MagicPoopCannon

More Bullish Signals Emerge! In BITCOIN! (BTC) =D

BITFINEX:BTCUSD   比特币/美元
Hi friends! Welcome to this update analysis on Bitcoin! Let's jump right in! Looking at the four hour chart, we can see that BTC             broke down from the bear flag (in blue,) as prices fell to $7,876. However, shortly after the breakdown from the bear flag , prices reversed back to the upside, and BTC             is now testing the bottom of the 50 EMA (in orange.) As I've reported in many of the other cryptocurrencies that I follow, I do see signs of a potential bottom forming in the market. Looking at the MACD , you can see that we still have an enormous bullish divergence (green trendline ,) as the broad sell-side momentum has been in a state of continuous deterioration. Looking at the structure on the chart, you can clearly see how we may be forming an inverse head and shoulders pattern. If this pattern completes itself, and we see a breakout above the neckline (black trendline ,) I think a test of the top of the downtrend channel would likely be in play. Given the size of the structure, and the depth of the head, that would be a fair target for a rally equal to the full capacity of the pattern. The question is, will BTC             pop back above the 50 EMA right now, or do we find resistance and drop lower, to form a deeper right shoulder? Keep in mind, there is a TON of overhead resistance just above the current price action. A breakout above the neckline resistance, would surpass the majority of that resistance, and it could lead to a powerful rally, which corresponds with the bullish divergence seen on the MACD . Looking at the volume , you can see that there are a lot more green bars than red, so the reemergence of the bulls is evident. In summary, I do believe that a bottom could be forming. BTC             is currently testing the 50 EMA . We will have to watch how price action behaves here, to monitor the development of this potential inverse head and shoulders pattern. For educational purposes only, a break above the neckline (black trendline ) would be a short-term buy signal. Keep in mind, you should never trade a pattern, until the breakout occurs. We've identified that a potential inverse head and shoulders pattern is forming, like the other charts that I follow. Now, we will need to watch carefully, to see how it develops. If this pattern comes to fruition, a powerful rally may ensue.

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-
评论: Keep in mind, the bear flag (in blue) is the pattern that has formed an actual breakdown. That small drop may be all it gives us, or there may be more in the cards, if we fail at the 50 EMA. The inverse head and shoulders pattern is hypothetical, and must now surpass the neckline, to be complete.
评论: Many people are asking about the rejection at the 50. We appear to be rejecting it, but now I am watching to see if a small inverse head and shoulders pattern develops here, or if we head lower. If you look at the chart, you can see a small left shoulder and head, and we may be forming a right shoulder under the 50. I'll keep you posted as the chart develops.
评论: The update is here! =D

Double top at 9000 after 50% rally. 6000 to 9000. Gann and Tesla will be spinning in their graves! Done for now

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But anyone is seeing possibility doing another Head & Shoulders?

https://www.tradingview.com/chart/X0hLXe8a/
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Hi Magic,

Have you done a projected price for 2018?



For me the 200Day moving average is the next key, we have seen a break of the EMA and are now retesting it from below. If we get a bounce short which I expect then I think we are likely to spend some time ranging between the $6000 level and the 200ema.

If we break the 200 ema and close above I would expect a pretty quick trip to, 10,000 and then a retest of the 200 ema , a bounce here would see $12,000 in play quickly and then I expect consolidation between the 200EMA and 12,000 for some time.

Thanks for your chart :)
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Somehow theres still a bearish feeling among the analysts on BTC. They are arguing the rejections at 8900 as confirmation on the downtrend. Really hope we could get some more trades in under 8000 before we go up
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Nice post. I’ll be following this. Are you 100% crypto? I would love seeing you do some Forex analysis, you do great work :)
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You are a legend!
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To all of my supporters out there, Magic loves you!

-Magic-
+10 回复
To all the naysayers, who were bashing me in this comment section, I just want to ask "how do you like me now?" =D
+5 回复
WaldemarwalD MagicPoopCannon
@MagicPoopCannon, ow relax man, this is the stable part of popularity. If your art become famous because a lot of people become mad - than you did your work well. “Opinion weight” - place where you don’t need to remember about diets
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