BTC is going down..down..down..to Poosayyy Town
Updated
HADOUKEN Traders...and entusiast,
I am The Real Johny Button !... hated by press and loved by the haters! Lets look at my opinion on BTC today:
This is an add-on to a post i made the other day, saying to always start your own analysis by reading the big 1day charts before following advice from anyone. I also stated, and named, a few top publishers on here are not doing learners any good...to which a few of their students did not like haha...but that is great, it makes me laugh!
So we have pulled back on the entire crypto market cap as i recently said could be a scenario. We have pulled back bellow 400b, which is fantastic from a traders stand point. I also think we will pull back even more, and will be happy to hit down the early 300b's...aiming for 330b or less. This makes a pattern on the entire market cap chart in the back of the glove box...which can be a (deep breath) H&S pattern, and also a cup and handle formation...Handle scenario is a possible product in the near future (POSSIBLE ! , not absolute). This is important because these major moves effect the coins, and BTC.
Now BTC; In the beginning of 2018 we fell hard. Everyone was scared, but than we bounced up...than we fell again...than we bounced up recently...now we are falling again...and the BTC market over these times of downs, ups, downs, up etc...has made a consolidation sideways. We are looking at a 1day, it is very evident. Dont get to tech it is simply a sideways move (consolidation).
I see a scenario here which i called the other day saying we are falling down into consolidation area...i actually said we could be...and now yes, we have. A correction on a large up move such as last months, is the 38% level when you stretch the fib levels from the bottom to the top.
I had 3 scenarios of this for a buy trade...scenario 1 it didnt really drop and it blew up more (this never happened)....scenario 2 it hits the correction level and than it blows out of consolidation....scenario 3 it tags the lower support of consolidation area and that will be th 3rd and last time down, before blowing this time period to the past and behind our journey forward.
So myself, i am buying on major levels down here as i am looking for a good trade for the next month. I have exit levels in mind encase it keeps falling down from consolidation, that is always a possibility. But i am looking for trades, and can not let fear be the ruler, as i think this is the scenario...what do you think?
My MACD is pulling 1 wave down on this 1day chart...i work to 3 waves on trades, in general...this is has some time to play out before climbing up again, but i see it coming down more, a small consolidation which i will view on a 4hr chart...than its call the hookers time because i will be in a good mood (optimism is key).
note:
Everything moves in 3's. I apply this thought to my charts and MACD reading. I call Elliot wave 12345, 3 waves up because thats just how i see it. 3 is my magical number and has proven to be a nice way to be on a good path for me.
I also have bad grammar, and i have offended goldman sachs mail room workers in the past...to this i am sorry
Regards,
Johny Button
I am The Real Johny Button !... hated by press and loved by the haters! Lets look at my opinion on BTC today:
This is an add-on to a post i made the other day, saying to always start your own analysis by reading the big 1day charts before following advice from anyone. I also stated, and named, a few top publishers on here are not doing learners any good...to which a few of their students did not like haha...but that is great, it makes me laugh!
So we have pulled back on the entire crypto market cap as i recently said could be a scenario. We have pulled back bellow 400b, which is fantastic from a traders stand point. I also think we will pull back even more, and will be happy to hit down the early 300b's...aiming for 330b or less. This makes a pattern on the entire market cap chart in the back of the glove box...which can be a (deep breath) H&S pattern, and also a cup and handle formation...Handle scenario is a possible product in the near future (POSSIBLE ! , not absolute). This is important because these major moves effect the coins, and BTC.
Now BTC; In the beginning of 2018 we fell hard. Everyone was scared, but than we bounced up...than we fell again...than we bounced up recently...now we are falling again...and the BTC market over these times of downs, ups, downs, up etc...has made a consolidation sideways. We are looking at a 1day, it is very evident. Dont get to tech it is simply a sideways move (consolidation).
I see a scenario here which i called the other day saying we are falling down into consolidation area...i actually said we could be...and now yes, we have. A correction on a large up move such as last months, is the 38% level when you stretch the fib levels from the bottom to the top.
I had 3 scenarios of this for a buy trade...scenario 1 it didnt really drop and it blew up more (this never happened)....scenario 2 it hits the correction level and than it blows out of consolidation....scenario 3 it tags the lower support of consolidation area and that will be th 3rd and last time down, before blowing this time period to the past and behind our journey forward.
So myself, i am buying on major levels down here as i am looking for a good trade for the next month. I have exit levels in mind encase it keeps falling down from consolidation, that is always a possibility. But i am looking for trades, and can not let fear be the ruler, as i think this is the scenario...what do you think?
My MACD is pulling 1 wave down on this 1day chart...i work to 3 waves on trades, in general...this is has some time to play out before climbing up again, but i see it coming down more, a small consolidation which i will view on a 4hr chart...than its call the hookers time because i will be in a good mood (optimism is key).
note:
Everything moves in 3's. I apply this thought to my charts and MACD reading. I call Elliot wave 12345, 3 waves up because thats just how i see it. 3 is my magical number and has proven to be a nice way to be on a good path for me.
I also have bad grammar, and i have offended goldman sachs mail room workers in the past...to this i am sorry
Regards,
Johny Button
Note
i made a heap of spelling corrections here lol...didn't save...the rep continuesNote
zooming into the 4hr chart. This is a consolidation....now i am looking to see any consolidation signs showing anything major happening in the BTC market that may be a high indication of it going down, or reversing back up... The only thing I can see here of some interest is the wedge of the consolidation is wider at the at the right end than the past (left) end...which means the market is open to more price swing, and is broadening wedge known to course a reversal. The top of the wedge is not horizontal so i am still bearish on this dropping more.
The 1 day chart still looks great on the MACD for price coming down more. I am confident, and other experts on here are also saying the same. I always read the publishers thoughts on here that i follow. It is important to me to see perspective, and be open minded
Note
We will have our verdict today everyone... Stay in your seats please, keep your arms inside the vehicle.This could pop or drop... It has pulled back enough to make an argument on both topics.
I will keep myself busy so I don't kill myself waiting in these times
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