Just Wait For It. Forget the Manipulation and Noise
Hello Traders,
Massive amount of rumors going around tether right now. BTC is not worth 7.7k. SHORT IT
Why Bitcoin must break down to break up. Bitcoin needs to create a new pattern
I've been meaning to to do a long term update for BTC for sometime now. This is strictly the message straight out of the book of Richard W. Schabacker (Father of Classical Charting Principles) Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used.
"Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used."
- Bruce Tintelnot
This pattern we are seeing in Bitcoin is nothing new and well documented. We need to break The Trend to go up. Most likely will break the yearly support forming and creating a new pattern. There will be bounces along the way. I believe probably have a dead bounce around $5400 and find our bottom between $5100-$4295. I'll be layering my buy orders all the way down.
Play the market don't let the market play you. Lets take back the power!!
Please give us a like and follow to keep providing Market Ideas.
Massive amount of rumors going around tether right now. BTC is not worth 7.7k. SHORT IT
Why Bitcoin must break down to break up. Bitcoin needs to create a new pattern
I've been meaning to to do a long term update for BTC for sometime now. This is strictly the message straight out of the book of Richard W. Schabacker (Father of Classical Charting Principles) Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used.
"Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used."
- Bruce Tintelnot
This pattern we are seeing in Bitcoin is nothing new and well documented. We need to break The Trend to go up. Most likely will break the yearly support forming and creating a new pattern. There will be bounces along the way. I believe probably have a dead bounce around $5400 and find our bottom between $5100-$4295. I'll be layering my buy orders all the way down.
Play the market don't let the market play you. Lets take back the power!!
Please give us a like and follow to keep providing Market Ideas.
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Completely respected the yearly resistance.
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Say No To Fomo
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Massive bull trap
Comment:
Comment:
Yearly resistance still completely respected, watching to see if we find support on a critical $6800
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Going after the shorts here as predicted stacked way too high. Shorting every bounce. No breakout here.
Trade closed: target reached:
Another bull trap on the way down.
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Ladies and Gentlemen I feel sorry for the people following the #1 paid groups on here post BTC 1 million first we are down from a probability stand point. The exchanges and market makers do not want the yearly support to break. They make more fees higher the price is. They are not going to be able to keep this baby held up forever and when it goes and it most likely based on the probability those users are going to be hurt. Looking at 30%+ value of asset loss.
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This was no surprise bitcoin fell after the market makers pilled on a few longs and liquidated some high margin shorts. Safe play here been to short the bounces and open low margin shorts as we go down. Has anyone thought for one moment a clearly (photoshopped) image caused mass panic for large investors to pull that much money out of tether? It was most likely another setup by the exchanges and and excuse to try and cause a short squeeze. What happen in April may not have been manipulation but was highly profitable for Bitmex. We all also tracked Bitfinex that is owned by the same parent company as tether print 250 million additional coins transfer it into Bitfinex and buy bitcoin to cause another short squeeze. (Multiple Times) I've tracked the wallets) Google it. House rules can't post any links here. That last move 48 hours ago was the 4th attempt I've tracked of tether manipulating the price of bitcoin recently.
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I didn't have a chance to update my chart but my trading plan has not changed for those following along. This weekend could be interesting.
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Looking at the same chart for the big picture here and not much has changed. There has been no need to put out a new chart every 3 hours. With that stated all things considered putting aside the Tether Bitfinex/premium mess/game I'm still looking at the same chart I started with and what I had drawn out a month ago is being respected. Everything being considered still more bear than bull. I remember many traders of this year 2018 calling the bottom in April "with higher lows." Only to see Bitcoin break Sub 6k. I'm still leaning on the side of bearish to break. Simply put there is zero doubt certain exchanges and individuals have and are keeping the price of Bitcoin prompt up as to not break the yearly support. Eventually the same money can't only be traded so long... Eventually the same money can only defend the same support so long...
Trade closed: stop reached:
Longing $6250 seems it was the most reliable long all year long. I wondering when it would stop working. This is the same long term chart I've been playing of off for months. You can call it road to 5k.
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If you the updates on these charts please leave a like and follow. >=) I'm not certain why it shows trade "Target close." This trade is still active.
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If you have enjoyed the updates on these charts. Please leave a like and follow. >=) I have stayed away from posting further ALT coin setups as the risk of till the market bottoms out.
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This is the based of the volume profile. Currently we can stay above $5,400 I would like to see a retest around $5,800 and a strong rejection back down to ride $5,400 before taking another dip.
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Just a heads up recently a wallet with 30,000 bitcoins have been moved to this address that I've been watching. www.blockchain.com/b...gTHixywhXcx57q6H6rHC
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This had been my thoughts for a long time but the way we have broken down. bur I don't expect this multi year trend line to hold. Patterns are meant to be broken, I'am expecting a bounce at $4,880ish.
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I'm just updating my original chart on this, I see we had a bounce where I was expecting, how we have broken down. I don't expect the multi year trend line to hold anymore. One day at a time but based off of other indicators it could come in around $2800-3800.
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The Daily RSI is now 7. We are so oversold on the daily. I wouldn't recommend anyone shorting this with a large leverage at this point. Were close to the bottom for the time being and should start to see some sideways movement here.
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Things are getting interesting here. Time to see if this multi year trend line holds. I don't expect to the way we are breaking down. Next stop $3,800 is possible.
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We seem to be forming a rounded bottom and possible Wyckoff Event Phase. Short term bullish.
Would be careful with the shorts here
Would be careful with the shorts here
Comment:
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I believe we have some price movement coming in with this type of pattern.
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I've been documenting the fall for a long time. This is called the The Theory Of Everything. The chart explains it all
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I would be careful with the shorts here. At the very least we have double bottom and a clear rejection of lower prices. Possible dragon formation forming on the 4hour.
Of course I don't believe the bottom is in yet, but everyday new data.
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Of course I don't believe the bottom is in yet, but everyday new data.
------------->If you would like more charts like these give a like a follow. <----------
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I warned previous about the shorts pilling on here.
Anyone who longed this Doji was smart. Sellers pushed the price down lower but failed to close the price lower than the previous day. It was another bullish signal.
------------->If you would like more charts like these give a like a follow. <----------
Anyone who longed this Doji was smart. Sellers pushed the price down lower but failed to close the price lower than the previous day. It was another bullish signal.
------------->If you would like more charts like these give a like a follow. <----------
