Priddy23

BTCs gonna do what BTCs gonna do, so listen to you not the fool

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Okay I have sat back for a while watching circus perform. It can never be reiterated enough that NO ONE can be 100% with TA. I don’t care if you have 1 or 700,000 followers.
1. Don’t believe the hype – DYOR! Trend lines , channels, flags, wedges , etc. , they all just show which the direction the market is currently going and where it may go in the future. So stop arguing who’s right and wrong and just respect others’ opinions. If you are going to argue someone’s analysis then show your own analysis that may contradict their analysis. If you don’t have something to back up your statements then your opinion will not weigh on me.

2. STOP exaggerating. Don’t tell me that all crypto is doomed because BTC is dropping. Come on now. It may be the biggest factor in the market cap but as blockchain grows so do the opportunities to cut BTC out of the middle. If cryptocurrencies rocket, BTC may or may not go with it, o well. WE are still fresh in this world. 8-Track players were godly when they came out, but never once did I say that if 8-Track players die so will the whole music industry. Whether BTC thrives or dies, let’s keep our faith in the technology and make smart investments.

3. NOW here is my opinion on BTC . Take it or leave it but don’t be a troll. The entire market has taken many huge hits in the past year between the governments and media FUD. Many people from common households to large corporations are still too scared to invest in this market. Why? Because it is not easy to understand the concepts of the market, people are afraid of ‘new things’ and there is so much negativity being blasted at crypto. Without a ton of new money what’s going to happen with the market?

Me: (raises hand)

Teacher: “you, stud with his hand raised”

Me: screams, “It’s gonna fall” impersonating my best Ollie voice from family guy

Teacher: “Yes, most likely it will fall until a large amount of new money comes into the market or the whales and manipulators decide to come play in the market again

Me: “When do you think that may be you super hot teacher”

Teacher: “ Most likely when they think that the price has reached a certain point that they really really like. Also there are times where they wait for it to become less volatile and almost lifeless, then they swoop down to breathe air into its lungs so it can yet again rise and make them richer than Gandhi’s spirit.

Me: “when will that be?”

Teacher: “We can only guess” she says as she sits on the desk, crosses her legs and whips off her glasses. “ now come over here you little crypto freak—you’ve been a bad boy”…..errr lets end that scenerio here.

Whew. All right, now that my rant is over and My 2 hot for school teacher has lowered my stress levels let’s look at an indicator on the chart that keeps my mind at ease for now and makes me confident in my decisions.

This is the volume profile for the last year of BTC trading on the 1 day chart. The Yellow outlined box represents a high volume node in the high value area. High volume nodes are where a lot of trading has occurred. This is where we currently reside which is a MAJOR support/resistance area and this will be our third time bouncing from this moving support. In human nature, the thirds times the charm. If the bulls fail break resistance again we will likely fall to the next support area to retest 6K or even fall all the way to the POC . BUT don’t forget the POC moves depending on the future price action. In my experience when the Value area (blue nodes) is sitting at the bottom of the screen then we are still in an overall uptrend market. Correct me if I am wrong.

To sum it all up, BTC is not dead, it’s not even dying. It is wounded and we still need to be patient to see if will recover. Untill then I expect bearish markets when the price is considered to be oversold. It is normal and can be healthy. Take everything you hear with a grain of salt.
Comment: Looks like we are falling to the next high volume node. When it reaches the orange box we will look for signs of reversal
Comment: price was halted at the top of the trend line. Continuing to the next HV node.
Comment: As we continue our journey. now on top of the upper wedge trendline. expecting the following scenario.

Slide down --> leg up --> double top --> freefall
Comment: Like I said BTC is gonna do what BTC is gonna do.

BTC has re-entered the Marked node. On the hour chart an ascending triangle has formed. If broken upwards it could carry out of the node back into the oversold territory and above the 200 EMA which would be good news for everyone ( except those with shorts)
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