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Ezmoney

Which way do we go George, which way do we go?Currently, the bears are still in control. We are meeting resistance around $7,675. This is our 8th attempt to break above. The MACD is still signaling a buy on the 4h but is curling down. RSI is meeting the same resistance as price and is now trending down. CMF indicator shows accumulation is in progress and has been, especially in the dips. There is bullish divergence showing in the MACD and the RSI. "A bullish divergence occurs when prices fall to a new low while an oscillator fails to reach a new low. This situation demonstrates that bears are losing power, and that bulls are ready to control the market again—often a bullish divergence marks the end of a downtrend." www.investopedia.com What I believe we are seeing here is the relief rally a lot of people have been talking about. However, I feel like a lot of traders are not keeping in mind the fact that a full-on reversal is due. I believe we may see some more downside to test support, but I personally do not see us going down to/past $7k quite yet. The blue trend line that price is acting on is a yearly trend line from June/July of last year. I *highly* doubt it fully breaks. If it does, I believe we will catch support around $7k. I have $6,425 as a worst case scenario. In a prior idea of mine, I also listed $7,185-$6,800 as nearly unbreakable support, which so far has held phenominally. See here: In all, I believe short term we're bear, but not super bear. Mid-term, within the next week or two, bull. Targets are on the chart on the right hand side. Long-term, $500k+ EOY. Laugh at me now if you want. ;) This isn't financial advice, I am just an amateur. But.. FeelsGood to post a chart again. More updates to come, stay tuned! :)
BITFINEX:BTCUSD
by deactivatedaccount123
22
This one's for the bulls.Teh Amateur is here to give his opinion. Teh guy that was a Bull, went bear, annow I'm bull again. Why? See examples below. Hit play. We broke out of an ascending wedge, to a very strong support at $7,900. Near instant retrace. This support was crucial after a massive fall from $9,990.00. It provided ample support as the buy volume here is E N O R M O U S. We just completed an inverse head and shoulders on a very large time frame. We wicked perfectly into my buy zone. If hypothetically you listened to the Amateur, you'd have made $400/BTC. So far. ;) Current wave structure with RSI: Strong, consistent volume: MACD on the 4H 15M Timeframe RSI is trending up but recently tested/weakened support. MACD is about to possibly make a bullish crossover. Support test at $7,900 bounced REALLY high so far. IF we continue bullish momentum, $8,330+ is our first short-term target. $9k is our mid-term. TLDR We are potentially creating a short-term stairway to heaven. For right now, it seems we are bear long-term but momentum is slowly and steadily turning bullish over short to medium term. KEEP IN MIND, the fall from $9,990 was violent and FAST and can come out of ANYWHERE. The fall we JUST had today, and subsequent upwards correction, OUT OF NOWHERE. This is not financial advice, DO YOUR OWN HOMEWORK. PM ME for my telegram and twitch links. I go live Mon/Wed/Fri and am gaining quite the following. My telegram is F R E E and I post there instantaneously if danger/opportunity strikes. This has been your not-so-favorite Amateur giving you as much info at once as possible, and it'll continue just like it always does and always will. My name is MC_Peewee, but you can call me teh Salesman.
BITFINEX:BTCUSDLong
by deactivatedaccount123
4
Medium-term direction for BTC from the amateur!My apologies for taking so long to update, everyone. Took a much needed few days off to refresh my mind so I can give you hopefully the most accurate information on TV. Since the $8,600 high BTC has been following a very tight descending channel. For now, if my count is anywhere near accurate, (Again, I am an Elliott noobiest of the noob) then I believe we are in the process of an ABC correction. I have looked around a bit and I'm not the only trader believing that is what we are seeing. IF an ABC is what we are seeing, we should soon expect a bounce if we are to produce a higher low. A higher low would be ideal in this situation as it gives us another CHANCE to break 10k and beyond. IF we cannot break $10k+ we will fall again much lower than the initial $7,930 or so we wicked from, and I will cover that if/when we get to it. IF we go super-bear from here and break past my rising trend line, I will post updates to this thread. The lowest grey box indicates massive support. We could and should experience a bounce from somewhere inside of it. The low of this bounce depends on the strength of the bears, which seems weak. The high of this bounce depends on the strength of the bulls, which seems strong. Indicated on the chart with blue price tags are areas of interest which could prove to be support/resistance targets. The RSI is nearing oversold status. We experienced a bounce in RSI and price from a recent low of about $8,130. There is some very strong bullish divergence being produced over the past week. IF we produce another higher low here, I suspect the following impulse waves will be more powerful than the last. See here: RSI has been continually printing lower lows: Price has been continually printing lower highs: This indicates strong HIDDEN Bullish Divergence, something I have been touching base on for the past month. MACD is trying to signal a bullish crossover. See here: For longer-term MACD, see here: For a larger perspective of the above idea chart: I still think this idea is in play: TLDR For now, we're technically bear. If we are in ABC, we should be wrapping it up any time now. The RSI and price action are showing strong bull presence. MACD is trying to signal bullish crossover. Longer-term higher low possibly being printed. Short-term, bear. Medium term, bear-bull. Longer term, VERY bull. PM me for my personal telegram. It's FREE unlike most on here. I am an amateur, this is not financial advice, and as always DO YOUR OWN RESEARCH. teh Salesman
BITFINEX:BTCUSDLong
by deactivatedaccount123
15