If you've been following my charts you'd be well prepared for the scenario we are currently in, I'm damn near 100% accuracy lately. On my previous chart I showed you a symmetrical triangle, with where it would go up or down depending on the breakouts, and I kept you up-to-date, accurately, I might add, when we had a false breakout above, and then the breakdown we now have below.
We currently have hit a temporary bottom, and what I believe is a new trading range, we should be looking to trade in the 12-13.5k range over the coming days.
Key Notes:
1) Currently, we should have another 1-3 hours of a bumpy ride until the 4hour Stoch catches up and curves upwards. 2) I want to make it clear - we are not out of danger yet, I believe we will still have a further correction downwards. If we look at the weekly and daily charts , we can see we still have a ways to go - but we are close. The weekly is at a point of curving up, but the weekly MACD is looking dangerous. Please see the weekly snapshot below. 3) The daily reflects something similar, this was bloody, but we should have 1-2 days of range trading again, before what I imagine will be the final dip to 8k.
Lastly, to see the near perfect bottom found plotted previous check out:
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Additionally, as always, I will continue to update this idea upon 15 likes.
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If bulls want to start a new run we need to get above the 50MA, we'll need multiple days above, so alot of ground has to be covered. If we continue to range trade below the 50MA, we will continue to see breakdowns in the coming days / weeks until the monthly RSI is brought down to neutral, in my opinion.
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Pay close attention to the 11,191 area for potential breakdowns.
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If this triple bottom holds, and we can break $12,400, we're going for a ride boys.
An absolute critical time right now. Absolutely critical.
A triple bottom with a price break of the previous resistance (indicated in green $12,400) is a *very* meaningful indicator of a trend reversal.
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If this support can't hold, we're going much lower, to the very least $10,300, and possibly 8k. *CRITICAL TIME*
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I a triple bottom has 2 lows, and 2 failed breaks, the third low is the lowest, and then must bust through the previous resistance, I have NOT exited my positions yet. Hold steadfast, but be ready to exit
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Rest assured, I am here, with you, MY money is in BTC right now, I'll update you on what I do, we need to see $12400 break or we're going lower
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We're looking at a possible descending triangle forming, as well as two doji reveral candles on the hourly. I would expect a break up or down shortly, if it breaks down we're look at 9580 as the buy zone.
not exactly, maybe something like this.. 100% accurate.. 10K BTC
chefluc
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most of traders making money are keeping..
ant187
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@chefluc, Yea, I bought at the support level that broke down, so I'm not in too bad of shape, all things considered. My risk/reward ratio isn't high enough for me to bother selling.
chefluc
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@ant187, if you are considering crypto currency as a way to buy good or do transaction and so on , so U loose only when you sell for USD or EURO or any other traditional money if the next day you have to pay more for you crypto. U C for me I only loose if get down on number of units (it's happen) . So I always try to sell high and buy back lower to get more , it is more easy . We need to get use to CRYPTO and start to use them to buy or sell things or services.
It's will takes few years...
mcgovjos
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Nice accuracy, might I add.
ant187
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@mcgovjos, Thanks for the kind words on this bloodiest of days.
BigD1702
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Loving the play by play, patiently waiting for the bottom. Thanks for what you do!
ant187
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@BigD1702, Yup, I got in @ 11600, and 12k, so I'm not down that much, it's not worth the risk of selling and rebuying at what 8k? Maybe? So many people looking for buys there.
I feel genuinely bad for people in alts and high bitcoin buys right now though, I'd be sick to my stomach if I was in that situation, luckily, I'm handling my 13% losses alright on my end.
ant187
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I'm currently co-hosting on my friends stream @ twitch.tv/thecryptogenie discussing this as it goes live