MagicPoopCannon

Get The $1's Out! Bitcoin Pops it — On A Handstand! (BTC) =D

BITFINEX:BTCUSD   比特幣 / 美元
Welcome friends, to this quick update analysis on BITCOIN! I'm charting from my hotel room this morning, and I'm traveling today, so I have to make this quick. You can see that BTC has broken out above all of the immediate overhead resistance, after surpassing the neckline of the inverse head and shoulders pattern. You can see that BTC has rallied up just below the 200 EMA (in purple,) and now appears to be forming a bullish consolidation. I've drawn a bull flag over the current formation, so that you can watch to see how it performs. If it breaks to the upside, the 200 EMA will be immediate resistance, but the height of the flag pole suggests a potential continuation toward the top of the downtrend channel . If this pattern breaks down, however, there is a ton of support that is now below us. We have the green dashed trendline , the 50 EMA (in orange,) the 78.6% retrace, and the extension of the neckline from the inverse head and shoulders pattern. As a form of caution, I would be wary of a break of the 50 EMA in orange. It was resistance for a long time, and now BTC has finally defined it as support. If we break through that level, it wouldn't be a good sign. Good luck trading everyone!

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
I will honestly be shocked if BTC breaks the downtrend. But not that shocked. I'll probably be more elated than anything.
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Big day for BTC gonna close above the sub channel .. next stop upper channel
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Durak
+1 回覆
btc breaks the bull flag and retest its upline, all these things happen with vol, but interesting thing is btc always make real move without vol, i suppose we'll see 11k usd for tomorrow morning when there is not much vol
+1 回覆
Boss_Coyote blackofcrypto
@bitclub34, pretty sure and correct me if I'm wrong but BTC has to keep up reletivly close to other markets around the world or there would be tons of arbitration so bots keep price aligned over night while trading is taking place in Asia
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blackofcrypto Boss_Coyote
@Boss_Coyote, maybe this is the reason of these moves, but there is still arbitrage opportunities on btc, anyway good catch and worth to think about it particularly
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you have so much noise on your charts it gives me a headache
+6 回覆
@mdz8, that noise is the best analysis around. Nothing like a good poop to relieve a headache.
+1 回覆
I almost see the price line among all of that clutter.
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you have zero predictive power...pro? joke
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