MagicPoopCannon

Bitcoin Looks Like Breakdown From 6000 in Opposite Direction

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Looking at the breakdown from 6000, we can see that there was a sharp drop , and then a consolidation. The first three candles are marked as "Candle A," "Candle B," and "Candle C." As you can see, candle A was huge, and had a long lower wick. Then, candle B formed an even lower wick, but in the form of a hammer candle. Candle C then resumed the sideways consolidation pattern.

Looking at the current price action, we can see that it is pretty much the exact same thing so far, just in the opposite direction. Candle A is huge, and it has a long upper wick, similar to the long lower wick on the red A candle. Then, candle B produced an even taller wick, and it closed in the form of a hammer , just like the first B candle. Now, the current C candle appears to be continuing with the sideways consolidation. So, this is very similar to what we saw on the breakdown from 6000. So, if price maintains these similarities, I could see another explosive rise, that catapults Bitcoin into the major overhead resistance zone .

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-


@MagicPoopCannon you are one bad mutha-fker, damn bro, you killin' it
+5 Reply
We are expecting one leg down to eliminate the weakhands before move up to 6400

+1 Reply
@MagicPoopCannon I agree with you - I will explain it with our Elliott Waves though.

+2 Reply
Hey guys do remember when I posted about BTC at 3200$ that we should prepare for 5k journey many think am a fool, here we are 5k level is achieved, now I think we are due for correction and I made this call for us to maximize our profit.

Check the post out and see reason for the short call.
Reply
Hi Magic. Do you think the pull back happens now or at 6000? Based on past RSI behavior both scenarios are possible but more probable is to see a -30% retrace happening now. What ever the outcome I am willing to buy on a pull back.

Reply
Gonna build a resistance level, to give the impression of a sell signal, then will rally.
Reply
cybr cybr
@cybr, **Gonna build a resistance at current level around previous support
Reply
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