Dear Friends!
D4rkEnergY is back with his A-game. It's a tough market at the moment, but I have been pretty spot on lately. I'll admit when I'm wrong - and I have been that several times - but we have to remember to give our self credit, when we do a good job too.
I can still see in the comment sections, that some ignorant (meant in a good way) people believe or think, that a good trader can be right all the time. Let me quote MY MAN, Peter L. Brandt, profitable trader since 1970s and authors to many books about TA and trading. He wrote the following on Twitter yesterday:
"I am wrong 60% of the time. This means that my default emotional expectation on a trade should be that this next trade will be a loser"
So next time you feel the urge to shout "WRONG AGAIN" to any Top Author here on TradingView on Twitter, then just have the above mentioned quote in your mind. One of the most famous traders in the world is "only" right 40 % of the time!
Now let's take a look, at the 1D BTCUSD Chart. So far it is going according to my prediction. I told you about our sideways movement for a while, and the corrective ABCDE-pattern. At this moment we are riding on the E-wave and I expect we will go a bit higher. We have a bullish MACD-Cross and the RSI, that give us room to finish our corrective pattern.
Hereafter I expect that we will fall. The ABCDE-pattern is a bearish sign in a bear market, and it will also match with the time we hit RSI resistance at level 45. We will then fall down to around 6,000 which will give us a bounce because of the double bottom and due to the fact that we are in a descending broadening wedge.
BUT it will NOT be enough to send us in an uptrend though. We will eventually fall lower again, and when we reach the....
.... MAGIC NUMBER.....
4,888.7 USD, we will FINALLY go in an uptrend and to EUROPA!
D4 Loves You <3
As always guys - Please hit that LIKE-BUTTON. It means a lot to me - thx in advance, my friends :)