Sugar Magic? No Thanks. I'm Already Sweet Enough. BITCOIN (BTC)

Aaaaahhhh. Nothing like a fresh cup of breakout in the morning. =D Welcome friends, foes, animals, aliens, people of all generas, my family of crypto lovers, to this update analysis on Bitcoin! Let's get it! Looking at the four hour chart, you can see that BTC has followed my right shoulder PERFECTLY. Not only that, it bounced off of the EXACT level, where I projected the shoulder to bottom. Here comes the gloating, I'm the only analyst, who gave you that exact level, and a lot of people criticized me for it. I'm not trying to boast. I just think it's important to highlight the value and precision of my analyses.

So, the chart looks good, but we still have work to do. You can see that just above, is the 61.8% retrace, which could provide initial resistance. We need to surpass the 618, and complete the right shoulder at the neckline. From there, we'll be looking for a subsequent breakout to the upside. There is some heavy resistance at the 50% retrace (12,738,) so it will be interesting to see how BTC reacts, should it make it's way up to that level. The inverse head and shoulders target rests at about 16,475. If we see a confirmed breakout, and a break above the heavy resistance, the target is likely to be reached. Don't let that target distract you though, from the heavy resistance. That will be a critical level to focus on, and it could impact the validity of the upside target.

For educational purposes only, you could go long at this point, if you wanted to be aggressive, with a stop loss below the pink trendline , and perhaps below the 50 & 200 EMAs, around 9950. That would put you at a max loss of about 7%, while having the top of the channel (in pink) and the 50 & 200 EMAs, as supportive protection, between the current price action and your stop order.

On the downside, if we see BTC roll back over, and break down into the channel again, that would be a negative sign. You can see that there has been a lot of chopping around on the 50 & 200 EMAs. Since another breakout has occurred, we want to start to see those moving averages act as support. If we continue to violate them, it will be a sign of sustained weakness.

Looking at the volume , we can see that it was low on the breakout. Low volume breakouts can fail, so pay very close attention to any reversals here. Overall, BTC is moving exactly as anticipated, and now we just need to monitor the continued development of the pattern. 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.***

-Magic loves you-

评论: The exact trendline, for your viewing pleasure...

评论: BTC appears to be finding support on top of the channel...

Has anyone compared in log scale to see the differences in the upper trendlines? I mean if there has been confirmations in log scale before then maybe there is a reason to compare?
BTC hitting those targets slowly but surely:
@MagicPoopCannon You're blowing off too much steam because of those haters. Push the ignore button and focus that magic on the TA :)
There's a saying in marketing - If by the end of the day your products haven't been criticized, then you're not marketing hard enough" Fuck that white noise, and let that magic rain upon us! :)
+6 回复
Why everyone says that there is a breakout and noone looks for alternatives? U guys gonna get wiped out when u see only one way. Try different perspective.
+1 回复
@MichalDz, Retracement has been done... Still considering both ends maybe you should consider higher time frames... Just my opinion
MichalDz AndreTheGiant
@AndreTheGiant, thats daily. I wont draw other timeframes for coin that is in retrace for 2 months :)
It is insane how the whales manipulate the market right now. Every time bitcoin comes close to 10400 resistance, they will place several buy orders for a few thousand bitcoins right below the highest bid to artificially push demand. After price goes up slightly, they delete all orders AT ONCE. BTC tried to break through 10400 like 5 times in the last hours already, but this manipulation tries to make small investors push up the price. Such market behavior is just frustrating and anorganic.
+5 回复
When everyone is fearful..... Buy this break out.
+2 回复
step back and wait folks! this can be another bull trap!
+3 回复
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