MagicPoopCannon

Houston, We Have Liftoff! BITCOIN! (BTC)

BITFINEX:BTCUSD   比特幣 / 美元
Hello friends! Welcome to this update analysis on BITCOIN! Let's jump right in. Looking at the four hour chart, you can see that BTC             has broken out above all of it's immediate overhead resistance. It has surpassed the 78.6% retrace, the green dashed trendline , the neckline of the inverse head and shoulders pattern, and most importantly, BTC             found support on the 50 EMA (in orange.) These are all very bullish developments. Looking at the chart, you can see that the last time BTC             found support on the 50 EMA (1/14/18) it rallied up to touch the top of the downtrend channel . We've found support on the 50 again, and you can see that the projected target (for a rally equal to the maximum potential of the inverse head and shoulders pattern) actually extends above the top of the downtrend channel , to around 12,187 (black vertical trendline .) For modesty, however, I think it is best to just target the top of the downtrend channel . BTC             has some major overhead resistance to contend with along the way. Specifically, the 200 EMA (in purple,) and the 61.8% retrace. For educational purposes only, this breakout is a technical buy signal. An effective stop could be placed just below the neckline of the head and shoulders pattern. The reason why I would select that level, is because head and shoulders patterns can occasionally produce throwback moves, in which they retest the neckline after a breakout. In this case, a break back below the neckline would be a negative sign, and it would be wise to exit a long position at that point. For now, there is no evidence of a throwback, so we will just have to be aware of it, as we ride BTC             higher.

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-
You are full of poop and I like it lol
+2 回覆
Glad to see you been humbled the last few charts after BTC showed you its doesn't care for TA
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@Quin73, i find it clearly does...
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Just went on the train at 10k
+4 回覆
@Arketyx, would give you +1 but the button is missing only on ur profil....
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Agreed, the top of the downtrend channel always a good stopping point to be safe, see if it breaks above or drops and go from there. I've been charting this the same way for weeks and when you draw your wedges and channels, Bitcoin follows and bounces exactly on the edges of the channels and wedges. Play it safe!
+2 回覆
norcal78 norcal78
Also, thanks MPC for the consistency and analysis of both sides.
+3 回覆
We going to da FCKN moon!
+3 回覆
Triple_HO Wolfgang34
+1 回覆
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