BTCUSD Resistance Channel Not Broken 'Check This Out' 21st feb

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi all i wanted to throw this in here for others to see and see if anything could be taken away from this chart in a more precise way, im looking to broaden my learning with the trading cryptocurrencies, but i have to learn more myself first but im seeing patterns and resistance point emerging.And i do not think we come close to breaking throw the first resistance line never mind the fan channel which is not straight it seems to fan out, the problem is we cannot get a 100% accurate assessment of the top of the channel resistance until we hit it enough times so far we have only hit it twice and this was when we dropped from 20k.

I have added this chart for more people to consider that we are not over fighting and we could just be building up for a ABC correction of some kind and then we will break through the resistance and also the top downtrend line resistance.I have tried to keep this as simple as i can as im still learning but, putting ideas out there like this in such a strange volatile market with a lot of shorts in the market now, we have to think out side of the box.

The is a rough chart on the 1 day scale.Add some info to the chart nothing complicated just some patterns that could turn
out to be true.I also want to add some more text underneath this post for people to think about people are mentally physically
drained and have been fighting in a good battle all day, i seen the order books and the market on many different time frames and the
bulls gave every thing they had but allot of shorts in there to try and push the price down did not help.I think we will soon see
another bearish pattern then traders will restock and make bigger risks and we will go through the top resistance channel allot of
things could still happen they might take a 8k position or 9k position and stock back up and go for it again, but we have to think
of some things out side of the box first, they are following this down trend and profiting massively the bull run is coming don't
worry about that but be patient and watch the

Want to help a n00b start trading :) i have a £400 to start to trade very soon small but enough to learn in a few months time i
will be have more knowledge and be able to put more into the community as a whole.Thank you all if you want to read the below
it was some things, i have been thinking about.

BTC -0.84%


market have buy/sell markers in place just incase.

Feb 20
Trade active: Hope everyone made a few $$ and had a good day trading now i want to put this out there I do not think the first resistance line was even broke not the top channel resistance but the one listed in the chart which also could act as a support line, that the resistance line would have to be broken first, and it was not we could go into an ABC correction now, or we could also just ladder down slowly, we could even get to 8k and it go back up there are so many variables.

What i do know is that you could spot this off a mile away, and if you notice the channel fans out which means on the next run if it declines the way it is we will soon see panic selling around the 10k region, People will take their profits , it looked to artifical to be a real bull run. Traders had there selling stop points on target and it played by the book.

I heard talk of so many things but when a big event like this is coming traders
know and will watch. i have watched the battle all day its not all TA there is some basic rules that apply for people like me who are only starting to learn, i want to do one more in the morning on this chart maybe dinner time with a little more TA involved its perfect practice,

And the elliott wave pattern played by the book,there was a lot of speculation on the count, we could see sellers buying back in at 8k or even 10k but unless we see better volume and we brake not just this one resistance but the ones above the downward trend line.

Think how people are feeling now known that we reached our goal and we did not
go to 20k as promised, it will cause panic selling and its not really panic selling its more they have a good profit especially as people got in so early it was a steal
at that price and pullbacks like that don't happen often, there are alot of people shorting bitcoin at the moment which not only makes the market volatile but also
makes the price go down.

We have new traders onboard big players who know what they are doing and understand crypto better now, whilst these may all seem irrelevant in a trading environment they all happen and must be took into consideration news played a
massive role in the last collapse.

We best keep our eyes on the news this week and see what FUD they put out, new there are alot of positive things happening at the moment with regards to the lightning network, there is another hardfork which people will be also playing at the moment.They will load up on on the crypto to get free BTCP then dump it.

I'm going to start to do more of these posts in due course if people enjoy lerning like me, and i was not bearish nor am i bullish before i done this chart. i was neutral now after seeing this happen, im more than 75% sure we are going to follow the same trend line with the same supports fanning out and we will see
more trading.

Another thing to mention was the battle at the top it was great to sit and watch the bulls had a good go but the bears and shorts seemed to put a stop to that they can see the resistance line, they know if it does not break we go into either a wave that could go allot like the last one with no rhythm it just died off.

I'm on the fence but for future predictions this week and next i see panic selling and the price dropping even further faster than it did last time the amount of selling orders in the order book was crazy people where dumping massive amounts there where buyers who have more to lose than someone who is about to to 60, 70 ,80 % proffits possibly more. this will lead to a very volatile price and it will end up becoming a shorting stock constantly on a daily basis we are seeing it today and its a real fight that is going on.
Feb 20
Comment: I hope you make the right decision on what to do next personally we could wake up tomorrow and the price smash the resistance if people buy straight back in after taking there proffits so much will be placed on long placements and 10% will be shooted in the market.

But panic will ensure imaging the price was at $750 it was great then we got massive uptrends all the way to 20k then people took there profits i believe allot of these people where not short investors they might have laddered into a position on the way up and had stop points on the way to sell and buy back in
if it fitted there criteria,

There is allot of new people like me who is really passionate about the market and btc its a good crypto one of the best, but how can people get the fact that the coins they have where only worth $740 - 20k its hard to take in.

Even now if we can get back in at 6-8k in it would pump the market even more giving more momentum to smash that resistance and the downtrend once that is done we can use the hard resistance as a stop point or even as a support resistance this will give people reassurance we are not going to drop like a rock again and we have people who have made allot of money out there which could be put straight back in so a buy back in strategy is what is needed now.

I just wanted to put this out there and see what others think.!Im still a n00b at this but learning every day not every elliot pattern meets the criteria set out not with crypto there are some weird things happening its not like a normal market.

its allot more volatile and i would say more predictive as traders seem to be follow most of the same rules, people where saying that this is only the 3rd wave allot of people arguing about it not fitting the criteria of a standard wave pattern
it was more stretched with strange erratic movements..

I can only see the next run being a very bullish run and we will smash the resistance as people have taken the profit and know that btc can go down
to 4-5-6k so they will hodl until the price is right and buy straight back in
pump and dump.!!

I hope that this has not wasted to many peoples time but i wanted to put
this out there my chart was not 100% but close enough for people to see
what was going on.

I will follow these posts up with daily news updates if you feel like buying me a cuppa you can see my address above it is very much appreciate it will be put into trading and learning purposes only. i want to better my knowledge i have a long way to go but can spot patterns way off.

Good luck and a well fought out battle really enjoyed watching the bears and bulls throwing everything they have at the market.And when this does break this downtrend people will see confidence restored inthe btc community, we will be adding news too the predictions next time as often as we can

Good luck for tonight and tomorrow lets see this correction and lets head for
new highs best wishes,
Feb 21
Comment: This is not an ABC correction its a 1,2,3,4,5 Elliot wave correction, new forecast for the stop points for it there will be as close as i can make them.


I see 5-6k coming patients is going to be a virtue for this one hold off as long as you can check the charts for any
change in the trend every couple of hours i have alerts set all over this looks very bearish now. I mean we could go
lower than 5-6k look at the volume :((..

They seend how much they can make during the first down trend to 6k or less last time now we are heading that way
i can feel it, people are dumping there btc to look for a new place to enter, and the lower they get it the more they
will make.

Patients is going to be the main thing can you hold off long enough :)
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