MagicPoopCannon

Bitcoin Top Likely in! Possible 30+% Downside From Here!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi. I think the top is in for this recent bull run, and that we will likely fall significantly from here. I don't think people are taking the downside risk here very seriously. Price was strongly rejected at the weekly 50 EMA (in black) and it's currently being suppressed by the 61.8% retrace, as well as the top of the ribbon on my screen. Not to mention, the NVT is bearish AF . Do what you want. I'm out of BTC until we retest significantly lower prices. The only thing that will make me change that view, is if we breakout above the weekly 50 EMA (in black.) However, I don't see that happening anytime soon.

To think that BTC will just tap the weekly 200 MA/EMA (like it did in December (purple/orange)) and then never test them again before we enter the next bull market, is extremely unlikely. Especially when you consider the log chart. When I look at my log chart, I can see that we still have not yet come into contact with the lower side of the arch. That is still quite a way out, in terms of time and price. It should happen somewhere in the 3000-4000 range. Knowing that, I'm going to sit on the nice pile of cash that I've made since December, and buy one metric F ton of Bitcoin when the time is right. Until then, I will be watching through my binoculars as the bears completely slaughter the naive, complacent, and unsuspecting bulls.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
What happened?
Reply
@rkothwala, Hahaha, this one was good
Reply
TOO MUCH INFORMATION
Reply
this analysis is dookie
+3 Reply
I like how he said in the most recent post (after this one) that he's been making so much money all these months. But he's been wrong on such important calls. That means if he's making money he must NOT follow his own advice he gives on here or he's making up stuff.
+1 Reply
wrong as hell
+1 Reply
Poop is like 0 for 5 in recent predictions . How is anyone still following this guy. Loser
+1 Reply
@vlaxew, he is like 0 / 100 , almost never right.
Reply
At best this is going to be a sideways chop! Bad idea to make huge predictions on a sideways market.
Reply
Because it has been staying in sidelines for quite some time, I think we will go challenge 6000 and come back to this point as support in the future. Doesn't look like we are going lower than this folks? It's stay power is too strong.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out