What happened, what's happening and what's going to happen? At one point you will look at a chart and you'll be able to read it like a novel. You'll read it and see that a crime happened and you'll know the suspects and you may even laugh. Real quick, what can be funny about this chart? Chart patterns of course, for those that believe in head and shoulders and bull flags and so on... they all got rekt. In short chart patterns do not work and Elliot wave theory is for flat earth believers, the only thing that works is what I'm trying to teach you which is support and resistance, that's the main tool exchanges use and if you shadow exchanges you'll make money, if you try to outsmart them you'll get rekt.
What happened? A crime of course, The two green candles (generated by exchanges) robbed our leverage trading friends from making all the money that was coming to them. They were assassinated at the beginning just so that they would not enjoy this massive drop. It was 100% obvious what was going to happen. Why was it obvious? We were at the bottom of the channel and a death cross was created, naturally, there was no other place but down, it was too good to be true, and it was.
What's Happening? We are traveling a downtrend channel -- under a death cross effect -- looking for the bottom after a parabolic move. Exchanges are testing lower and lower grounds to pick up more buyers so that the volume needed for the next parabolic move is generated. The likely bottom is my "Mother of all buy zones" that's as low as BTC gets without turning into a bear market.
What's going to happen? When we hit the "Mother of all buy zones" most alts would have double-bottomed and we'll see a violent move up, this is when BTC may try to go back to 20K or over and high performing alts will try to reach their all-time highs.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
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NOW, THE LEGEND; Support trendlines are green Resistance trendlines are Red Horizontal support lines are white, the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high THE OUTLOOK: Expected to go down, unexpected if it goes up.
The REAL Master of The Charts, The Professor, The Legend, The King.
cryptoGats
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@kramegruts, Ha! Thanks my friend. We've hit two out of our 3 targets. If we hit all three it will be a great 2020!
investicli
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I thought I had posted this on your previous chart, but clearly I didn’t. I follow your analysis and it has changed my approach to trading. One thing I am curious about. I had a stop limit order in place at 7050 for 50% of my remaining funds, and sure enough it was triggered. Now I notice from your charts that you bought in at around 8,500 and also now at 7,000. You still plan to buy in at your “mother” zone. Given your astute analysis thus far, how do you stop yourself from selling the funds you purchased at 8,500? My natural instinct at times (and thank goodness I did that at 10k) is to get out. What keeps you in the game, and at what point would you step (or stop!) out? Thank you, always for your posts here, they're excellent.
cryptoGats
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@investicli, Great question: I actually stay away from stop losses since I buy on the way down. It is risky but the buy zones you see are planned out as we are starting the hunt for the bottom. I go in carefully with 25% at first so that the remaining 75% act as leverage to dig me out if we keep going further down. The main reason I do not use Stop-losses is that your exchange and stop-loss hunters will always find you and take you out -- if we are on an uptrend -- but since I start getting in while on the retrace -- which means I know we are going down anyways -- I do not use stop losses. When I do midterm trading I do use an SL, but that's another topic. Once we get over this phase of the market I will teach you guys how to make money on the uptrend as well. At one point you'll be able to make money irrespective of the market direction, but that will be too much to take in right now. So the short answer is, when buying during this phase do not set an SL we know we are going down so we are loading up as we go further down. The only place I would step out of the trade is if we violate the 200MA on the weekly, that usually means light out for an asset for a few years. Did this answer your question?