I recieved many MANY PM messages from people saying nice things, thanks guys. Thanks to you guys i was on my way 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 patterns. Now it has dropped out of a with a target around the 8300. But that purple triangle has caught my eye today. Primary reason is that (what i assume) false 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 , 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 :)
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
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
Thanks for the likes guys, appreciate it! Keep it up :)
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
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.
You guys made me the nr 1 BTC chart :) thank you for that
I think something like this is a very realistic outcome. Making a bigger bear flag here
- 7600 in the next 2h, then goes back to 7500
- wake-up time 7200 - 7300
There was nothing at 7200-7300, as you can tell - by now. The key was the break and hold below 7740.