At this time...
This pattern is holding so far... and..
I am republishing this chart because of new possible events that will effect the pattern.
Most notably.. on AUG 16th, the SEC will decide on allowing or repealing CBOE's request to sell ETFs.
If approved, this will be historic news...
A bull run should happen right then and there, regardless of price or current trend.
If rejected
A bear rally or at least sharp movement down could occur.
I also speculate..
that manipulators will try to influence price a few days before Aug 16th.
This pattern is holding so far... and..
I am republishing this chart because of new possible events that will effect the pattern.
Most notably.. on AUG 16th, the SEC will decide on allowing or repealing CBOE's request to sell ETFs.
If approved, this will be historic news...
A bull run should happen right then and there, regardless of price or current trend.
If rejected
A bear rally or at least sharp movement down could occur.
I also speculate..
that manipulators will try to influence price a few days before Aug 16th.
Comment:
So let's talk reality
Bitcoins up to 8300.
Blew my chart away... way higher than what the inverted HS predicted.
HOWEVER.. all the other alt coins are in hell.
ETHER is only at 477. Last time we were at 8300, ETHER was near 650. So the Bitcoin rise is NOT translating well for the other coins... and I have not heard any explanations for as to why.
In any event, the rise in price is good news, but remember, it cannot keep rising non-stop without some corrections coming our way.
Bitcoins up to 8300.
Blew my chart away... way higher than what the inverted HS predicted.
HOWEVER.. all the other alt coins are in hell.
ETHER is only at 477. Last time we were at 8300, ETHER was near 650. So the Bitcoin rise is NOT translating well for the other coins... and I have not heard any explanations for as to why.
In any event, the rise in price is good news, but remember, it cannot keep rising non-stop without some corrections coming our way.
Comment:
Pullback is welcome...
The price nearly screamed past 8400 and then pulled back to 8200.
This is important, because it's a reality check on the unabated manipulation of price. It would help if the price still went down further.. so that it can rise again in a HEALTHY manner.
The price nearly screamed past 8400 and then pulled back to 8200.
This is important, because it's a reality check on the unabated manipulation of price. It would help if the price still went down further.. so that it can rise again in a HEALTHY manner.
Comment:
latest update...
I am losing good TA every day. Authors who did good work are going into business and selling their own hype. It is getting harder and hard to find authors who report the alternative plays and report trend lines without selling themselves how great they are.
You are only as great as your latest trade. Doesn't matter which direction the price is heading.. as long as you get in at a low and sell at the high.
There is so little good TA at this time that I am going to stick my neck out and do some forecasting.
Press the play button on my chart. You might notice I MISSED the crazy rise that we are at now. It's sort of there, but the crazy rise is crazy because.. yes.. it was manipulation.
So what now?
Well if you look closely, it appears that the next rise is a double neck pattern. And double necks in a head and shoulders is famous for doing a MIRROR retrace. IF THAT HAPPENS.. we are going to fall to the lower level as you see on the feft side of the double neck.
That could sink us to 7500.
If that happens, no this is NOT a reversal to a bear market. It's just a retrace.
And then when the formation is complete, the price will continue its bullish climb.
ON THE OTHER hand, the current rise might continue. And it will only rise a little and break what could be the forming double neck.
However, after getting killed in several double necks.. back when I did not know what they were.. I caution anyone who is thinking going long at this moment. Think it over.
I am losing good TA every day. Authors who did good work are going into business and selling their own hype. It is getting harder and hard to find authors who report the alternative plays and report trend lines without selling themselves how great they are.
You are only as great as your latest trade. Doesn't matter which direction the price is heading.. as long as you get in at a low and sell at the high.
There is so little good TA at this time that I am going to stick my neck out and do some forecasting.
Press the play button on my chart. You might notice I MISSED the crazy rise that we are at now. It's sort of there, but the crazy rise is crazy because.. yes.. it was manipulation.
So what now?
Well if you look closely, it appears that the next rise is a double neck pattern. And double necks in a head and shoulders is famous for doing a MIRROR retrace. IF THAT HAPPENS.. we are going to fall to the lower level as you see on the feft side of the double neck.
That could sink us to 7500.
If that happens, no this is NOT a reversal to a bear market. It's just a retrace.
And then when the formation is complete, the price will continue its bullish climb.
ON THE OTHER hand, the current rise might continue. And it will only rise a little and break what could be the forming double neck.
However, after getting killed in several double necks.. back when I did not know what they were.. I caution anyone who is thinking going long at this moment. Think it over.
Comment:
Price can go either direction at this time..
There are arguments for fundamentals... that want Bitcoins to rise. Case in point, perhaps bulls will never let the price fall below the psychological level of 8000.
Below is an article that offers reasons why a big FUTURE bull run is likely in mid August
ambcrypto.com/as-bit...oars-to-new-heights/
The down side to the price movement in the next 24 hours.. comes with TA supporters who insist that price has to fall as a correction.
Everyone thinks they are right and their way works best, but everyone gets it wrong half the time. This is why I encourage my followers to THINK FOR YOURSELVES.
Either side may prevail... so we will just have to see.
Also...
Folks, enjoy my reporting as long as you can. I am TOTALLY fed up with the flamers and troublemakers on this site. Tired of people coming into my channels and pretending to be know-it-alls and confusing and misleading new members.
And those people KNOW who they are, because I tell them to their face in my channels.
Anyway, it appears I will be DELETING my ID and membership fairly soon.
Reason? I will be starting a trading school locally and I do NOT want my paying students to be exposed to the POISON that freely roams this site.
another reason for deletion of my account, is that It annoys me to no end that the people who hate me the most... actually cannot be ejected from my followers list. There should be a button that I push called 'NUKE this member from my channel.'
I wrote the VP of the venture capital group that is paying Tradingview's bills. I and proposed a new plan that gives authors control of their channels. He replied and said he liked it and would make me the beta tester. However, I doubt that this new idea will be implemented, even though he knows this site has its issues.
A day or two before I delete MY ENTIRE ACCOUNT, I will be sharing a web site where my followers can opt-in for email updates and continue a limited newsletter while I am off site.
Again, if you have had words with me in the past, you will NOT get access to this outside program.
There are arguments for fundamentals... that want Bitcoins to rise. Case in point, perhaps bulls will never let the price fall below the psychological level of 8000.
Below is an article that offers reasons why a big FUTURE bull run is likely in mid August
ambcrypto.com/as-bit...oars-to-new-heights/
The down side to the price movement in the next 24 hours.. comes with TA supporters who insist that price has to fall as a correction.
Everyone thinks they are right and their way works best, but everyone gets it wrong half the time. This is why I encourage my followers to THINK FOR YOURSELVES.
Either side may prevail... so we will just have to see.
Also...
Folks, enjoy my reporting as long as you can. I am TOTALLY fed up with the flamers and troublemakers on this site. Tired of people coming into my channels and pretending to be know-it-alls and confusing and misleading new members.
And those people KNOW who they are, because I tell them to their face in my channels.
Anyway, it appears I will be DELETING my ID and membership fairly soon.
Reason? I will be starting a trading school locally and I do NOT want my paying students to be exposed to the POISON that freely roams this site.
another reason for deletion of my account, is that It annoys me to no end that the people who hate me the most... actually cannot be ejected from my followers list. There should be a button that I push called 'NUKE this member from my channel.'
I wrote the VP of the venture capital group that is paying Tradingview's bills. I and proposed a new plan that gives authors control of their channels. He replied and said he liked it and would make me the beta tester. However, I doubt that this new idea will be implemented, even though he knows this site has its issues.
A day or two before I delete MY ENTIRE ACCOUNT, I will be sharing a web site where my followers can opt-in for email updates and continue a limited newsletter while I am off site.
Again, if you have had words with me in the past, you will NOT get access to this outside program.
Comment:
SEC just rejected TODAY the second application for the Winklevoss twins' ETF. This could be adding to the pressure on the expected price correction. But many would say the drop was coming anyway.
Comment:
Bitcoins price..
is holding at 7900ish,,
but I personally do NOT consider this a bounce. It's a hold to me.. and the price has room to fall, because TA says it should fall.
TA is not always right.
In light of the fact that the EW and Wykoff calls for waves and subwaves, it just makes sense the market will react in this scenario with wavelike properties.'
If I was FORCED to make my own call, I lean toward prices going lower.. before they rise again.
Remember, the last Friday of every month is the futures expiration date.
Often, this has negative effect on price, then six days later, prices rise.
Also, the general sentiment is that the bulls are in control. Paired with the optimism of the CBOE decision date on their ETF by the SEC on August 16.. there is still optimism by the bulls we will do fine no matter what the bears do in the next two weeks.
Price drops at THIS time are expected and were forecast by many TA professionals even as early as three days ago.
With such volatility.. if you carefully plan for such dips and rises, you can make some great money short term.
Think with your mind, do NOT trade with emotion.
is holding at 7900ish,,
but I personally do NOT consider this a bounce. It's a hold to me.. and the price has room to fall, because TA says it should fall.
TA is not always right.
In light of the fact that the EW and Wykoff calls for waves and subwaves, it just makes sense the market will react in this scenario with wavelike properties.'
If I was FORCED to make my own call, I lean toward prices going lower.. before they rise again.
Remember, the last Friday of every month is the futures expiration date.
Often, this has negative effect on price, then six days later, prices rise.
Also, the general sentiment is that the bulls are in control. Paired with the optimism of the CBOE decision date on their ETF by the SEC on August 16.. there is still optimism by the bulls we will do fine no matter what the bears do in the next two weeks.
Price drops at THIS time are expected and were forecast by many TA professionals even as early as three days ago.
With such volatility.. if you carefully plan for such dips and rises, you can make some great money short term.
Think with your mind, do NOT trade with emotion.
Comment:
Warning
the pattern on the map is starting to look like a double neck, double neck. LOL
Which could mean a repeat of the last few days.
If anyone bought at the low of 7800 this morning, then you are ready now to sell and make some fast cash.
the pattern on the map is starting to look like a double neck, double neck. LOL
Which could mean a repeat of the last few days.
If anyone bought at the low of 7800 this morning, then you are ready now to sell and make some fast cash.
Comment:
Update on Bitcoin and the ETF ruling
As stated three times already, we are near the conclusion of a possible double, double neck pattern. If you want clarification of how they work, Google it.. or visit Investopedia.com
If the pattern complete, we are then subject to being inside a larger pattern that is a regular HS, which is nested inside an larger inverted HS. This means that the main chart posted is still in play. and if you read the comments, it was expected to be in play by the end of the month.. where I expected deviations to start to occur.
The general movements I foretasted are occurring, though exaggerated.. yet very much in sync with yellow line. Odd isn't it?
Other critical news... the SEC ruling on ETFs has been moved to September. This is NOT good news in the short run. It might impede or delay the bitcoin recovery to some degree.. or maybe not.. but it does not help the current general rise. Remember, this increases uncertainty, which is one part of the FUD equation.
www.ccn.com/sec-dela...in-etf-applications/
As stated three times already, we are near the conclusion of a possible double, double neck pattern. If you want clarification of how they work, Google it.. or visit Investopedia.com
If the pattern complete, we are then subject to being inside a larger pattern that is a regular HS, which is nested inside an larger inverted HS. This means that the main chart posted is still in play. and if you read the comments, it was expected to be in play by the end of the month.. where I expected deviations to start to occur.
The general movements I foretasted are occurring, though exaggerated.. yet very much in sync with yellow line. Odd isn't it?
Other critical news... the SEC ruling on ETFs has been moved to September. This is NOT good news in the short run. It might impede or delay the bitcoin recovery to some degree.. or maybe not.. but it does not help the current general rise. Remember, this increases uncertainty, which is one part of the FUD equation.
www.ccn.com/sec-dela...in-etf-applications/
Comment:
Angel moderators are now actively watching my channels.
Questionable comments are vanishing before member complaints are placed.
To me it looks like a miracle. I don't know if I have been singled out.. or if this is new policy.
Folks... be nice.. and best pose your opinions as questions... if something bothers you that another person wrote. You might learn you did not totally get what the writer meant and even more important, might learn another view that you did not consider in the past.
Sharing of ideas can sometimes lead to the changing of your mind.. and that change might include better results in trading.
Questionable comments are vanishing before member complaints are placed.
To me it looks like a miracle. I don't know if I have been singled out.. or if this is new policy.
Folks... be nice.. and best pose your opinions as questions... if something bothers you that another person wrote. You might learn you did not totally get what the writer meant and even more important, might learn another view that you did not consider in the past.
Sharing of ideas can sometimes lead to the changing of your mind.. and that change might include better results in trading.
the chart again is fairly accurate. Every day this happens I slap my hand on my forehead and ask.. HOW CAN THIS BE.
So far... the inverted HS is holding. A bigger price dip might be coming in a few days, but do NOT panic... it's already ON THE CHART.
So.. watch the chart, hit the play button.