I could be dead wrong about this, but this doesn't look too promising to me as far as a moonshot in the near future. The pink dotted long term trend line has been tested over and over, and we just confirmed it as resistance again as well as the 50 and 200 EMA. We may be looking at a retest or double bottom at the pink dashed trend line.
*I'm not a professional. Trade at your own risk. I'm simply sharing my opinions and views, and you should conduct your own personal research."
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I may be calling the resistance confirmed a bit early. It looks like we are still testing it. Look for confirmation one way or the other before you make any big moves.
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Probably worst case scenario here assuming we don't just double bottom and bounce, but just something that scares me a bit (Not really measured or anything, just slapped on for the general idea of ABCDE and where it'd hit the bottom support of the current downward channel if we get an E)
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Best case, we find support on 200 EMA (Purple) and bounce, but be mindful of closing in on potential bearish cross on MACD for the daily chart
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Looks like we had a bounce from support and are currently retesting 200 EMA Resistance. Look for a close above.
feel like we may be in for an E- scenario, but that's just my gut feeling when i heard some whale say they had already taken 100% profit on last peak, why would they care to re-enter this silly little crypto game if it wasn't super cheap again, yes, as in like as cheap as they can possibly get it because to them, it's just a game, it's not real Wall Street money, it's fool's gold, sadly, until then, all of us in fool's gold ideology just sit there and draw lines according to pre-programmed bots they have running up and down predictable lines and then you hear some say TA folks on here claiming they are "Wizards" or masters of TA and non-sense like that, but look people, it's just bots running up and down lines right now, trading btc for tether or fiat, the only real change you'll see is when the whales do intervene, real people, smart money, at a time that's right for them, aka, when the price goes so low that they are like, hey, why not, it's just a couple thousand bucks. Or who knows where they will find their bottom line and where they decide to re-enter the actual game again and take it seriously. Right now, it's alot of hyped ICO's looking for VC money, gamers, idealists, get-rich-quickers, and HODL'ers that had it good on the first run up and think that money just grows on trees and fundamentals, when they may have bought their first BTC to buy something "funny" off the darkweb and found out 6 months later, hey, this is actually something to care about. Well, those times are over as i see it. That money came and went Now it's time to learn the real game, the game it's going to turn into, it's not "easy money" anymore, now you have to work for it. So, although i said TA is all about bots running up and down lines, well, you better get a good grasp on TA because when a breakout occurs, you should be prepared to notice a departure in the automated trajectory that those bots run on because that is where you are gonna need to get your foothold and where you will have a place to stand. Apart from that, let's just see how far down they need it to go to put some "smart" money in again and this time, it's gonna be a real players game, so you better know your sh*t***** also, if anyone has worked at a startup you should know what i'm talking about in terms of how hard it is to get that VC money, you have to sell, sell, sell yourself, break, and keep selling, break, and keep selling, until finally you get a hit, and usually when you get a hit, a buy in, it's because you've negotiated to at least half of what you initially asked if not more than half. Typically, you find a VC will buy in at 1/4 of the price you asked if your product is even remotely good, or theoretically good as the case usually is. They need to see a working product and a working product to them is what they can successfully manipulate to their advantage, so you must ask yourself, is bitcoin inherently valuable, is it a good working product or theory, and can it be manipulated to their advantage and can they get it at the price they want????? That price is TBD......
StoneFox_4X
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@caboodle, just an opinion, not financial advice.... at all.
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@caboodle, and p.s. @bwymore, this was not in any way directed at your TA skills, i think they are on point based on the given data, i just left my rant here bc i finally found someone that actually had a "realistic" view on things and someone who would stop saying, oh, and then if we hit this one line, it's gonna "MOOOOOOON"!
bwymore
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@caboodle, it's all good man lol. Personally I see a double bottom confirmation more so than 3k, but shit can easily happen. Just be agile if playing the game and don't play with money you can't lose.
StoneFox_4X
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@bwymore, ha, yeah, definitely taking this time to learn how to re-engage the crypto market with sharper skills now, i've made ALOT of mistakes, told my buddy today, i feel bad for anyone new getting into this now, they'd get swallowed, but i guess it depends on how you decide to approach trading, whether you wanna day trade or just pick something good and hold, within both those there's alot of variables to consider, but taking a step back, you could just put your money into BTC and then freak with every ascending/descending line or just put it there and come back in 5 years and i think you'd be all set and then some. Dang, i remember taking a look at prices and seeing that BTC had gone from 250 to 399 and i thought that was a huge wall and just look at now......