Excuse me for not correctly understanding the above detail analysis information . I want to buy the bitcoin and missed the chance of 8k hit last night. Kindly let me know should I wait for next 2-3 days and buy it at dip. Not sure, what to do. Appreciate your quick help and answer.
Reply
@BaljeetR,

Don't buy base on the days, according to above chart BTC has a chance will drop to 5631.6USD (see the red line written : Head $ Shoulder + Symmetrical Triangle Target ). However, follow trend when make decision to buy, when trend change decison change accordingly.
+1 Reply
BaljeetR Allistercointrader
@Allistercointrader, Thank you for the quick reply. So many people are saying things differently, so got confuse. Sure will look into trend and will decide. But if when i will understand it is going up and wont be back to this low.
Reply
@BaljeetR,

Market consists of two groups of people, bear and bull. Above chart is called for bearish and chart stands valid until today. Chart poster will give new call when trend change to bull, you can just click on its username to view all the new update of charts.
+1 Reply
BaljeetR Allistercointrader
@Allistercointrader, ok thank you so much for the information. This really helps
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out