#BTCUSD update, still #BearishTrend. Not suited for beginners, H4 chart!!! (I had to place most of the tools on the same chart, for this post, except the EW counting and Harmonics). Whether you like it or not, #Bitcoin represent the whole #crypto #MarketSentiment. And it still respecting the $4400 level (see my previous charts from Facebook or google it "fx lord ice bitcoin"). We are below the #50EMA and #200EMA, on both H4 and the Daily Time Frames (on the Weekly we just broken the 200 EMA, with an indecision candle = breaking any side might set the new trend and/or swing). Therefore, any Bullish swing, its just a correction, until further confirmations (dotted magenta arrows). My only Long setup will come from that dotted lime green arrow. And that IF and ONLY IF, I will see a clear confirmation, after breaking the 200 EMA (purple). But the #PriceAction must break initially the 50 EMA (magenta), before that setup. The magenta small #ABCD Pattern, is from my previous charts. And since the PA fail to design a "healthy fibonacci retracement" of minimum 50% (just 38.2% @ $4464 level, yellow fib), we can expect the next impulse to be at least equally aggressive, as the previous one (swing trading principle). I'm not using it to buy at D point (since it's a Bullish #HarmonicPattern), but to exit my Short positions. In the same time, if the PA will BO the 200 EMA and let's say will continue the Bullish Trend (in development), we can expect the yellow fibonacci (that will be added on the counter trend, then), to point us the next Resistance Zones, in confluence with previous Highs and Lows: 127.4%-132.8% and 161.8% zones. The lime green fibonacci added on the corrective swing (instead of using Fib Expansion tool), marks the next Support Zones, especially since we are in the "no men's land zone" (no nearby Highs and Lows to help us marking zones). The vertical yellow lines (also from my previous charts), represent the previous Inverted Flag's height, that still can happen if the PA will fail to design a new low now and will actually perform a healthy and powerful corrective, up to the 200 EMA (as corrective after a false BO of the actual Low). The upper yellow and big Bearish Trend Line, is actually the Outer Trend Line, from the Weekly. Long distance til the Main Trend Line, above it (on Higher TF we can still have a pullback from that zone into the Bearish side, later on). For adding Short Selling positions on margin, I recommend you to lower the TF to H1, draw a Bullish TL and trade its BO. This will decrease the risk/trade and will also provide you a smoother entry setup. For the Bullish Setups, we need all the above confirmations, especially the 200 EMA and the yellow 100% fib BO. Hope this helps. Ice.
According to Bitcoin's history ,it often crashes to the area where the previous bull market occurred. More goes behind me saying that the bottom is at 1200$, but to simplify it ''History repeats itself''. This is not a financial advice , this is just for entertainment. Do your own due diligence. I am not responsible for any loses.
Listen to the counter trend expert. Bitcoin dumped, bears took a little break, consolidation, then trend continuation. Maybe it will bounce a bit right now, as people get baited as usual. But going higher than 5000 is very unlikely. Even 4500 is meh nah. People are starting to realise they got scammed by an obvious ponzi. Did a child say "the emperor is naked?", once a child says the obvious it propagates like fire. https://www.tradingview.com/x/n9z8KpxU/ The us stock market went up and that doesn't stop this ponzi from going down. Ohwww gawd down 5% while I type this ok I'll post and update later. Imagine if us indices did NOT go up 700 points ? xd TFW it is such a big scam it crashes faster than you can type it. Bitcoin is hanging on 3400$ (3400!) by its little pinky. It was "impossible that 6000$ breaks" just a couple of weeks ago LOL. Will get interested when we panic flash dump below 2000$. Can happen pretty fast so brace yourselves. Be ready. Remember... https://www.tradingview.com/x/pasASc3o/ * Using Kraken? Have orders ready much lower in case of a flash crash (like $1000 $500 $100 etc).