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BeetCorn
Feb 3, 2018 1:29 AM

Bitcoin 2/2 - 2/8 The Good, The Bad, The SEC? Long

BITMEX:XBT60
Bitcoin / US Dollar IndexBitMEX

Description

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Alright boyos - heres whats goin down..

1. Were forming the "X" point of a bullish butterfly after getting rekt down to mid 7000's

2. Weve got a nice bull flag so far, should take us to 9650 resistance, will get rejected at first down to what will soon be support at 9350 and bulls will rally to just UNDER 10k

3. Bears will step in and take us down for an 8k test, which will hold and slingshot us back to "C" point on the butterfly - our old friend 9350.

4. Theres an SEC hearing on 2/6 regarding crypto: banking.senate.gov/public/index.cfm/hearings?ID=D8EC44B1-F141-4778-A042-584E0F3B9D39
This will i.m.o not be good news ( could be wrong here ) and we will see a pretty terrible drop to ( at least ) the long term trend line of about 6800

5. The whales will load up and then we go for a nice long bull run, 14 k anyone?


** The SEC hearing could drop us further, to potentially as low as upper 5000's - this is probably the last chance for cheap Corn my friends.. **

Trade active

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First target reached, bull flag retrace at 8200's second target coming up - 9650 - prepare for dat rejection boyos

Comment

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Did not see the 50SMA @ 9350 - going to be tougher than i though, we will probably need a pretty big dip before we take that on, to around 8750

Trade closed manually

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We did not bounce high enough to call this a butterfly - still think we go up from 8000 area, but have to reasses
Trend AnalysisHarmonic PatternsChart PatternsBTCUSDBTCbtcusdlongBitcoin (Cryptocurrency)bitcoinforecastbitcoinpricebitcoinmarkets
Comments
sherpaderpa
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you called it i think great job
BeetCorn
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@sherpaderpa, thank you - watching closely!
cryptosubs_com
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that 9350 support is turning into a pesky resistance. You think we will break it?
cryptosubs_com
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@cryptosubs_com, nevermind :)
BeetCorn
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@cryptosubs_com, 9350 was tough, but hopefully its building a great support and bounce point for when we get rejected at 9650 - cuz well need it! lol
cryptosubs_com
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seems spot on so far. interesting
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