Magic Set's The Record Straight!!! BITCOIN! (BTC)
Updated
Hi friends! Welcome to this update analysis on BITCOIN! Let's get it! Looking at the four hour chart, you can see that the right shoulder of the small head and shoulders pattern has been created. Keep in mind, that when I posted this yesterday, that small rise and fall didn't even exist yet. The formation of this small right shoulder happened more rapidly than I had anticipated, but it happened none-the-less.
With that said, I have to address the hate crew that always seems to show up in my comment sections, no matter how accurate my calls are. They say that all I do is provide a complicated form of if/then statements, but what they don't understand is THAT'S WHAT TA IS. If this happens, then we can expect this. If that happens, then we can expect that. I give you the conditions, you form your own opinion and trade it accordingly. I'm not here to hold hands, or spoon feed people price targets. However, if you want to get down and dirty about the price targets, I called the fall from the all time highs like an absolute beast! I called the exact top in XLM. I gave a PERFECT downside target in Litecoin and many others, when the market was still near all time highs, and everyone else was calling for the moon. Just look at the red line on the bottom of this BTC chart. That has been on my chart since we were well above 13,000! Check the record books! When we got to the bottom, I called the reversal with unprecedented precision. I gave you fractal relationships, before ANYONE else was talking about fractals, and then all of a sudden all of the other traders were talking about fractals. If I'm such a bad analyst, then why am I always right? If I'm such a bad analyst, then why do so many of the other top analysts copy me? I called this entire up-move from the low on BTC and LTC alike. If you don't remember, refresh your memory by looking through the history of my calls. I am an unrivaled king in this game. Don't come here and try to slander my name, and throw shade on my hard work. Just look at whats happening on this chart. People were talking all that noise, while the right shoulder of the small head and shoulders pattern was filling right in front of them. They couldn't recognize a good call if it slapped them in the face. But enough about that, let's look at where BTC is going next!
You can see that the right shoulder of the small red head and shoulders pattern has been filled. Albeit in a more rapid fashion than originally anticipated. When you see small right shoulders form, it is indicative of prolific selling pressure, which mitigates the rise and subsequent formation of a larger right shoulder. This is exemplified by the expanding sell-side momentum on the MACD. You can see that the volume is primarily red, indicating that the sell-side pressure has returned. You can also see that the 50 EMA (in orange) and the 200 EMA (in purple) have fallen, JUST AS ANTICIPATED, by the proposed inverse head and shoulders pattern on my chart. Now here it comes, brace yourself, get ready for the if/then statement. If the rising green trendline is held, then we can assume that the shoulder is going to form at that level, which is critical to hold. If it fails at the green dashed trendline, we could be looking at a more severe correction. That's the condition. If you recall from a few posts ago, I told you that it would be wise to exit your long positions, when the failed breakout occurred, in order to mitigate loss. I told you that you could reenter those long positions, at the next break above the pink trendline, should it occur. As you can see, that was a very valuable call. We could be looking at the formation of an inverse head and shoulders pattern, or another rollover that takes us to the bottom of the pink channel again. For now, I'm on watch for the formation of the right shoulder, on the inverse pattern. That is the primary formation that I'm paying attention to.
With that said, I have to address the hate crew that always seems to show up in my comment sections, no matter how accurate my calls are. They say that all I do is provide a complicated form of if/then statements, but what they don't understand is THAT'S WHAT TA IS. If this happens, then we can expect this. If that happens, then we can expect that. I give you the conditions, you form your own opinion and trade it accordingly. I'm not here to hold hands, or spoon feed people price targets. However, if you want to get down and dirty about the price targets, I called the fall from the all time highs like an absolute beast! I called the exact top in XLM. I gave a PERFECT downside target in Litecoin and many others, when the market was still near all time highs, and everyone else was calling for the moon. Just look at the red line on the bottom of this BTC chart. That has been on my chart since we were well above 13,000! Check the record books! When we got to the bottom, I called the reversal with unprecedented precision. I gave you fractal relationships, before ANYONE else was talking about fractals, and then all of a sudden all of the other traders were talking about fractals. If I'm such a bad analyst, then why am I always right? If I'm such a bad analyst, then why do so many of the other top analysts copy me? I called this entire up-move from the low on BTC and LTC alike. If you don't remember, refresh your memory by looking through the history of my calls. I am an unrivaled king in this game. Don't come here and try to slander my name, and throw shade on my hard work. Just look at whats happening on this chart. People were talking all that noise, while the right shoulder of the small head and shoulders pattern was filling right in front of them. They couldn't recognize a good call if it slapped them in the face. But enough about that, let's look at where BTC is going next!
You can see that the right shoulder of the small red head and shoulders pattern has been filled. Albeit in a more rapid fashion than originally anticipated. When you see small right shoulders form, it is indicative of prolific selling pressure, which mitigates the rise and subsequent formation of a larger right shoulder. This is exemplified by the expanding sell-side momentum on the MACD. You can see that the volume is primarily red, indicating that the sell-side pressure has returned. You can also see that the 50 EMA (in orange) and the 200 EMA (in purple) have fallen, JUST AS ANTICIPATED, by the proposed inverse head and shoulders pattern on my chart. Now here it comes, brace yourself, get ready for the if/then statement. If the rising green trendline is held, then we can assume that the shoulder is going to form at that level, which is critical to hold. If it fails at the green dashed trendline, we could be looking at a more severe correction. That's the condition. If you recall from a few posts ago, I told you that it would be wise to exit your long positions, when the failed breakout occurred, in order to mitigate loss. I told you that you could reenter those long positions, at the next break above the pink trendline, should it occur. As you can see, that was a very valuable call. We could be looking at the formation of an inverse head and shoulders pattern, or another rollover that takes us to the bottom of the pink channel again. For now, I'm on watch for the formation of the right shoulder, on the inverse pattern. That is the primary formation that I'm paying attention to.
Note
"Oh but Magic doesn't do this and if then that." If you don't like my charting, then why are you here? I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir. 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.***
-MPC loves you-
-JD-
Note
The update is here! Enjoy...
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.