Thank you all what for your support and ongoing patience. It is tough to be in a down market, and as the saying goes what comes up must come down. Well, the opposite can also be said. Once you are at the bottom the only direction to go is up! Unfortunately, I do not think we are at the bottom of the chart yet.
If you have been a long time follower of me you probably know that unlike other TA's I love to draw predicted price path, buy and sell points. If you review even my early LTC TA's and the TA's from the last months + the updates (where i post my private TA charts) you can see that the market has been following my predictions very closely. Once again, I appreciate everyone who has supported me along the way and I hope I can continue to be an honest and transparent reference in the market. No crazy ego or pride, just honest TA that I learned over the past 5 months. (NOTE: I started Crypto with 0 trading experience). I put my money where my mouth is and actively trade my charts.
In my very first TA I shared that my goal is to cross the six-digit profit line by December. I accomplished that goal in November. I am now playing with house money and planning on hitting my year-end goal of 7 digits. I am excited to have you all on the greatest journey to financial freedom! Anyways, here is the analysis.
AS YOU READ THIS CHART I PLACED THE DATES OF WHEN I POSTED THE NOTES SO YOU UNDERSTAND HOW THIS TA DEVELOPS. Review this chart to catch you up to now!
When I drew $9.4k buy setup it was in the event of a failure to breakout and formation of a . This excluded news such as Binance & Japanese Whale Sell-off. These two things have obviously propagated a sell-off and SL triggers. The telegram family and I saw the breakdown of $9k support down towards $8k days before it happened. What I can expect to happen is for further consolidation and decline of BTC price in the upcoming two weeks. The chart pattern we observed (CREDITS: To Eugene) is the Big M. It is the breakdown of the baseline at $8k and this can propel us as far south as $6k (overextension on the panic sell). If you review the predicted path on the & the chart is following it perfectly. If we hit the bottom of the and into oversold territory (med-high probability), we can easily see $6-7k range again.
Some of you might say well we are still bullish!!!! Well...yes and no. There was a breakout in the uptrend however, the overall market is still in play. There was a 30%/70% chance of a breakout/failure and the market decided that the price action will continue to decline and consolidate lower. Personally, I think this is healthy for the market and it gives it better time to rest. Cryptocurrency is a marathon not a sprint . We went Hare Mode and ran out of Juice in Jan. As i mentioned in a previous TA 2018 will be a year of news and price consolidation. Overal 2018 Targets for BTC is $30,000 - 50,000 LONG.
Day Traders: I have been Day Trading BTC for easy 5-6% on the breakdowns. It is too much work to monitor and update on TV, however, i do post my short term trades on Telegram. I would note that we will continue to head south so anytime u do enter a position sell at profits. I don't think we have hit the bottom.
Medium/Long Traders: Depending on your patience I would set up for various scenarios. $8k range was a buy signal for me and the team and I have entered positions. However, we are shifting towards a longer term timescale because BTC WILL turn to $7k within the coming weeks, if the breakdown continues. I saw heavy manipulation in the books with 200-300 BTC sell walls coming and going/halting upward price recovery.
The Lower we go in Price the Lower the Risk. Right now is the time to have wealth protection & management.
4 HR BTC chart was trending on the bottom of the RSI.
Working on another BTC chart if we will have one (1) bullish uptrend and then a dip to touch 6k again.
Check the date on the top left: