CoinMajesty
Short

Ride the Bitcoin Rollercoaster - Pt. 1

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Harmonic Patterns , Fractals and Price Action are showing a strong correction is about to take place in this bull market.

Entry: 1200.
TP: 945.
Stop-loss: 1230.
R/R: 1 / 8.5.

Good luck!

Disclaimer: As usual, this is not a perfect prediction. Don't put all of your money into it. If you don't know how much to put, you can learn how to hedge properly by using common sense and a search engine. I will be posting updates as I have been doing in my previous posts.

Animated version:
Trade active: Double Tops!

Comment: Arranged the chart a bit. Still double tops:

Trade active: Bitcoin has been sideways for a bit but the first dojis are starting to show up. If you closed the short because we reached the stop-loss, this could be a good time to open it again. I expect the French Presidential Election to have a profound impact on the markets, especially between EUR/USD, where the EUR would devalue, USD rise in value and BTC, dump.

Comment: There is also a possibility that Bitcoin would pump because of the result of the French Election, considering a weakened EUR would lead to capital inflow into Bitcoin, although I see it as a remote possibility, taking into consideration the bullishness of the Alt-coins and the problems with the exchanges.
Trade active: Trading still active!

Trade active: Still on track...

Comment: In the previous update, the last pattern looks kind of like a bearish crab.
Trade active:
Trade active: Crab Pattern will complete tomorrow. If it doesn't dump, this idea is totally invalidated and we're very bullish still.

TP1: 1160.
TP2: 945.



Let's see how it goes.
Trade closed manually: Crab pattern failed. This idea failed. I'm closing it manually.
:-) Those fancy butterfly things doesn t mean much... as can be seen in this chart.. Instead of a strong correction there was a strong bullish rally
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So what are your updated thoughts on BTC. Still bullish?
Reply
CoinMajesty darknight1818
@darknight1818, I'm all in alts right now and it's working pretty well cause some of them are pumping in BTC value so they are exponentially growing in USD, especially BTS.

I honestly hope this continues like this, cause it's beneficial for me. But I still think Bitcoin is going to dump hard at some point within the next few weeks. It has truly surprised me how long this bullrun has continued for, but TA still looks strongly manipulated. And fundamentals, aligned together, are still very bullish.

So I see two possible scenarios.

Bitcoin pumps with most of the important alts.
Bitcoin dumps and most of the important alts pump.

Whatever case scenario, I'm all in alts still :)
Reply
can you publish your most recent chart? are these called cypher patterns?
Reply
@member00, my most recent chart is within the updates.
Reply
interesting setup pitty its already hit sl
Reply
@console, Trade still active. Check out the last update.
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Agree. I don't think it'll make it through the 1235 barrier.
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@SammyOne, too complicated, and add to that the problems with Coinbase now.
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