Short

Updated

Hope is dangerous, but faith is invincible.

Hello everyone. The bulls are in some serious trouble.
Let me tell you why.

Let's make it short and sweet, shall we?
-Major trend line broken in RSI.
-7 Rejections of overbought in RSI prior to entering 70.
-Major 1.618 extension rejection.
-Multiple bearish engulfing candles.
-Volume expanding on sell candles.
-Upward percentage gains on green candles shrinking.
-60 RSI rejection on monthly.
-Triple rejection of the RSI trend in 4h:

On the bulls side:
-Giant flag.
-Holding 50 RSI. (For now..)
-POTENTAIL Inverted HS forming. Honestly the best hopium I can find. (Target is around $16k.)
-Major dumps getting bought back up fairly quickly.

Welp. Bears outnumber the bulls here, sorry bois.
Prediction: dampy dampy - and I ain't talkin about no minor $600 dump.
IF bulls can close the daily above 50 RSI for the next week somehow, mega rally.
IF bulls cannot continue to close daily above 50 RSI, $7,985 and especially $7,297 become very, very important.

Chances are decent this inverted head and shoulders is legit due to the neckline.
Volume profile is a bit worrying, however. Bitcoin doesn't give slow and weak head.

My name is teh_Salesman, but you can call me MC_Peewee 2.0.
Time to rebuild.

Best of luck.

Note

keep an eye on 40 RSI on the hourly.
Bitcoin is attempting to break below it.
A break below will very likely lead to a darth maul lightsaber.
A high probability trade can be found at the bottom of the bull flag around $9,121.
$9,311 is closest support below local low.

Bull break is a strong volume push above $10k.
$10,165 is the next target and past that- CME gap at $11.7k.

VOLUME IS IMPORTANT.
If the IHS is legit, this should be a fairly low but abrupt volume push to the bottom of the flag, and then a substantial bounce.
Strong and abrupt volume push downwards like earlier will likely result in liquidity cascading.

Note

This is stupid bearish.

Only bullish thing I see here is the huge influx on sell volume.
eegh

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fekkit

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this is either a fat long or 9311 is toast

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stupid fat*

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GO LONG.
You'll get the bounce to at least the bear resistance- put your stop on entry and it's a free trade. legit.

This thing might moon

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bitmex bois

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There SEEMS TO BE A DISCREPANCY!
it aint easy bein cheezy

RIGHT to the resistance.
now wut does she dooo?

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We're under stupid resistance.
This entire idea was bear.
Hate to say it but at 10x lev you're looking at minimum 5-10% upwards here.

That's NOT to say the overall idea is incorrect, however. 4H now has a lot of room to run but it was dnied thrice at 60. A 50 rejection and we're looking at a near apocalypse especially if 50 on the daily even wicks past that point.

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dumb stupid ez tp and sl

33% on tp, 100% on sl.

why am i so good at this yet so poor

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for your free trade*
might i add.

fuuuuuuuuuuuug

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50 holds and it's all she wrote.
yes, this is a 1 minute chart. get over it.

swear.
later yall. till next time

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PS
ibb.co/gScyPq9

that is all. goodnight yall

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err, fack.
ibb.co/HNwgNsn

thats the one.

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kk.

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lol ok for real time to cook some hamburger helper and get the frig off this platform.
i've had enough trading internet for tonight :x

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like a twig.
see you at psych support

ily <3

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As my grandpa used to say, back in the day.
Not bad for a hairlip.

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guh

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you said you need support + resistance levels?

i got all the levels u need dawg, take ur pick
;-)

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PS-
Last update on this idea until another high probability trade presents itself that I happen to catch.

This was my prior account.
This is an 8 month old post. Notice that we're still in roughly the same price range?
eee.

Note

I have no self discipline. STILL. fuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu

Okay. THAT is my last update.
2 many attempts.
say buh-bye.

Note

I lied.
ibb.co/3pTPGnp

UnknownUnicorn5836947

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UnknownUnicorn5836947