How High Will The Dead Cat Bounce? Bitcoin! (BTC) MEOOOW!

Hi friends! In an attempt to give my lovely viewers a heads up on the potential dangers of this market, I would like to share this gloomy analysis with you. Let's look at Bitcoin! Dun Dun Duuuuuuuuuun! =D

As we can see on the four hour chart, BTC has managed to rally off of Wednesday's low. However, the BTC rally appears weak, in comparison to the rest of the crypto space. As I said in my last BTC post "Possible Dead Cat Bounce in Bitcoin! ( BTC ) MEOOOW!" many of the other cryptos have rallied to their significant overhead resistance levels. However, Bitcoin appears to be running out of gas. It hasn't even made it up to test the "heavy resistance" level, which shouldn't be that difficult, considering the fact that there is minimal resistance in its current location. As a testament to the apparent weakness of Bitcoin's rally, we can see that volume has dropped significantly, signaling exhaustion in buying pressure. The MACD has maintained a bullish expansion, but that isn't confirmed by a rise in volume . Looking at the current structure of BTC , we can see that it's forming what appears to be a bear flag of sorts (black flag.) At the moment, BTC isn't the only crypto forming a bear flag . Ethereum , Litecoin, Stellar , and many others are also forming some bear flag variants, which are not all easily distinguishable. To be certain, we don't know for sure that this is a bear flag . However, as I said in my latest Ethereum post, it certainly looks, smells, and tastes like a bear flag , and they don't generally taste very good. All kidding aside, we need to see a breakdown from the flag, to know for sure.

On the chart, you can see that there is a bear flag target, which rests at $7,618. With that said, I want everyone to know that I'm not saying that BTC will go there for sure. I'm just showing you that, if this is a bear flag , and if it does break down, it's possible that BTC could reach $7,618 or lower. I cannot stress enough, that we need to see confirmation, to know for sure. Namely, we need to see a breakdown from the flag pattern . Contrarily, a breakout above the topside of the bear flag , will negate it as a bear flag entirely. That being said, I want to point something out on the chart. You can see that above BTC , lies the "heavy resistance" level of the head and shoulders neckline, the 50 EMA (in orange,) the 200 EMA (in purple,) the 50 % retracement level, and the rising black trendline . Below BTC , there are a couple slightly significant support levels, but that's about it. Therefore, the path of least resistance is still down. As a warning, don't be so certain that this small bounce is a sure sign of an end to the selloff. Trust me when I say, the bears a watching, and they're salivating at the growing opportunity for more easy money.

In summary, we now have evidence ( bear flag , falling volume , overhead resistance, weak relative performance, etc.) to support the argument for a continuation in the selloff. A breakdown will be confirmation of that evidence.

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.***

Dead Cat Bounce - is a temporary recovery from a prolonged decline or a bear market that is followed by a continuation of the downtrend. The name "dead cat bounce" is based on the notion that even a dead cat will bounce, if it falls far enough and fast enough.

-MPC loves you-

What are the purple and yellow lines?
Think you're smarter than the market haha
Btckk89 Nom_de_Guerre
@Nom_de_Guerre, LOL, so you only posted this now....He posted the idea 2 days ago.. If you'd posted this comment any time before today you'd more likely to be seen as a 'genius' than someone (salty) who only comes out of the woodwork when the results are out..
+2 回覆
@Btckk89, haha shuddap muppet, i wasn't addressing you, i posted my own chart yesterday
Btckk89 Nom_de_Guerre
@Nom_de_Guerre, Hehehe. A nervous 'haha' (twice in fact) if I've ever seen one. It's like you're not even sure if you believe your own words. Anyway, my bad, 'almighty genius'. Didn't know others weren't allowed to comment on your post on someone's idea. Also, the title of your idea/chart 'yesterday' was: "BTC Market Indecision - Move coming soon". Seems like you're not so sure yourself too. Hmmmm....

P.S. Just in case reading isn't your strongest suit, the author did mention "With that said, I want everyone to know that I'm not saying that BTC 11.85% will go there for sure."
@Btckk89, yawn@you_fan boy, nice charts you've published :P
Btckk89 Nom_de_Guerre
@Nom_de_Guerre, haha, thanks Pro. At least I'm here to learn from others, not mock them.
+1 回覆
@Btckk89, cheerleading sycophant more like
Btckk89 Nom_de_Guerre
@Nom_de_Guerre, I follow other authors too. All the best clutching at straws though, I don't get anything out of 'defending' any persons on TV. But for trolls, ;p Sorry I can't follow you though.. :'(
It seems that cat is quite alive. Beware!
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