Back again people :) Bitcoin dropping towards targets :)

Okay folks, i got suspended for posting my wallet addresses for tips. I really did not know it wasn't allowed. So i won't be doing that anymore. If someone feels grateful, is learning allot and making good trades, just PM me. I will set something up soon to do it differently.
I recieved many MANY PM messages from people saying nice things, thanks guys. Thanks to you guys i was on my way te be the nr 1 Bitcoin trading idea just before i got suspended, so guys, please show me the love again :)

I will post my original text of the analysis that got suspended here below :........

I am keeping this story short people, the picture speaks for it self mostly :)
I went short some hours ago with an average price of 8740, because it was starting to show some real weakness. My followers got the trades realtime as always! This is the second time Bitcoin -3.67% did not reach the targets of it's bullish patterns. Now it has dropped out of a wedge with a target around the 8300. But that purple triangle has caught my eye today. Primary reason is that (what i assume) false bearish breakout it made yesterday at 8280 after which it made that big rally.

Now i see 2 options, we go towards the 7800/8200 zone from wich we make another attempt to go towards the 9400 and THAN make a big drop again below the 7K, or we find support now here around 8400 and move inside the purple triangle and make another attempt to break upwards and start to turn down again around 8700/8800 (like the blue line suggests. I have just closed half my short position at 8520 to reduce risk and lock in some profit. I will add these again around 8750 or if we drop from here and break the 8400.

My long term view is still very bearish , i still think we will see the 6K again and probably even go down towards the 4K. To be clear, these are not levels i just sit and wait around for, i make the calls to close/turn/add in the heat of the moment. Judging on (reversal) patterns that appear at that moment, meaning i am flexibel to change! But this is my longer term plan and up till now there are zero signals telling me to change this plan.

For more info please read some of my previous analysis, maybe you find it even interesting :)

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This update was something i wrote a few days back, want to post it here again:.....

My last update of my previous analysis, just want to point it out again for new viewers:


I have been scrolling around a bit to analysis of some other people, i am really amazed about how many think TA patterns is just drawing some lines, that if you can draw a line on 2 or 3 highs or lows that it automatically becomes a trend line or an H&S. I have really seen some amazing H&S patterns and bull flags. I don't even need to look up their history, but i think they all started using TA when trading crypto's. So no TA experience on the normal markets. Thing is, they have probably seen the most ridiculous TA patterns the last year or two, reach their targets. But they were probably for 90% bullish patterns. Thing is, as we all know of course, the crypto market had an insane bull rally in 2017. So when you were a bull, almost every trade was of course a winner.

But now as the market much bigger than a year ago, things have changed allot. Much more whales (like hedge funds) that have entered the market because they smell easy money. But the meaning of some TA patterns starts to change than, the driving force behind a certain pattern is not the same as it was a half year ago. And it's just exactly this what most people just don't understand or probably don't even know. The market has changed, the buyers and sellers are not the same people we had a year ago.

Think about that, but please don't listen to me alone, it's not like i have all the knowledge and answers. Just think about it objectively and with common sense

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Just so you know, i had to draw everything from scratch again, the chart because it was not saved (don't know why/how)

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Target of the trading channel i showed you guys earlier has been reached perfectly, could see a bounce or sideways now.

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Making a bear flag now, IF we drop below 8000, we could see a massive dump towards 7500 in minutes, COULD BE!!.

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Looks like the flag is breaking, but nog big volume!

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Come on guys, where are the likes, put me back on top again :)

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Like i said, no volume with that break.

Of course chances are bigger that we go sideways and maybe slightly up towards the resistance of that channel. But IF the support breaks, i expect a big dump

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As long as we stay inside that channel, 100% bearish! I will add again if we look up the upside.

Thanks for the likes guys, appreciate it! Keep it up :)

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This was the original chart, that got suspended :(

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I think the speed of the drop is out. I am out for a few hours, i will try to keep you guys posted. Keep up the likes, thanks again guys :) I am back in the list again :)

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Last one, I think they are trying to something like this again. Turning this flag into a rising wedge

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Still sideways in the bear flag. Everything below 8300 is bearish. Not at home yet guys, few hours

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:)

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Another bear flag, looks like we will drop another 200 points, there I will close some more

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Thanks for the likes guys, keep m coming :). You got me almost on top again

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So i am back again, an half hour to late :) Last time i took a quick look it was still all good. This is the main reason why i close parts of a position during movement. Because i said there are 2 options, drop to these levels and make another wave up above 9K again or we just keep dropping. Of course this still says nothing, but because of that uncertainty i was closing positions on the way. I missed my chance to close another small portion, i had my orders set already and the next one was just missed. But i used a stop for that same portion just above 8000, so now i have added those again.

Price dropped below that channel and just kept hanging against it and with this spike it just jumped back in again. Moves like these are just shorts covering people, most of it. This is no buying power! But the thing is, if enough people do thing it's a reversal it could become a self fulfilling prophecy. Meaning if enough people think it will go up, and start to buy, it just goes up.

Of course i can't see the future (like some people think i can :) ) so i can't say if this move is the start of a new rally to 9K levels again. But i think it's just a temp relief. Now it's trying to make a bull flag, i have added some shorts again but i have a stop just above that high for 60% of my total.

I think the move will still be down for this week, but we could be going for a test of that triangle wich has it's resistance around 8400 now. I will try to add short position again there

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Starting to look like a fake breakout, but to early to say!! It's close to that resistance line of that channel. At 8480 earlier today it also didn't reach it, so there is a slight chance this could be the same. BUT, at 8480 it was going sideways, no it made a squeeze and a bull flag

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I have closed some at 8065

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I only have 30% left of my short positions now, think we could be seeing another wave up from here

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Probably will stay above the 7950, if not, i will still have a small short position left.

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I have closed them all at 7940, will open again if we drop below the 7850ish

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Why did i close? First of all, i have made a nice ride from the 8700+, never get to gready. I missed my chance earlier today to close some around 7800 because i was away and it just missed my buy order. No i got a second chance, but it's always so easy to hope for more. Now IF we drop below the support i could still go short again about 100 points lower, thing is i expect another wave up is possible now towards the 8200/8300.

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Seems i could be wrong here, but i am flat now and wont chase the market when it moves this fast!

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First i though that 8050 area would be a support, than i though 7950 could be, now maybe the support of that channel?

As i said a few hours ago, that rally was just short covering, these move happen so much lately, that it just drops down again. Confusing both sides. I have to say, i did not expect it to be this weak at this moment.

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If we don't see a move above 7960 soon, chances increase allot that it will drop more

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No real bounce, looking very weak

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I took a small short position again

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We are going to get a breakout soon, could be both sides

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I am flat again, 150 points loss on a small position, waiting it out now.

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Maybe the line should be like this. That small volume spike confirms the pattern. It should stay above 7900 now, otherwise we have a flase breakout

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Starting look like a false move

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I have opened my short position again. I will try to post a new analysis later on. I am still exhausted. Spend hours yesterday answering PM messages and comments here. I don't think i will be doing that anymore, not that much at least. I love it guys, don't get me wrong but i just has become more than a full time job sometimes.
You guys made me the nr 1 BTC chart :) thank you for that

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No it should drop again, looks similar to the break upwards half hour ago :)

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Thank you guys, you have put me on the nr 1 spot of daily top authors :)

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I got a feeling they are preparing for another squeeze, I have my stop a few points above 8000. If it breaks, i probably wont trade for the rest of the day. Made some nice profits the last few days, sometimes taking a small break is the most profitable strategy :)

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I am almost done with my new chart, zooming out makes it easier to put things in perspective. If we go lower from here i will close my short position. I don't think downside potentional is low for the short term. Even though it looks very weak, i think we should see a correction soon, hopefully below the 8400!

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A sneak preview :)
I think something like this is a very realistic outcome. Making a bigger bear flag here