Bitcoin - The lies! Learn to get the truth out of the charts
Updated
The death cross is here to claim its victim. You can look at a chart and not get much out of it or you can truly try to get the truth behind what the whales and algos want you to believe. You will be extremely successful once you can see the true intention of the market beyond the lie that it is trying to convince you of.
The fact is that we needed a reset to a great "Buy" zone, at least that's the only way I am jumping in. I am a client at 7K or $4500. Your best bet is to continue to sit and wait. Our strategy is to find a low risk / high reward opportunities and milk it. The two opportunities that I see right now are marked with bright green X's on the chart.
DONT FORGET TO FOLLOW ME AND HIT THE LIKE BUTTON.
WHAT WAS HAPPENING THIS WEEK?
BTC was trying to fool you. You always want to find those little battlegrounds to see which side has the momentum, YOU HAVE TO DIG THE TRUTH OUT OF THE CHART. Right now the bears have it, it shows in that it is easier to go down than up. At this point, BTC has to be pumped up constantly and if not, it starts to range and then falls. Rewind to yesterday, the chart below shows the 6H timeframe and that triangle showed that after ranging sideways for a while BTC was going to fall. It's had a tough time going back over the 50MA so the signs of this big drop were there even though we were looking at a bull flag. I want you to pay attention here: The whales/Algos whatever you want to call them were printing a perfect bull flag (which for those that believe chart patterns it means we are going up), and I guarantee you that a lot of traders fell for it. Just as this flag was in the process of printing it was obvious that we were going down, why? because a reset is needed before we move up, and the next move up will be very strong so it needs a big dip before it happens. So what's next for BTC? It will take a rest at around $8500.
So as simple as I can put it, what were the signs that this bull flag was a trap?
1 We are under a Death Cross
2 We are on a secondary downtrend
3 We have not made a higher high in a long time
4 Volume is down
5 We are in the middle of nowhere, it makes little sense to take off from here
We are even under a death cross on the Crypto Total Market Cap
When would it be a good time to jump in? Very simple.
If we hit complete bottom (Mother of all buy zones)
If we hit the Optimal buy zone
If we exit the downward channel.
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
The fact is that we needed a reset to a great "Buy" zone, at least that's the only way I am jumping in. I am a client at 7K or $4500. Your best bet is to continue to sit and wait. Our strategy is to find a low risk / high reward opportunities and milk it. The two opportunities that I see right now are marked with bright green X's on the chart.
DONT FORGET TO FOLLOW ME AND HIT THE LIKE BUTTON.
WHAT WAS HAPPENING THIS WEEK?
BTC was trying to fool you. You always want to find those little battlegrounds to see which side has the momentum, YOU HAVE TO DIG THE TRUTH OUT OF THE CHART. Right now the bears have it, it shows in that it is easier to go down than up. At this point, BTC has to be pumped up constantly and if not, it starts to range and then falls. Rewind to yesterday, the chart below shows the 6H timeframe and that triangle showed that after ranging sideways for a while BTC was going to fall. It's had a tough time going back over the 50MA so the signs of this big drop were there even though we were looking at a bull flag. I want you to pay attention here: The whales/Algos whatever you want to call them were printing a perfect bull flag (which for those that believe chart patterns it means we are going up), and I guarantee you that a lot of traders fell for it. Just as this flag was in the process of printing it was obvious that we were going down, why? because a reset is needed before we move up, and the next move up will be very strong so it needs a big dip before it happens. So what's next for BTC? It will take a rest at around $8500.
So as simple as I can put it, what were the signs that this bull flag was a trap?
1 We are under a Death Cross
2 We are on a secondary downtrend
3 We have not made a higher high in a long time
4 Volume is down
5 We are in the middle of nowhere, it makes little sense to take off from here
We are even under a death cross on the Crypto Total Market Cap
When would it be a good time to jump in? Very simple.
If we hit complete bottom (Mother of all buy zones)
If we hit the Optimal buy zone
If we exit the downward channel.
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
Note
If BTC closes one candle below that 200MA (the white line) that will mean that the possibility is there for us to go to the bottom of the channel -- which is the 7K area. 
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.