##APPARENTLY SEX METAPHORS IN D4S PREVIOUS BTC UPDATE FROM YESTERDAY WAS TOO MUCH FOR TRADINGVIEW TO HANDLE. D4 HAS TO ACCEPT THAT, SO HERE IS A MORE CLEAN VERSION. THIS WAS IN FACT A VERY EDUCATIONAL UPDATE, SO D4 HAS CHOSEN TO REPOST IT AGAIN. NO HARD FEELINGS. EVERYTHING IS OK### <3
Dear fans!
We are at a very crucial moment for Bitcoin at this very moment. To understand why, we have to take a look at the 1D BTCUSD chart!
First of all, as you can see, we have completed our Elliot Wave-Cycle (1-5 and the ABC-correction). We had a Fibonacchi retracement at about 80 %, which is more than we normally want, but it was not unhealthy at all taking the crazy bull run in December and beginning of January into consideration.
A lot of new BTC-holders, who didn't have any idea of market cycles, were fudding out like crazy. It was like seeing teenagers on their first time on Ecstasy. All that euphoria when Bitcoin -1.03% just went up and up, and suddenly, out of nowhere, everything just stopped. Everything became dark and gloomy. The E-pills didn't work anymore, and everything just went down from there. The lack of Serotonin and the comedown was more than they could handle.
Back to topic. Since our All Time High we have been in a descending channel . We are at this very moment, trying to penetrate the down resistance trendline - (CENSORED). We are almost there. And this is so important that we succeed.
If we break through, everything is basically good. We are in safe haven. Here are the 2 scenarios:
1. (CENSORED) As you can see a Bull Flag has taking form, which suggest we might go even higher.
2. (CENSORED) Even though we don't succeed going higher in the first attempt, we are still on the right side of the trendline. We will probably go down after some time, and have a normal EW-4 retracement, but that is all good. Because as you can see, a new and bigger inverse H&S pattern (or a Cup and handle whatever) has formed (in pink), which will let us go through this time.
So no matter which of the scenarios we would finally be in an overall uptrend with also the EMA50 above EMA100 and EMA200.
Here is the bad scenario:
If Bitcoin doesn't manage to penetrate the down trendline, we will still be in the descending channel . (CENSORED) This is not a disaster though. Bitcoin will definitively have many chances again, but this time it will be more difficult to get out of the descending channel, cause we have to retrace inside it. And therefore, it would also be more likely we would go even lower.
D4rkEnergY loves all you guys. He really appreciate, that you guys are following him.
Maybe to the 8100? Trade safe and have a nice day!
EspressoDopio
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Your TA reminds me of Japanese porn. Interesting parts CENSORED...
THANKS for sharing the analysis.
houseofari
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I'm guessing the Americans complained about the metaphor. "Yeah, cause what if all those small children on Tradingview read the word 'penetrate', they'll go nuts!" Come on, complainers. Time to grow up.
Wolfgang34
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@houseofari, I’m American and I absolutely love his Unsensored updates. Very entertaining.
MrGekko_
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@houseofari, But it´s always okay for them to blow up children in the third world..... that doesn´t offend them.
portfoliox
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Who called it like me? NOBODY =D
Wolfgang34
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Wolfgang does not believe we broke uptrend. In fact Wolfgang believes consolidation is occurring around 11k USD. Wolfgang forecasts the recent uptrend will resume within hours. He predicts BTC penetrating the line again hours from now and moving towards 12k. BTC’s Mom is out on a date tonight and BTC will be home alone with his girlfriend.
Wolfgang34
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@Wolfgang34, update. Wolfgang recognizes that prior analysis invalidated minutes after posted. BTC price fell below 10,850 and is now trading in 10,500 range with selling pressure intensifying. Best case scenario is we Find support above 10k. Worse, we can see BTC resume bear trend down toward 9k or below.