Massive amount of rumors going around tether right now. BTC is not worth 7.7k. SHORT IT
Why Bitcoin must break down to break up. Bitcoin needs to create a new pattern
I've been meaning to to do a long term update for BTC for sometime now. This is strictly the message straight out of the book of Richard W. Schabacker (Father of Classical Charting Principles) Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used.
"Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used." - Bruce Tintelnot
This pattern we are seeing in Bitcoin is nothing new and well documented. We need to break The Trend to go up. Most likely will break the yearly support forming and creating a new pattern. There will be bounces along the way. I believe probably have a dead bounce around $5400 and find our bottom between $5100-$4295. I'll be layering my buy orders all the way down.
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Completely respected the yearly resistance.
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Say No To Fomo
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Massive bull trap
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Yearly resistance still completely respected, watching to see if we find support on a critical $6800
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Going after the shorts here as predicted stacked way too high. Shorting every bounce. No breakout here.
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Another bull trap on the way down.
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Ladies and Gentlemen I feel sorry for the people following the #1 paid groups on here post BTC 1 million first we are down from a probability stand point. The exchanges and market makers do not want the yearly support to break. They make more fees higher the price is. They are not going to be able to keep this baby held up forever and when it goes and it most likely based on the probability those users are going to be hurt. Looking at 30%+ value of asset loss.
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This was no surprise bitcoin fell after the market makers pilled on a few longs and liquidated some high margin shorts. Safe play here been to short the bounces and open low margin shorts as we go down. Has anyone thought for one moment a clearly (photoshopped) image caused mass panic for large investors to pull that much money out of tether? It was most likely another setup by the exchanges and and excuse to try and cause a short squeeze. What happen in April may not have been manipulation but was highly profitable for Bitmex. We all also tracked Bitfinex that is owned by the same parent company as tether print 250 million additional coins transfer it into Bitfinex and buy bitcoin to cause another short squeeze. (Multiple Times) I've tracked the wallets) Google it. House rules can't post any links here. That last move 48 hours ago was the 4th attempt I've tracked of tether manipulating the price of bitcoin recently.
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I didn't have a chance to update my chart but my trading plan has not changed for those following along. This weekend could be interesting.
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Looking at the same chart for the big picture here and not much has changed. There has been no need to put out a new chart every 3 hours. With that stated all things considered putting aside the Tether Bitfinex/premium mess/game I'm still looking at the same chart I started with and what I had drawn out a month ago is being respected. Everything being considered still more bear than bull. I remember many traders of this year 2018 calling the bottom in April "with higher lows." Only to see Bitcoin break Sub 6k. I'm still leaning on the side of bearish to break. Simply put there is zero doubt certain exchanges and individuals have and are keeping the price of Bitcoin prompt up as to not break the yearly support. Eventually the same money can't only be traded so long... Eventually the same money can only defend the same support so long...
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Longing $6250 seems it was the most reliable long all year long. I wondering when it would stop working. This is the same long term chart I've been playing of off for months. You can call it road to 5k.
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If you the updates on these charts please leave a like and follow. >=) I'm not certain why it shows trade "Target close." This trade is still active.
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If you have enjoyed the updates on these charts. Please leave a like and follow. >=) I have stayed away from posting further ALT coin setups as the risk of till the market bottoms out.
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This is the based of the volume profile. Currently we can stay above $5,400 I would like to see a retest around $5,800 and a strong rejection back down to ride $5,400 before taking another dip.
This had been my thoughts for a long time but the way we have broken down. bur I don't expect this multi year trend line to hold. Patterns are meant to be broken, I'am expecting a bounce at $4,880ish.
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I'm just updating my original chart on this, I see we had a bounce where I was expecting, how we have broken down. I don't expect the multi year trend line to hold anymore. One day at a time but based off of other indicators it could come in around $2800-3800.
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The Daily RSI is now 7. We are so oversold on the daily. I wouldn't recommend anyone shorting this with a large leverage at this point. Were close to the bottom for the time being and should start to see some sideways movement here.
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Things are getting interesting here. Time to see if this multi year trend line holds. I don't expect to the way we are breaking down. Next stop $3,800 is possible.
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We seem to be forming a rounded bottom and possible Wyckoff Event Phase. Short term bullish.
Would be careful with the shorts here
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I believe we have some price movement coming in with this type of pattern.
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I've been documenting the fall for a long time. This is called the The Theory Of Everything. The chart explains it all
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I would be careful with the shorts here. At the very least we have double bottom and a clear rejection of lower prices. Possible dragon formation forming on the 4hour.
Of course I don't believe the bottom is in yet, but everyday new data.
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I warned previous about the shorts pilling on here.
Anyone who longed this Doji was smart. Sellers pushed the price down lower but failed to close the price lower than the previous day. It was another bullish signal.
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@RickyParker, got a chart with an idea to back that claim up?
deactivatedaccount123
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This is what my tinfoil hat says about this situation, in steps.
Cause Tether FUD, and pump Bitcoin.
Bitcoin pump and Tether falling causes people to panic buy Bitcoin.
People panic buying Bitcoin allows the whales to slowly dump extremely expensive BTC for extremely cheap tether.
People panic buying high price Bitcoin with cheap tether means they bought high and sold low.
Whales slowly dumping BTC at the top for cheap Tether means they get extra 15% BTC when they buy back in.
On Bitmex at least, we just got rejected on a reattempt to break meme triangle.
CBOE futures close on Wed. Queue price dump "b/c meme triangle was denied."
CBOE futures close low as hell, around $6,100, $6,200 or so. (Look what happened on the last CBOE expiration)
People panic sell their FALLING Bitcoin back into tether thus inflating Tether's price back to normal or higher than before. (Or other stablecoins)
We go slowly sideways but down for the next 2 days after CBOE, queue all the bears posting we break 6k.
On Friday October 19th, 2018, the golden bullrun we've all been waiting for starts.
After 1 fake down, 1 fake up, 1 fake down, whales manage to acquire a SHITLOAD of pumped stablecoins (Especially tether because rumor has it deposits are being reopened on Finex in the next few days.)
Friday, October 19th, 2018:
COBINHOOD offers zero trading fees margin trading with 3x leverage for the following pairs: BTC/USDT, ETH/USDT, COB/ETH.
Get ready to get your longs in for BTC around $5,900 or 6k or so.
Herding techniques, guys ;)
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@MC_Peewee, They'll be bounces along the way, no doubt. Especially one around $5,400. The thing, for Bitcoin to go up, we need to unwind the machine bring the price back down to bring in a new round of investors.
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@MC_Peewee, Hi MC, thanks for posting its been a wild ride down. Bitcoin was basically just floating in the air on weak support.
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Sounds like a fairy tale told for bears. But not likely to happen in real world. But different perspectives and different opininions are always helpful. Thank you anyway.
MrMarketMaker
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Lol your line goes from first wick, skips second wick, and connects to the other. That downtrend line carries NO weight.
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@MrMarketMaker, It carried some weight...May want to check again, thanks for posting.
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@CopyPasteProfit, you called for a bounce and it didn't happen. Carries no weight.
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@MrMarketMaker, Actually you may want to learn something and read the chart, everyday, new data, when I knew we would dead bounce. I updated this chart. Even if you scroll down I updated the chart and said we wouldn't bounce.