MagicPoopCannon

Important Update on The Bitcoin Carnage! (BTC)

BITFINEX:BTCUSD   比特币/美元
I don't normally cover a single coin more than once in a day, but when I do, you know it's probably F'ed. There are some very important things to point out with Bitcoin . First of all, you can see that it has now surpassed our most critical support levels, including the rising green trendline , and even the top of the downtrend channel (in pink) The top of the channel was pierced, but BTC has recovered slightly since piercing the channel. If that isn't bearish enough, you can see the tremendous sell-side volume that has skyrocketed on the chart. Each time we had huge initial red volume spikes like this, BTC continued to decline. That happened on 12/7, 12/20, 1/16, and 2/4. The difference now though, is that the volume spike is extraordinarily higher than average. With that said, I am most concerned with the fact that the top of the downtrend channel was pierced. Thus weakens it as a support level , so if BTC finds it's way down to the top of the channel, it could easily be broken. Mark my words — if BTC gets back into the downtrend channel , we could see some vicious selling in this market. I'm not trying to spread fear. I'm just showing you the very real danger that is emerging in the market right now. Keep in mind that the current candle has not closed. A close above the green trendline , would be better than a close below. However, it is likely that we will see more downside, after such an enormous surge in sell side volume , momentum, and price action. On the MACD , you can see that there is a lot more downside potential, for it to fall until it reaches the rising green dotted trendline . BTC is way beyond the Bollinger bands , on the current move, so a pause could materialize. 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-
Without bounce we will break support

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MoneyRight CryptoManiac101
@CryptoManiac101, yes, Post ur trash everywhere to get people paying for ur nice calls where u lose the most money
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The whales are basically trying to steal from tax return investors. Trying to scare them. Don't fall for their schemes - HODL!
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Waiting for it to hit 6K
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It's strange to see the amount of denial and confirmation bias present within this community. It has been ongoing for quite a while, but now it is becoming more apparent and desperate.
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The target for the double top, with neckline at 9200, is 6800. This has been your humble poop student.
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Well whats the saying when everyone is fearful be greedy!! I assure you someone out there is being greedy.
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@swaigo, don't catch a falling knife
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