Warning! We may be about to witness epic crypto destruction. BTC is now forming a bear flag, after falling out of the triangle formation. Heavy resistance was found at the 200 EMA on the daily chart, which is the 1200 EMA (in purple) here on the four hour chart. As you can see, the bear flag is about to break down. This could easily send BTC down to the dotted rising trendline, where it could be met in the 7200ish area. Just below there, is a more obscure rising support level, which is the solid black trendline. If that trendline is broken, then look out below. That would be a technical development that would open the doors to a fall that could send this market all the way to the 5100 level. I'm not saying that is definitely going to happen, but if these trendlines start to fall, there is a high probability of much greater downside. For now, let's monitor the development of this bear flag, and the reaction around the aforementioned support levels, to gauge of the severity and likelihood of a deeper correction.
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I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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評論
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BTC and most of crypto is just forming a massive head and shoulders pattern. This market is probably totally effed.
評論
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I'm seeing some comments that are questioning the symmetry of this head and shoulders pattern, but those are novice assumptions. I can tell you with 100% certainty that this is an enormous head and shoulders formation. It's not going to be pretty, when she breaks down.
Lmao these “top” and “pro” people on here change from bullish to bearish day by day. You have lots of people looking at your analysis yet youre just spreading FUD and BS for YOUR benefit. Crypto is not over or doomed. Do some research because you “analysts” have zero credibility or knowledge.
Accra
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@PLuongo, Question, did you forsee us dropping down to 6k?
PLuongo
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@Accra, When? We hit ~5,800 in Feb and that could still easily be the bottom. Still inside a nice uptrend with room to go down to ~7,100. Bears will be wiped out with a quick breakout to the upside.
Highrope
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@PLuongo, he is more commical than accurate. Just humor he puts out.
BRRD
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@Highrope, what, you mean MagicPoopCannon is just here to amuse you?
@Odinol, I sense sarcasm.. but its ok. HODLing has made bulls 66 MILLION percent in 7 years to ATH. What have bears made?? Do your HW.
deactivatedaccount123
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@PLuongo, I hold a neutral stance on Poop's analysis. That being said, I myself do the same thing. From day to day you have to assimilate the current conditions. By going straight bull, or straight bear, you're asking to get wrecked if there is a sudden impulse one way or the other. Keeping an open mind with different strategies for each route is how I'm starting to find out you win in this game. I admit, he's being a bit dramatic, but we very easily could see BTC hit 5k to 6k if the conditions are right. Right now we are tipping disastrously close on the edge of panic, and big money knows it. Poop probably does have his own agenda, as does almost every other 'top rated' trader/analyst, so just study his charts, then study your own, and see what you can discern between the two! Even if his charts are extremely biased to make him money, it's still good information to know as a day trader. If you know an analyst is known for calling bull when the market is bear, you know what to do when he calls one way or another. Good luck!
MagicPoopCannon
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Prepare to have your faces melted by my next update.