Short

Hope is dangerous, but faith is invincible.

Updated

Hello everyone. The bulls are in some serious trouble.
Let me tell you why.

Let's make it short and sweet, shall we?
-Major trend line broken in RSI.
-7 Rejections of overbought in RSI prior to entering 70.
-Major 1.618 extension rejection.
-Multiple bearish engulfing candles.
-Volume expanding on sell candles.
-Upward percentage gains on green candles shrinking.
-60 RSI rejection on monthly.
-Triple rejection of the RSI trend in 4h:

On the bulls side:
-Giant flag.
-Holding 50 RSI. (For now..)
-POTENTAIL Inverted HS forming. Honestly the best hopium I can find. (Target is around 16k.)
-Major dumps getting bought back up fairly quickly.

Welp. Bears outnumber the bulls here, sorry bois.
Prediction: dampy dampy - and I ain't talkin about no minor $600 dump.
IF bulls can close the daily above 50 RSI for the next week somehow, mega rally.
IF bulls cannot continue to close daily above 50 RSI, $7,985 and especially $7,297 become very, very important.

Chances are decent this inverted head and shoulders is legit due to the neckline.
Volume profile is a bit worrying, however. Bitcoin doesn't give slow and weak head.

My name is teh_Salesman, but you can call me MC_Peewee 2.0.
Time to rebuild.

Best of luck.

Note

keep an eye on 40 RSI on the hourly.
Bitcoin is attempting to break below it.
A break below will very likely lead to a darth maul lightsaber.
A high probability trade can be found at the bottom of the bull flag around $9,121.
$9,311 is closest support below local low.

Bull break is a strong volume push above 10k.
$10,165 is the next target and past that- CME gap at 11.7k.

VOLUME IS IMPORTANT.
If the IHS is legit, this should be a fairly low but abrupt volume push to the bottom of the flag, and then a substantial bounce.
Strong and abrupt volume push downwards like earlier will likely result in liquidity cascading.

Note

This is stupid bearish.

Only bullish thing I see here is the huge influx on sell volume.
eegh

Note

fekkit

Note

this is either a fat long or 9311 is toast

Note

stupid fat*

Note

GO LONG.
You'll get the bounce to at least the bear resistance- put your stop on entry and it's a free trade. legit.

This thing might moon

Note

bitmex bois

Note

There SEEMS TO BE A DISCREPANCY!
it aint easy bein cheezy

RIGHT to the resistance.
now wut does she dooo?

Note

We're under stupid resistance.
This entire idea was bear.
Hate to say it but at 10x lev you're looking at minimum 5-10% upwards here.

That's NOT to say the overall idea is incorrect, however. 4H now has a lot of room to run but it was dnied thrice at 60. A 50 rejection and we're looking at a near apocalypse especially if 50 on the daily even wicks past that point.

Note

dumb stupid ez tp and sl

33% on tp, 100% on sl.

why am i so good at this yet so poor

Note

for your free trade*
might i add.

fuuuuuuuuuuuug

Note

50 holds and it's all she wrote.
yes, this is a 1 minute chart. get over it.

swear.
later yall. till next time

Note

PS
ibb.co/gScyPq9

that is all. goodnight yall

Note

err, fack.
ibb.co/HNwgNsn

thats the one.

Note

kk.

Note

lol ok for real time to cook some hamburger helper and get the frig off this platform.
i've had enough trading internet for tonight :x

Note

like a twig.
see you at psych support

ily <3

Note

As my grandpa used to say, back in the day.
Not bad for a hairlip.

Note

guh

Note

you said you need support + resistance levels?

i got all the levels u need dawg, take ur pick
;-)

Note

PS-
Last update on this idea until another high probability trade presents itself that I happen to catch.

This was my prior account.
This is an 8 month old post. Notice that we're still in roughly the same price range?
eee.

Note

I have no self discipline. STILL. fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu

Okay. THAT is my last update.
2 many attempts.
say buh-bye.

Note

I lied.
ibb.co/3pTPGnp

UnknownUnicorn5836947

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.