Hate My Analyses? Then Don't Read 'Em! Unfollow Me FAIC! (BTC)
Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! Looking at the daily BTC chart, you can see that BTC has moved exactly as I projected in the last analysis, both on the upside and the downside. The arrows are still on the chart from that analysis, and you can see that it's a perfect match for how price moved. That's actually true for the majority of my analyses. Yet, people still cry and complain in the comment sections. I swear, I could give people a perfect projection 100% of the time, and they would still cry me a river. I guess when people only read the titles, and then glance at the charts without reading the conditions of the analyses, it's impossible for them to have an accurate understanding of what the analysis is actually about.
Take this chart for example. I indicated what I thought would happen in BTC, based on the arrows that I drew. However, I also told you that once BTC returns to the 50 EMA (in black,) we have to see a hold there or the market could be in for a serious decline. That's still true today, even though I have a green arrow rising off of the 50 EMA. That's not showing what I think will definitely most certainly absolutely unequivocally happen. It's simply a display of what I expect to happen, IF IF IF IF IF BTC holds support around the 50 or the rising purple trendline. Notice, the "if" statement. That's called a "condition." In case you didn't know, conditions are what ALL technical analysis is based on. If you have a problem with conditions, or fail to recognize them in an analysis, then you have a problem with technical analysis in general. If that's the case, then why are you here?
So, what I am most interested in, is seeing if BTC can hold the 50 EMA. Just below that, we have the rising purple support line. So, if BTC falls below those levels, I expect that we could see a rapid fall to the 7,000 level. However, there is a chance that BTC can hold the 50 EMA, and/or the rising purple trendline. So, if we hold around that area and start to head higher, we could have a technical setup to produce a powerful rally toward 13,800.
Looking at the indicators, we can see the MACD is crossing over bearish, the NVT broke back down below the orange signal line, and there is clearly some short term selling pressure building in the market. So, let's watch to see how BTC responds to the 50 EMA. If it gets below that, the next major support is the purple rising trendline.
On the Ichimoku cloud, we can see that it is red and price has fallen below the cloud. There isn't much sell volume to speak of, but the indicators are flashing a more neutral to negative short-term outlook. Price needs to hold the 50 EMA support, or the rising purple trendline, to keep the bulls in control.
#PoopLovesSomeOfYou
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-
Take this chart for example. I indicated what I thought would happen in BTC, based on the arrows that I drew. However, I also told you that once BTC returns to the 50 EMA (in black,) we have to see a hold there or the market could be in for a serious decline. That's still true today, even though I have a green arrow rising off of the 50 EMA. That's not showing what I think will definitely most certainly absolutely unequivocally happen. It's simply a display of what I expect to happen, IF IF IF IF IF BTC holds support around the 50 or the rising purple trendline. Notice, the "if" statement. That's called a "condition." In case you didn't know, conditions are what ALL technical analysis is based on. If you have a problem with conditions, or fail to recognize them in an analysis, then you have a problem with technical analysis in general. If that's the case, then why are you here?
So, what I am most interested in, is seeing if BTC can hold the 50 EMA. Just below that, we have the rising purple support line. So, if BTC falls below those levels, I expect that we could see a rapid fall to the 7,000 level. However, there is a chance that BTC can hold the 50 EMA, and/or the rising purple trendline. So, if we hold around that area and start to head higher, we could have a technical setup to produce a powerful rally toward 13,800.
Looking at the indicators, we can see the MACD is crossing over bearish, the NVT broke back down below the orange signal line, and there is clearly some short term selling pressure building in the market. So, let's watch to see how BTC responds to the 50 EMA. If it gets below that, the next major support is the purple rising trendline.
On the Ichimoku cloud, we can see that it is red and price has fallen below the cloud. There isn't much sell volume to speak of, but the indicators are flashing a more neutral to negative short-term outlook. Price needs to hold the 50 EMA support, or the rising purple trendline, to keep the bulls in control.
#PoopLovesSomeOfYou
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-
Comment:
Don't miss my breakdown of how I think a global currency crisis could emerge...
