So, I promised my followers that I would stop putting up charts if we didn't make it up to nearly 12k today. So, this may very well be my last chart. This is the basic outline of how I got to that number and why I think we're going to moon, if only for a little while. I'll add here, despite all the bs I toss out in my comments, that I'm a total novice and I've only been playing around with charts for about a month. So, take it with a grain of salt and try not to get rekt. I'll also add that if this chart doesn't hold true, I myself will get rekt and will be washing my hands of crypto. Good Luck!
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making it to the confirmation line of the big middle peak would create the handle of a cup and handle. So that would be 11713.4 not 14104.2. I went for dramatic effect, but you can see the formation I thought would be created.
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sorry, all those arrows going up, they should be more verticle. On the off chance my theory ends up being correct, we top out around 5/26.
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this was what was supposed to happen:
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this is what will happen... I was wrong about the prompt crash... I'll explain in future charts (maybe)
@Rainman2, there is stoploss on kraken. I myself use it.
Rainman2
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@DocAMG, I did not know that. I wouldn't use it anyway, unless I had no choice. The way the market is being played, its bound to get triggered at the most inopportune moment, right before prices jump or drop in your favor. The exchanges are doing everything they can to mess up your setup. The only safe way to fly is to HODL. Or try to time the bottom. Personally, I'm not going short on anything until this market is firmly in a downward channel. This micro dip that I think is coming is going to rek people going up and going down, triggering stop losses, all sorts of havoc. It'll be the panic rebuys, fixes, that will trigger the runaway jump. I could be wrong though, about everything... we'll find out soon either case.
DocAMG
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@Rainman2, I do not use it too because of the very same reasons. Until last night I was thinking the dip is coming( thinking 9.7k was wave 5) but I am more and more convinced now that we are in wave 4 and wave 5 is imminent or has already started. Shorting at this point is pointless. Also be careful on kraken, there system is broken when trying to close leveraged positions.
Rainman2
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@DocAMG, yea once this bull run hits, their site will go down at the most inopportune times. I have a margin order set for what I think is going to be bottom. And if we get up to where I think we're going, I should be golden. But if I've miscalculated the dip then I'm screwed, either miss out and get locked out by kraken, or get in too early and get liquidated... But at least I'm going in knowing that playing margin with crypto is gambling. I'm just too much of an idiot to think that I'll be wrong... wish me luck.
DocAMG
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@Rainman2, Please make sure the margin ordering for going long is working. For me it is not working for the past several days. I can short but I can't go long with the max allowed position despite having enough trade balance.
DocAMG
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@Rainman2, I also think this is the repeat scenario of what happened at 6800. Because of the sideways movement Everybody is thinking about the dip now, sentiment has suddenly changed from bullish to neutral to bearish in the short term and that is when the spike comes.
GOod day to you sir.
Rainman2
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@DocAMG, Kraken analysts know what's coming, as you probably seen from my charts I thought this jump was going to come several times now. I've also noticed that there margin order system malfunctioned and cancled orders right around those times. It's a neutral market, 10.5k vs 4/5k. A sudden dip down, then a sudden spike up is going to liquidate everybody. Good luck to you too.