Bitcoin - Get smart a lesson to be learned!
What happened, what's happening and what's going to happen?
At one point you will look at a chart and you'll be able to read it like a novel. You'll read it and see that a crime happened and you'll know the suspects and you may even laugh. Real quick, what can be funny about this chart? Chart patterns of course, for those that believe in head and shoulders and bull flags and so on... they all got rekt. In short chart patterns do not work and Elliot wave theory is for flat earth believers, the only thing that works is what I'm trying to teach you which is support and resistance, that's the main tool exchanges use and if you shadow exchanges you'll make money, if you try to outsmart them you'll get rekt.
What happened?
A crime of course, The two green candles (generated by exchanges) robbed our leverage trading friends from making all the money that was coming to them. They were assassinated at the beginning just so that they would not enjoy this massive drop. It was 100% obvious what was going to happen. Why was it obvious? We were at the bottom of the channel and a death cross was created, naturally, there was no other place but down, it was too good to be true, and it was.
What's Happening?
We are traveling a downtrend channel -- under a death cross effect -- looking for the bottom after a parabolic move. Exchanges are testing lower and lower grounds to pick up more buyers so that the volume needed for the next parabolic move is generated. The likely bottom is my "Mother of all buy zones" that's as low as BTC gets without turning into a bear market.
What's going to happen?
When we hit the "Mother of all buy zones" most alts would have double-bottomed and we'll see a violent move up, this is when BTC may try to go back to 20K or over and high performing alts will try to reach their all-time highs.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
Hitting the "Like" button is like a tip, please don't forget to do so after reading.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, unexpected if it goes up.
At one point you will look at a chart and you'll be able to read it like a novel. You'll read it and see that a crime happened and you'll know the suspects and you may even laugh. Real quick, what can be funny about this chart? Chart patterns of course, for those that believe in head and shoulders and bull flags and so on... they all got rekt. In short chart patterns do not work and Elliot wave theory is for flat earth believers, the only thing that works is what I'm trying to teach you which is support and resistance, that's the main tool exchanges use and if you shadow exchanges you'll make money, if you try to outsmart them you'll get rekt.
What happened?
A crime of course, The two green candles (generated by exchanges) robbed our leverage trading friends from making all the money that was coming to them. They were assassinated at the beginning just so that they would not enjoy this massive drop. It was 100% obvious what was going to happen. Why was it obvious? We were at the bottom of the channel and a death cross was created, naturally, there was no other place but down, it was too good to be true, and it was.
What's Happening?
We are traveling a downtrend channel -- under a death cross effect -- looking for the bottom after a parabolic move. Exchanges are testing lower and lower grounds to pick up more buyers so that the volume needed for the next parabolic move is generated. The likely bottom is my "Mother of all buy zones" that's as low as BTC gets without turning into a bear market.
What's going to happen?
When we hit the "Mother of all buy zones" most alts would have double-bottomed and we'll see a violent move up, this is when BTC may try to go back to 20K or over and high performing alts will try to reach their all-time highs.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
Hitting the "Like" button is like a tip, please don't forget to do so after reading.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, unexpected if it goes up.
Related publications
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.