Short

The Dark Side of TA : Bitcoin

Updated

Looks like a wedge forming on BTC and that would be LPSY in Wycoff theory. It looks like it's going to be a massive drop that will then bounce on the wedge formed from the top (in log).
Feel free to comment in my theory.

Disclaimer:
Never make decisions based on others TA. This one included.
Always do your own work, always make your own decisions.

Bear at heart, bull in mind.
Always have two scencarios (minimum).

This is educational theory and not fact, this
may therefore change at any time.

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Out of the wedge, just after I posted this. The wedge wasn't the hard part. Let's see if it goes down further.

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Add on top that on 4H chart, it could not go higher without stepping into bearish diversion on RSI. I also check with fib and it matches the patterns. Press like if you find this useful.

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That 500 dollar jump suprised me. I'm not a fantatic, this idea may be invalidated. But as long as it is in the area the bear scenario is still active.

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8.8k is strong. We will see what happens now. Bears are putting up walls, but tight walls cannot be trusted. I see it as flip-a-coin moment. A lot of people are looking at BTC now.

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As said before, if it goes higher it would go into a bearsish scenareio, based on 4H RSI. Perhaps this is invalid, or bulls will push upwards.

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Market is "Concencus" fomoing they say. Perhaps they're right. Perhaps it's the market. Updated pattern, taking wicks into account. Tops at 8660, 8776, 8880. Roughly 32 degree angle. I'm not here to be right and stubborn, I'm here to make money. I have bought in earlier and have a stoploss. Some say target is 9100. But I say this play is still valid. Maybe not for long.

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I'll be damned. It didn't break 8880. How strange. ;) There is still hope for this play.

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Another theory is that this is a acc/dist bottom. Either that, or wedge, or LPSY.

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I would like to tkae the oppertunity to thank all my followers (1) and for all the likes (1). Thank you. The comment section leaves room for improvment (0).

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Well, I'm going to defend this idea to the MAX,just because it's posted and nobody else is chipping in! :D Market is not at it's best action atm.

Since we had 3 black crows on 3 day chart (yes on THREE day), an assumption that we will have a green candle after that and then go down to hell. DId some charting and there is a correlation in some patterns _maybe_ that happens just after day close and right after a possible green 3D candle. (Strangly enough!)

As said before, I'm not fanatical, I'll trade whats best at the moment, currently out of BTC.

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Day 2. It's getting lonely at this little island of the internet. Still no human contact but I will not give up reporting as it's the only thing keeping me sane. I found a flare fun floating in the sea. I will use it as soon as I see a ship or just for fun. Speaking of ships. BTC hit a iceberg and dropped around 200, scenario is still in play. But I'm preparing for anything, and Wilson agrees.

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Is it a wedge? Not it's a flag? No it's BITCOIIIN!

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Look at this copycat "Peter Brandt" who the hell is he anyway ;-).
twitter.com/PeterLBrandt/status/996461110818553856

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We are under the 200MMA and the "death cross" is happening as we speak, if you belive in that nonsence. I am also happy about the first comment I recieved, and it happened to be from myself! That explained where the update went. I am now in a 1,1,1 format in followers, likes, and comments. It leading somewhere. Good ;) But still, this section of the Internet is completely deserted and I will have to stick with Wilson for a bit longer I guess.

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8.3k it's starting to move down.

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8.1k moving fast :P

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This is it so far. Could it reverse here? Yes, but I'm the Bears Adovacate so I say it will go further. Wilson agrees. Still no-one watching this, so I'll have to do with a basket ball.

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Honesty takes you a long way. The thick red line on the chart was a line that was a checkpoint and I mapped it days ago. I just remebered. It may may find strong support here. So i'm slightly less bearish.

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There are some bullish signs here. Perhaps it's time to dump Wilson.

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7.9k

Trade closed: target reached

7.5k. Target reached. Just had to take the scenic route!

ArthurD42

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