Hello Traders,
Massive amount of rumors going around tether right now. BTC is not worth 7.7k. SHORT IT
Why Bitcoin must break down to break up. Bitcoin needs to create a new pattern
I've been meaning to to do a long term update for BTC for sometime now. This is strictly the message straight out of the book of Richard W. Schabacker (Father of Classical Charting Principles) Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used.
"Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used."
- Bruce Tintelnot
This pattern we are seeing in Bitcoin is nothing new and well documented. We need to break The Trend to go up. Most likely will break the yearly support forming and creating a new pattern. There will be bounces along the way. I believe probably have a dead bounce around $5400 and find our bottom between $5100-$4295. I'll be layering my buy orders all the way down.
Play the market don't let the market play you. Lets take back the power!!
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Massive amount of rumors going around tether right now. BTC is not worth 7.7k. SHORT IT
Why Bitcoin must break down to break up. Bitcoin needs to create a new pattern
I've been meaning to to do a long term update for BTC for sometime now. This is strictly the message straight out of the book of Richard W. Schabacker (Father of Classical Charting Principles) Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used.
"Right triangles, are robust patterns that usually indicate a continuing trend after a declining trading range runs its course. They can occur regardless of the length or duration of a trend, but a trend must always be present. They are usually accompanied by contracting volume that suddenly increases as they break through the resistance or support levels formed by the base of the triangle. How far the price is going to move cannot be precisely measured, but there are methods that can give you a reasonable target price, especially when technical indicators are also used."
- Bruce Tintelnot
This pattern we are seeing in Bitcoin is nothing new and well documented. We need to break The Trend to go up. Most likely will break the yearly support forming and creating a new pattern. There will be bounces along the way. I believe probably have a dead bounce around $5400 and find our bottom between $5100-$4295. I'll be layering my buy orders all the way down.
Play the market don't let the market play you. Lets take back the power!!
Please give us a like and follow to keep providing Market Ideas.
Trade active
Completely respected the yearly resistance. Trade active
Say No To FomoTrade active
Massive bull trapNote
Note
Yearly resistance still completely respected, watching to see if we find support on a critical $6800 Trade active
Trade closed: target reached
Another bull trap on the way down. Trade active
Note
Ladies and Gentlemen I feel sorry for the people following the #1 paid groups on here post BTC 1 million first we are down from a probability stand point. The exchanges and market makers do not want the yearly support to break. They make more fees higher the price is. They are not going to be able to keep this baby held up forever and when it goes and it most likely based on the probability those users are going to be hurt. Looking at 30%+ value of asset loss.Trade active
Trade active
Trade active
Trade closed: stop reached
Longing $6250 seems it was the most reliable long all year long. I wondering when it would stop working. This is the same long term chart I've been playing of off for months. You can call it road to 5k. Trade active
If you the updates on these charts please leave a like and follow. >=) I'm not certain why it shows trade "Target close." This trade is still active. Trade active
If you have enjoyed the updates on these charts. Please leave a like and follow. >=) I have stayed away from posting further ALT coin setups as the risk of till the market bottoms out. Trade active
This is the based of the volume profile. Currently we can stay above $5,400 I would like to see a retest around $5,800 and a strong rejection back down to ride $5,400 before taking another dip. Trade active
Just a heads up recently a wallet with 30,000 bitcoins have been moved to this address that I've been watching. blockchain.com/btc/address/3FrSzikNqBgikWgTHixywhXcx57q6H6rHCTrade active
This had been my thoughts for a long time but the way we have broken down. bur I don't expect this multi year trend line to hold. Patterns are meant to be broken, I'am expecting a bounce at $4,880ish. Trade active
I'm just updating my original chart on this, I see we had a bounce where I was expecting, how we have broken down. I don't expect the multi year trend line to hold anymore. One day at a time but based off of other indicators it could come in around $2800-3800. Trade active
The Daily RSI is now 7. We are so oversold on the daily. I wouldn't recommend anyone shorting this with a large leverage at this point. Were close to the bottom for the time being and should start to see some sideways movement here. Trade active
Things are getting interesting here. Time to see if this multi year trend line holds. I don't expect to the way we are breaking down. Next stop $3,800 is possible.
Trade active
We seem to be forming a rounded bottom and possible Wyckoff Event Phase. Short term bullish.Would be careful with the shorts here
Note
Trade active
I believe we have some price movement coming in with this type of pattern. Trade active
I've been documenting the fall for a long time. This is called the The Theory Of Everything. The chart explains it all 
Trade active
I would be careful with the shorts here. At the very least we have double bottom and a clear rejection of lower prices. Possible dragon formation forming on the 4hour.
Of course I don't believe the bottom is in yet, but everyday new data.
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Trade active
I warned previous about the shorts pilling on here.
Anyone who longed this Doji was smart. Sellers pushed the price down lower but failed to close the price lower than the previous day. It was another bullish signal.
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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.