BTC whats the scoop ! ...I'll tell ya in a nut shell
HADOUKEN Traders...and entusiast,
I am The Real Johny Button !... hated by the press and loved by the haters! Lets look at my opinion on BTC -2.01% today:
The market cap has dropped back under 400b today. So i am starting here as this be the actual indicator on the entire market no matter what coin you are studying. During this consolidation the past 2 days it has been around 400b - 410b avg. and now we are under 395b as i type this I am feeling a little better that my lower buy orders will hit.
I could talk indicators and all that, but all in all its what happens from this consolidation. I already know that the 1 day chart is telling us we could drop to the lower end of the scale....i already know the MACD on that 1 day is healthy for the down move. But this is crypto, and this is trading, so we sit, we watch.
Before i ever get to my scenarios of the market reversal shown on the visual above...on this 4hr chart above we would usually tag this small consolidation unfolding upper resistant 3 times or the lower support before the decision comes to the people...if it was textbook. My count (and everyone has a different opinions) is that we have 2 tags on the upper and lower, but 1 thing is for certain...we will be shown if BTC goes up or down in the matter of short time or hours.
So if we go down here i see 2 scenarios left to play in this TRADE game coming up:
Scenario 1 - We hit the correction level of 38% from last months run (fib levels stretched from the bottom to top of entire run), and we reverse here. Cha Ching, break last months high and up we go to make some new positive moves for the year
Scenario 2 - We drop all the way down to the lower support from this years large consolidation sideways (large pink lower line on visual above), making our 3rd tag on this line for the year...and CHA CHING ! we go back up, break the large consolidation upper resistance created this year and make new price highs...
Now people say we are going for lower lows in BTC, breaking support on this years consolidation, aiming way down 3k or less....yeah thats possible, everything is possible. But i am looking for trades up, and i dont think we are doing that in my mind...call it optimism, i like that. I think the market is growing, bigger companies are involved, they are not turning their backs...so i am going for the price following the money, and making money.
I will always have exit levels in mind, and cash out if necessary if i am wrong...it happens. Cut my losses, take the hit, down a bottle, cry a little, smoke some weed...relax again, and play another day... In general we win more than we lose, and those win profits out way the loses.
note:
Everything moves in 3's. I apply this thought to my charts and MACD reading. I call Elliot wave 12345, 3 waves up because thats just how i see it. 3 is my magical number and has proven to be a nice way to be on a good path for me.
I also have bad grammar, and i have offended goldman sachs mail room workers in the past...to this i am sorry
Regards,
Johny Button
I am The Real Johny Button !... hated by the press and loved by the haters! Lets look at my opinion on BTC -2.01% today:
The market cap has dropped back under 400b today. So i am starting here as this be the actual indicator on the entire market no matter what coin you are studying. During this consolidation the past 2 days it has been around 400b - 410b avg. and now we are under 395b as i type this I am feeling a little better that my lower buy orders will hit.
I could talk indicators and all that, but all in all its what happens from this consolidation. I already know that the 1 day chart is telling us we could drop to the lower end of the scale....i already know the MACD on that 1 day is healthy for the down move. But this is crypto, and this is trading, so we sit, we watch.
Before i ever get to my scenarios of the market reversal shown on the visual above...on this 4hr chart above we would usually tag this small consolidation unfolding upper resistant 3 times or the lower support before the decision comes to the people...if it was textbook. My count (and everyone has a different opinions) is that we have 2 tags on the upper and lower, but 1 thing is for certain...we will be shown if BTC goes up or down in the matter of short time or hours.
So if we go down here i see 2 scenarios left to play in this TRADE game coming up:
Scenario 1 - We hit the correction level of 38% from last months run (fib levels stretched from the bottom to top of entire run), and we reverse here. Cha Ching, break last months high and up we go to make some new positive moves for the year
Scenario 2 - We drop all the way down to the lower support from this years large consolidation sideways (large pink lower line on visual above), making our 3rd tag on this line for the year...and CHA CHING ! we go back up, break the large consolidation upper resistance created this year and make new price highs...
Now people say we are going for lower lows in BTC, breaking support on this years consolidation, aiming way down 3k or less....yeah thats possible, everything is possible. But i am looking for trades up, and i dont think we are doing that in my mind...call it optimism, i like that. I think the market is growing, bigger companies are involved, they are not turning their backs...so i am going for the price following the money, and making money.
I will always have exit levels in mind, and cash out if necessary if i am wrong...it happens. Cut my losses, take the hit, down a bottle, cry a little, smoke some weed...relax again, and play another day... In general we win more than we lose, and those win profits out way the loses.
note:
Everything moves in 3's. I apply this thought to my charts and MACD reading. I call Elliot wave 12345, 3 waves up because thats just how i see it. 3 is my magical number and has proven to be a nice way to be on a good path for me.
I also have bad grammar, and i have offended goldman sachs mail room workers in the past...to this i am sorry
Regards,
Johny Button
Comment:
Well we broke the last consolidation, but didnt go far....but we did get close to the 38% level before bouncing...
It could be doing a longer and larger consolidation now on this 4hr? or it could break high and start climbing...or it could break 38% and drop...have to wait and see the pattern produced to understand potentially the markets moves...all in all the market is chilling at the moment, no dumping, no bull rush
It could be doing a longer and larger consolidation now on this 4hr? or it could break high and start climbing...or it could break 38% and drop...have to wait and see the pattern produced to understand potentially the markets moves...all in all the market is chilling at the moment, no dumping, no bull rush
Comment:
I just read through some other top Publishers posts on BTC as the comment bellow stated "a big drop like people are saying"...guys like @botje11 are just plain and simply not good, this site is littered with new traders, and this is like gambling.
Botje11 is a fool. He posts on every bump and fart, trying to swing or predict every the future switching up on a 15m time charts, to 1hr, back to 15m...
If you are a trader looking to make ROI, you are long term'ish...think end of year if that helps, or even 3 months... buy now because it is all cheap. If it drops! it will be to the support levels, thats how this game just works for some reason...figure out if you should close and buy lower or not, thats a skill only you can learn...but that is your judgment to make, now you are a trader.
Follow real traders. @goldbug1 is legit the best as he explains, not trying to get you ready to gamble your life away... a handful of other top guys on here can claim this status also. Find them and only them...no more buying the hype please my friends I have better things to do, like go surfing
Botje11 is a fool. He posts on every bump and fart, trying to swing or predict every the future switching up on a 15m time charts, to 1hr, back to 15m...
If you are a trader looking to make ROI, you are long term'ish...think end of year if that helps, or even 3 months... buy now because it is all cheap. If it drops! it will be to the support levels, thats how this game just works for some reason...figure out if you should close and buy lower or not, thats a skill only you can learn...but that is your judgment to make, now you are a trader.
Follow real traders. @goldbug1 is legit the best as he explains, not trying to get you ready to gamble your life away... a handful of other top guys on here can claim this status also. Find them and only them...no more buying the hype please my friends I have better things to do, like go surfing
Comment:
I like being right. Dont complicate things, follow the rules, follow the indicators.
The scenarios play by the rules. The rules win...we will bounce after this
The scenarios play by the rules. The rules win...we will bounce after this
Looking good for a down run now for the last time perhaps?...lets watch the MACD