Spotted potential Rising channel on 3days with huge potentials.
Also, discovered a big correlation between 2017, 2018 and 2019 with December 15th been the top of the last major rally in 2017 and turn out to be the bottom of the 2018 and 2019 respectively. All eyes is set to what December 15th 2020 will bring.
The chart is clearly and self explanaroty, and kindly wait for my short term play soon.
Don't forget to subscribe to our Trading View profile & press the like button. We would appreciate it.
Note: It will be good to always understand risk involve in trading. Always trade with stop Loss in place.
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Thank you all for the likes, it mean so much to me.
Short term view show case a possible CUp formation.
This formation will become reality if BTC fail to break away from 10,000$-10400$.
The implication of this is that correction will likely follow immediately if price get rejected. So let keep an eyes on the zone.
Potential Buy back is also shown on the chart but it is necessary for top of the rally to set in properly before making final buy back projection.
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Detailed EW count of this last leg. Keep a close eyes also on the green box, this will be our exit zone from the market should incase price break below it. We can always get back in with better price.
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Price finally find its way inside the green box, I go long here with tight stop loss in place let see how this develop.
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Price did bounce as expect away from the green box.
Nice perspective 👍 I gave you a like and a follow.
UnknownUnicorn3511625
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WOW
UnknownUnicorn3511625
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@QuantumHedgeFund,
weslad
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@QuantumHedgeFund, thanks for sharing your view with us
mackbrown
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Assuming December 2018 was the END OF THE CORRECTION is a huge assumption.
mackbrown
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@mackbrown, Yesterday the FEAR & GREED index was at 57 GREED.
The last 3 times it was at this level were.
FEB 2018
MAY 2018
JULY 2019
...and then
vapordwarf
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@mackbrown, Well let's base all our trades on an "indicator" based on twitter posts and tiny questionnaires of regular people.
mackbrown
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@vapordwarf, You can do whatever you want... I applied those 'moments' and referenced them to exact price levels at exact moments on the charts just like everyone else.
You want 'indicators'? Most 'indicators' are LAGGING.
Good luck (if you're a permabull, you're going to need it)
mackbrown
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@mackbrown, @vapordwarf ~ If you're trying to criticize me for (correctly) pointing out a very good macro correlation between FEAR & GREED index and BTC price movements it's your right to do so.
I sustain that it's important and I'll tell you why. It's because F&G is an emotional based index whereby most retail traders make FOMO style irrational decisions (usually going LONG at the wrong time).
Market whales know this and usually have the capital to push the market to these levels just as the MACRO picture (which the retail trader is not aware of or does not have his/her eye on), are taking place.
Here's an example... The S&P has basically gone parabolic since last October hitting new all time highs on almost a daily basis at the tail end of an 11 year bull run that's the longest in history.
Behind the scenes other things are going on. The run-up since October has been due to added liquidity from THE FED by way of a repo program. They were afraid of an inverted yield curve which has been a harbinger of global recession going back decades. As such, the YC began to uninvert, but now, suddenly with the coronavirus, the YC is inverting again. In addition the Chicago Purchasing Manager index, published today, showed the 7th straight month of contraction. It was the harbinger of recession with 100% accuracy going back decades.
So, it's down to whether you think BTC is an ISLAND that exists outside the influence of MACRO MARKETS... I'll admit that there's not a huge data sample to say one way or another, but in my experience with ALL markets is when bubbles burst... ALL PRICES GO DOWN, and people run to the easiest and quickest pool of liquidity they can find. It would be unrealistic to think that BTC would be such a pool of liquidity (because 'getting in' means you'd also have to GET OUT if your trade went wrong and whales with millions or tens of millions in BTC aren't going to risk those amounts on that volatility). In a way, it's like owning a house. Very difficult to convert a house to cash in a short time frame. Getting in and out of cash is relatively easy.
Maybe this coronavirus scare will come and go (but a case could easily be made that people are only now beginning to understand the potential global impact).
These things, MIRACULOUSLY (lol) always seem to come to focus at important junctures:
US SENATE IMPEACHMENT TRIAL
CORONAVIRUS
SUPER BOWL WEEKEND
IOWA CAUCUSES (Monday)
even KOBE BRYANT