Bitcoin Slips — Continues To Climb Mount Lambo (BTC)

Hello friends! Welcome to this update analysis on BITCOIN! Let's jump right in. Looking at the four hour BTC chart, we can see that after the breakout of the bull flag , BTC ran straight up to the 61.8% retrace and got stopped cold. Since then, BTC has done something very interesting. It actually turned right back down, and touched the 200 EMA (in purple,) where it found nice support — forming a dragonfly doji candle in the process. For those of you who don't know, dragonfly dojis are bullish reversal signals. You can see that the current follow-through candle is green, confirming this reversal off of the 200 EMA . This is a really nice thing to see. The 200 EMA is a powerful level, and we've just confirmed it as support. BTC needs to remain above it now, and continue it's trek higher. I still believe that a test of the top of the downtrend channel is inevitable. It's pretty unlikely that we would get this close, to such an important level without testing it, but anything is possible. Regardless, BTC is still making forward progress, and that's all that matters. So, where do we go from here? Well, BTC could continue to trade sideways, to slightly higher, as it consolidates the massive run that has just taken place. Look for the 200 EMA to remain supportive. You can see that the 50 EMA (in orange) is quickly rising toward the 200 EMA . If/when they converge, it will form a powerful support level . Looking at the MACD , you can see that it has crossed over bearish , but the momentum is weak. Overall, I'm targeting an impending test of the top of the downtrend channel . The support at the 200 EMA is a bullish and encouraging development. Should a break above the top to the downtrend channel occur, the big upside target (12,187) would be in play. Good luck trading, everyone!

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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

I feel like we broke that resistance already or at least will stay in channel

Thanks for all the great analysis. Your assessment has been on the mark, at least since I've been following you. As for the slight delay in reaching targets, I think the crash had much more of an impact on the psyche of retail investors, who've become more hesitant to pull the trigger than traders might be, hence the mixed signals when nearing resistance. It looks like we'll break through the downtrend channel in a few more hours though and hopefully, that'll accelerate the process. I still have big hopes for the rest of this year... Cheers to holding out while everyone was pointing to another dip :)
+1 回复
@ckim802, Traders? Look at the chart for 24 hours. There were 4 pumps to push the price up designed especially for that purpose. Retail investors could not predict this ever, when there where bearish signs 24 hours ago. It is a price manipulation in its pure form, trying to make retails FOMO.
Why do you chart linear? Do you find the linear trend lines are respected more?
More Precise entry and exit levels for day traders - no vague ema's and imaginary fibo's - patterns and probability make points - every day
+2 回复
JN9797 sumastardon
@sumastardon, For gods sake man will you please have a little respect and stop spamming your damned charts all over these top traders. Prove your worth over time and people will follow you. Spamming us all endlessly is the fastest way to destroy your credibility. Enough already.
+7 回复
BradF5 JN9797
Agreed! F off!
+1 回复
As always some good TA you have there MPC!

My targets are somewhat similar to yours, although I wonder if the upcoming bull flag break out will march right through your inverse h&s target or if we will see some correction first like I have illustrated with the Elliot Waves (12345 + ABC) in my chart update:

yo Mr legendary trader @MagicPoopCannon , can you say something about ETC ?
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