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 my friend, while I appreciate your posts, you take far too much credit for a bull that you did not call. Do you recall as little as Feb. 10th you called LTC in the Blue Tunnel of death. When it was down to 110, you thought it could fall much further. If a buy was called then, people would have made 70 points. Even as little as 48 hours ago you stated the line had to cross at $175 before it should be bought. You never called for a buy in the 140s to 150s (where I bought). When it hit 196 you said people should not buy until further confirmation. Therefore, the call you made was for a buy at 175...not down at the $110 level (where I am sure you bought) where people here could have made a killing and mitigated a ton of downside risk. Sorry dude, but I call it as it I see it. I have your lineage of posts from the last week. You never told people to buy earlier than the $175 mark. I see the same pattern in your posts all the time. By the time the buy is called for, the coin has already run up and huge amount of profit lost. You are great at calling bear positions, not so much bull.
@smashfootball, The guy is not a wizard with a crystal ball. The way I've read his posts is he has given us clear indicators of what certain signals mean. He was calling hard for the bears on the way down (which ended up right) but you'll notice his tone did change once we hit that 5,900 bottom, being a little more neutral and giving us things to look for as opposed to saying it is going one way or another. Why is that? Because nobody knows exactly where it's going to go, including him. Anyone who is eternally bullish is going to be right eventually. I think what MPC did was far more useful by telling us important indicators to look for in every post. It worked out great for me. I held my ground and waited for the neck-line break out. As soon as that happened I jumped in from my cash position. That could have gone either way, I'm not sure what more MPC could have done there.
mikeownow
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@smashfootball, TA is about mitigating risk, not telling you the optimal time to buy lol To maximize profits you are going to have to gamble, which can also cause a huge loss.
FelixLeonard
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@smashfootball, mate, he put the head an shoulder + symetrical triangle target. If you wanted to buy the dip, what more did you want?
armf
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@smashfootball, you ALWAYS lose out on maximum profit to mitigate risk, if you know of better free TA lets hear it, and they better at least go back to December so we can see what they were forecasting.
@smashfootball, but every one of his bullish predictions has been accurate. That’s the trade off. I’d rather take damn near guaranteed profit but less of it than guesswork and retrospective crowing (no offense). You have any charts to back this up?
Also, just because he cautioned his readers about possible dangers that didn’t end up coming to fruition doesn’t mean they couldn’t have. He’s employing sound trading strategies man.
SorinBlajan
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@smashfootball, i upvoted your comment because i know you are right. But please have in mind:
1. We are in a bear market.
2. You need to protect your capital. Waves come and leave and your portofolio can easily erode in these choppy markets.
3. You need to protect your capital because its limited.
4. You better miss a few pumps, but trade safely. Especially big round numbers.
5. Its imposible to call bottoms and tops.
6. In this small market driven by big players, moms and tats, by the time you finish your TA, things have changed to the point of irelevance.
8. I bet you bought small amounts at those levels.
9. I skipped 7. And nobody noticed.
Lets not be to harsh with eachother. Lets not be greedy. Lets play safe.
This guy is a genius. If you follow his ideas you will make a ton of proffit. Of course he is cocky now. Who wouldnt be?