Yeah, I'm done typing like a moron. It takes way too long and I feel stupider. I now know what it feels like to be like some of the "top authors" on the front page of TV who only knows ideas that involve technical terms like to da moon or something will bull in it.
Forgive me for the misleading title. Unfortunately clickbait titles is what people want, not the boring "BTC is nearing resistance, time to retest supports" that I was originally going to go with.
Anyways, chart is pretty self explanatory. We have a shooting star pattern forming on two major resistance areas: the upper trend line in orange and the .5 Fib in white. What's the point of using technical analysis if you don't respect and trade the patterns staring you in the face?
A 10% drop would take us to the bottom of the ascending wedge , ~17% drop to the 50MA and ~30% drop to the 200MA. I'd expect each one to get tested in the next couple of months.
The RSI is screaming oversold and it's printing a bearish divergence. This doesn't mean BTC is going to crash in the next few weeks or that it won't go up any further but it definitely means that there will be a correction due in the mid term.
Unlike some authors on the front page who claim 2800%+ returns, I actually trade crypto professionally. Anyone with a respectable portfolio who made 2800% would be retired with over 7 figures in the bank and wouldn't be trying to shill some pay for advice service for a couple hundred bucks a year. I put food on the table via day trading and every week I have enough left over to increase my long term holdings (when I see fit to add to them). Remember that most of the people who share their ideas will always claim "don't put in what you can't afford to lose" and I think that's a loser mentality. I trade crypto to make and preserve money and to avoid potential losses even if that means I miss out on some upside. Treating losses like I didn't need the money to begin with is the type of attitude that encourages acceptance of losses. How does the saying go... always borrow money from a pessimist because they'll never expect you to pay them back. Like I said: loser mentality.
Anyone who isn't taking profit and anticipating the correction that's coming are the same people who love to chirp about how much money they make but conveniently avoid bragging about how much they lose. Remember no one ever lost money taking profit so trade like a winner who makes and protects their money, not like a loser who rides the losses just same way they ride their gains... on a "feeling" or hope.
Forgive me for the misleading title. Unfortunately clickbait titles is what people want, not the boring "BTC is nearing resistance, time to retest supports" that I was originally going to go with.
Anyways, chart is pretty self explanatory. We have a shooting star pattern forming on two major resistance areas: the upper trend line in orange and the .5 Fib in white. What's the point of using technical analysis if you don't respect and trade the patterns staring you in the face?
A 10% drop would take us to the bottom of the ascending wedge , ~17% drop to the 50MA and ~30% drop to the 200MA. I'd expect each one to get tested in the next couple of months.
The RSI is screaming oversold and it's printing a bearish divergence. This doesn't mean BTC is going to crash in the next few weeks or that it won't go up any further but it definitely means that there will be a correction due in the mid term.
Unlike some authors on the front page who claim 2800%+ returns, I actually trade crypto professionally. Anyone with a respectable portfolio who made 2800% would be retired with over 7 figures in the bank and wouldn't be trying to shill some pay for advice service for a couple hundred bucks a year. I put food on the table via day trading and every week I have enough left over to increase my long term holdings (when I see fit to add to them). Remember that most of the people who share their ideas will always claim "don't put in what you can't afford to lose" and I think that's a loser mentality. I trade crypto to make and preserve money and to avoid potential losses even if that means I miss out on some upside. Treating losses like I didn't need the money to begin with is the type of attitude that encourages acceptance of losses. How does the saying go... always borrow money from a pessimist because they'll never expect you to pay them back. Like I said: loser mentality.
Anyone who isn't taking profit and anticipating the correction that's coming are the same people who love to chirp about how much money they make but conveniently avoid bragging about how much they lose. Remember no one ever lost money taking profit so trade like a winner who makes and protects their money, not like a loser who rides the losses just same way they ride their gains... on a "feeling" or hope.
Note
The current 8 hr candle that's set to close in 10 minutes is a textbook hanging man candle at the top of an ascending wedge following a shooting star formation. It's highly likely BTC is about to drop.Note
1 hr to go for the 8, 4 and daily candles to close. The last 8 hr hangman candle is validated when the current candle closes below its open. Currently, price has stalled right at the top of resistance and it'll either break up to the next level or drop and test supports.Note
In less than 20 minutes an entire day of buying and 20% gains are wiped away. People are getting a taste of reality and the correction has begun. BTC dropped to the upper trend line before bouncing back but now that shots have been fired, expect the MAs and lower support lines to be tested in the short term.Note
3 red crows & a bearish engulfing pattern. The correction is just beginning.
Check out the volume leading up to the selloff. A lot of idiots are about to get their lunches eaten!
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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.