OK People, here's my best estimate as to what MAY happen if BTC fails to break out North of this long established channel as many are expecting. I changed over to a line chart to take out all the pin highs and lows of the candle charts and smooth things out a bit. As you can see bit-coin is coming up against the upper resistance of the channel as well as the...
Good morning all, Yesterday on the short squeeze I invalidated my previous bear chart and temporarily went long in the am at $6,965 (commission included). This morning upon the realization of a new bear channel forming and upper resistance looming overhead I closed out my long position at $8,190 for a total gain of 17.58% Not bad for 24 hours. :D Did I catch...
I'm not going to call you Dear Friends and say I love you because that's just horse-pucky. I've never even met you. You could be a complete asshat for all I know. :D At any rate, I will still be more than happy to share my last chart before the bottom arrives. As my chart will illustrate I think we are at the end of Wave 5 and Wave C of the correction with...
This 2 hour chart shows two very similar fractals for BTC. Notice what happens when the price breaches below the previous low to the left. Down she goes! This suggests that BTC is going to break $6K even if only for a short while. It may very well bounce off $5700 - $5800 and go back over $6K. Either way, the bottom of the channel seems to be it's current destination.
It looks like another slow setup to the next downward push. If this continuation triangle breaks south as expected things will get very scary for the bulls and if it breaks the WRONG WAY it will be very bad for the bears as well. I would imagine a lot of stops will get triggered either way. The current bias, of course, is down. Disclaimer: This is not trading...
Good morning. This chart is a follow-up to the chart I posted last night. I backed out so you could have a look at the bigger picture. The ABCDE count inside the rising wedge was pretty spot on. There was also a small double top to confirm at the top of the wedge and you can see the price action that came next. This now looks like a large Head and Shoulders...
The ABCDE pattern is about to complete. Curious to see if it does what it is supposed to do....
With the recent price action I had to step back and zoom out to take another look at the Daily chart for Bit_coin. I turned on log scale and auto scale and began to connect the dots. Looking at the long term trend line, prior support at $3,000, combined with a huge A B C correction this is what I came up with. It may be another way to support the idea of...
My ultimate purpose of trading BTC right now is to find the new bottom at which I will be comfortable enough to "back up the truck". That means different things to different people so to me it just means adding a couple more full Bit-Coin to my stack at a reasonable price. With that being said, I think my chart speaks for itself without a lot of extra...
Look at these two fractals. Almost an exact smaller version of the previous pattern. I would expect it to play out about the same with eventual lower prices.....
If you switch from candles to a line chart you will see that BTC has already broken support and is on the touch-back of the green support line. If it fails to break above then watch-out below!!! I have been lightening up my long position for small gains and I'm ready to trim off the last bit at any sign that we are going to bounce off of the bottom of the green...
Today I bought 0.10 of a Bit-coin (One Tenth) at 7,750 and let it get stopped out at 7,899. IT TOOK SIX (6) FILLS TO MAKE UP ONE TENTH OF A BIT-COIN !!! What does that mean? Are there that FEW buyers that it took all these small fractions of a fraction to make up one tenth of a bit-coin? I would think there would be many people flipping full bit-coins or...
Well there is no doubt that everybody is currently fearful of BTC. Selling has been steady for months. However we are poking through a key support and trend line that goes back over a year. I'm going long in the 7200 ish range on the likely event that the trend line will hold even if it gets "pinned" on a daily basis. If the trade fails I'll take the stop,...
Looking at the 15 minute Coinbase chart there appears to be a bear flag forming. If this breaks as expected the near term target would be approximately 7,640 Of course if the bots do some more of their craziness all bets are off. I am currently in cash after making a small long trade off 7,750 and getting stopped out at 7,890 on the way back down. I'm in the...
With all this market activity the Bit-Coin Camel has awoken ! Will he shat himself all over his hind legs or shoot for the moon????? Only time will tell......
It looks to be a very flaccid market at the moment. BTC is displaying the classic "Cup and Sausage" pattern.
I went back and studied the 2014 crash pattern which is eerily similar to the 2018 crash pattern. By looking at the post-crash price ranges of 2014 and doing some simple math I was able to make some similar forecasts for the 2018 pattern. At the absolute extreme bottom the 2014 price dropped to 15% of it's all time high. $1175 x .15 = $176. Some BTC was sold...
I zoomed in so that you can see a closeup of the Triangle I have been studying for the past few days. Below is the last entry from my previous chart posting. "Yet another Bear Flag is on deck! The last flag break was good for over 1,000 points and this flag, when it breaks South, is projected to go down to around the 8,600 area. I believe that kind of move...