epitome

Update: BTC - potential super bearish flag?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Well, well, if that doesn't look like a morning star - a bearish reversal pattern. Often candle reading only works as well as astrology but combined with the bearish flag from my earlier post linked below we could be seeing some movement downwards. Let's see what happens.

This is just a studies of Bitcoin , please don't use as financial advice.
Comment: Also remember: the flag of the bearish flag may extend all the way up to the length of the pole and still be valid.
and you were proven correct! A 14k lesson I will never forget!! I will always check the daily every time I make a move from now on. Thanks for sharing your perspective.
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epitome Hudsonite
@Hudsonite, unfortunately for some people i turned out to be right, I don't have many followers and since I'm quite busy I don't post too much content or else more people could have been warned... then again, the bearish flag doesn't need to fully develop. Other traders suggest it wont go down that much, but I think the correction is not over.
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True about a morning star. But in my mind( noobie brain) a one day time frame seems rather long in this market right now. It’s seems most of the traders I follow and learn from utilize the 4 hour. Not saying your T/A doesn’t have merit, just seems to be a rather big candle. Curious as to why...
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epitome Hudsonite
@Hudsonite, I agree. I just try offer an alternative look on it from another point of view. Maybe somebody didn't see this yet. I don't agree though that one day is a long time frame, if you look at the classics in terms of candle reading, they do it a lot on one day candles. Thanks for you comment.
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epitome Hudsonite
@Hudsonite, also, I think th 4hr candle charts have more viewers, so that is where they want to post most I think.
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Nope.
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