Okay, so. Today, we are at a major turning point in BTC. What happens in the next couple of hours will basically determine whether or not we ride Candy Mountain.
As we speak, the RSI is Neutral while the MACD is signaling bearish divergence. Both of which are nearing an apex. All week, as I have stated, there has been Hidden Bullish Divergence. The bulls have been waiting for something. It COULD be a better buy opportunity. Whales are setting up for something big. I use to be very bearish, but once I started seeing Hidden Divergence in basically every time frame but the daily, I went Bull. That isn't the only indicator I have seen that establishes Bull presence, but it is a very strong hint towards what could happen next.
I am still Bullish despite all the bearish charts being produced. Why? Again, there is Hidden Bullish Divergence on all time frames if you look for it. We are still technically bullish in price even though we are outside the uptrend channel. Not to mention we have some SERIOUS support underneath us. We would have to break the 50 MA, then break 3 supports, then break the 250 MA, then break one last strong support before even considering freefall.
I like to think of Cryptos like water - they almost always take the path of least resistance. 10K resistance might seem rough, but what lies below is even harder to break, all things considered.
Any price above $8,700 I believe, is still technically bull territory. When we dumped, we didn't dump that far. By my own standards, we are sitting right outside the uptrend channel and waiting for an opening back in.
So we are not far off from Candy mountain, we just need a huge push. A break above 10k with serious momentum is one last chance to buy.
THEN MOM AND POPS MITE LAMBO US TO DA MEWN Maybe. xD
Not financial advice. Just my 0.02 Satoshi's painted on a chart. Good luck and happy trading!
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PM me for my Twitch link, I will be streaming Mon/Wed/Fri. PM me for my telegram, I post free signals on BTC and alts!
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Update!
I am bad at Elliott Wave theory but this is my best guess as to what price action will do. That being said, a drop below my head invalidates both this update and the original idea. We are still technically bull above $8,700. If however, we reach $8,700 or lower, we are officially back in downtrend and these ideas don't mean jack. xD
thanks for the updates. That dump kind of threw a wrench in the plan.
deactivatedaccount123
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@pitchup, No it didn't. That was planned, and I'd bet I know why. We'll see in the coming week or two. ;)
Robbanbiff
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Waiting for new entry point, expecting a drop towards 8xx-90xx lvl because of the low volume, but it mostly depends on what dayly candle close at i think. But BTC surprises us alot latly, im watching chart whenever i can waiting for new entering point, right now anything under 9500 is bearish for me because of the 200-300 drops we have been doing.. And not to mention 9.7k resistance.. that one is huge, we need some serious bullish signs soon to not fall deeper i belive.. Nice TA and post mate! cheers
deactivatedaccount123
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@Robbanbiff, Thanks man I really appreciate the comment. I agree this is a no trade zone until around 10k. A good entry point is 10.1k with high volume on PVT, high RSI, and divergence on the MACD. Hope that helps :) I don't really care which direction we go, as I will only be playing the big big drops and the big big moons. Otherwise, I'm teaching myself patience. Good things come to those who wait. :)
I have some more fiat comming too so i can buy more BTC.. But i have Buy orders set and if im lucky again its get bought ;) Have a nice day!
deactivatedaccount123
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@Robbanbiff, I wouldn't be surprised to see one last drop towards 9k, possibly even $8,700. We'll see!
ninjethics_ESP
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good morning scrub where were you?
:))
deactivatedaccount123
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@ZigSwag, Oh shut up, Dad.
Robbanbiff
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Look at my basic chart i did last night wich was 100% accurate AGAIN.. Please guys follow me for more TAs as i have a tendency to be correct on what price is next ;)
deactivatedaccount123
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@Robbanbiff, If you came here just to share a chart, I would gladly have embraced your view.
But you didn't.
You literally came to my idea to say 'Please guys follow ME"