texagg22
Short

Bitcoin Coiling, Breakout/Breakdown Imminent

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Guys, it will be a short one today as I am getting ready to take my son out to the lake for some fun in the sun! Truly, I would advise anyone here who is stressed or worried about a position to just set a stop loss, set a profit target and walk the heck away. I can PROMISE you, if you do this your win rate will go up , your stress rate will go down and you will begin to realize a relaxed mind is a profitable mind.

Ok, enough with the preaching, from what I can see we are following a pretty similiar pattern to 2014 as we all pretty much realize by now however something I did just notice today was how we have been consolidating/ coiling between the 200 day moving average adn the 500 day moving average....the fact that we have been ranging in an ever decreasing area screams to me a violent move is coming. That begs the question, will it be up or down?

Based upon the 2014 fractal , the declining channel we are in and the looming death cross between the 200/500 I would say we break down from the 500dma instead of breaking up from the 200dma and we begin searching for a real capitulation candle. Also, looking at the history of hyperwaves a breakdown below the phase 3 line has pretty much always resulted in a return to phase 1...in this case that would be around 1k.

Note- If you are not familiar with hyperwave theory please look up a guy named Tyler Jenks on twitter or go find the "hyperwave" channel on youtube. I think Mr. Jenks is one of the best analysts in the space.

Ok, off to the lake for me, as always please feel free to leave a comment or a chart or a like below!

Red Boar
Comment: Huge battle going on here



Comment: Guys , meme lines, a brain and some patience is all you need in this market. Here is a tip to everyone reading this that is not a pro trader already, get rid of all your fancy indicators for a couple of weeks and spend some time working with basic support and resistance lines and maybe a simple moving average or two. Take time and review price action and it’s history, go back and really get to know the market and how it Feels. Reduce your noise!

Red Boar
Comment: Wow, another nice trade after the breakdown of the trend line on the daily! very exciting, I am expecting some kind of small bounce at some point but so far we are right on schedule!

Comment: The above chart was made use simple moving averages and the 10 day chart, here is a look at some EMA's and the 2 day chart....

Comment: Here is a link to the latest macro analysis...

TradingView has so many fancy indicators, they look fantastic, it took me a lot time to learn how they work and that I do not need then, they only “helped” me create more doubt and hesitation when to take trades.
+2 Reply
dumpai !
+1 Reply
mc_peewee dRends35
@dRends35, Not yet my friend ;)
Reply
dRends35 mc_peewee
@mc_peewee, dumpai is the crypto equivalent of banzai! I'm not sure what the bullish variation is yet...
Reply
mc_peewee dRends35
@dRends35, Although I'm still doubting it, we could break $6800 here. Let's find out d:
Reply
dRends35 mc_peewee
@mc_peewee, And although i doubt it, we could still see 9K, i just would like some action
Reply
mc_peewee dRends35
@dRends35, BOOM goes the hammer. Bear market it is D:
Reply
dRends35 mc_peewee
@mc_peewee, Lol, we're switching sides. We still need to pass the trendline, but yeh this looks like the next wave down now, following the corrective pattern
Reply
mc_peewee dRends35
@dRends35, Which trendline? 6,800 was MASSIVELY important.
Reply
dRends35 mc_peewee
@mc_peewee, I'm on lag, lol, we passed the trendline, that was brief, although could get a fakeout. However I didn't really see a trendline, just a continuation. Bitcoin has been very uniform corrective.
Reply
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