MakeMomey

MakeMomey

inverted megaphone with a bear trap. I'd buy heavy if it's confirmed its reversal at this point.

MakeMomey

price exited the channel and it'd be a great entry for short if it retests the trend line.

MakeMomey

The megaphone pattern is basically a bearish pattern that shows how the market maker roast the bears then bulls, before an epic capitulation. the blue arrow points at the lower trend line and I'd be buying HEAVY if ever price touches it.

MakeMomey

I INVERTED the BTC chart and see a typical distribution pattern in the making. The pattern is represented by the 5 waves marked in yellow. This huge downward momentum will only apply if the pattern completes and penetrates to the downside, a biga$$ capitulation to be observed if it does and oh boy it's gonna hurt many gamblers (there's no investors in this field...

MakeMomey

I believe that the pump today is a fakeout, the price was pumped to a supply zone created on April 13th only to load up their short positions. The pump today was very steep and comparing to previous breakouts the volume today was hardly of much significance.

MakeMomey

I do see more downward pressure since there's been a retest of the upper trend line and it failed to penetrate to the upside. As long as we rebound off the lower trend line i'd expect a huge pump to the $48000 - $50000 region.

MakeMomey

There's a possible reverse head n shoulder pattern and if the 5 wave pattern follows the 3 scenarios (blue red white) we'd be look at some massive gains to the upside.

MakeMomey

Possible capitulation if price penetrates trendline to the downside. If it does and holds below trendline, either go short as soon as it closes below trendline for aggressive trade or wait for retest of trendline. Stop loss is tricky here since right shoulder and lower trendline spans 16%+, but I'll set it at $15.97, a middle point between upper and lower trendline.

MakeMomey

The h pattern is a continuation to the downside, if ever price breaks $1.039 and holds, there's a possible capitulation.

MakeMomey

if price comes back testing the trend line and fails to follow through upwards I'd be entering my shorts heavy.

MakeMomey

Anticipating a trend is never recommended nor logical, but if this 5 wave plays out, the marked zone could be a good long entry. SL to be placed slightly below the zone.

MakeMomey

i still think that we're in the SOS (sign of strength) phase of the Wyckoff pattern. While it is choppy, the price action bounces off these trend lines. The green lines are points where i'll be taking long positions and the red lines are for short positions. Respective SL are set and demonstrated via the blue lines.

MakeMomey

head n shoulder on 1 hour chart, if there's a penetration to the downside, next target is around 33691. Crypto market likely to follow suit.

MakeMomey

SOS stands for Signs of Strength. This is a good entry point after the prolonged accumulation phase marked by the 5 waves. Yes, this is a wyckoff pattern. BTC follows indexes and is showing same pattern (Wyckoff). Stop loss to be places slightly below the SOS point.

MakeMomey

5 point expanding waves showing tremendous accumulation and the current pullback is likely to bounce upon reaching 0.328 fib retracement and that trend line. the light colored box represents a good entry point