Welcome!
First off I want to be transparent with my last idea where I stated BTC is going to have a rally. Clearly that didn´t happen BUT I had very valid technical reasons for thinking so and called a lot of the movements in that period right. In fact, I even shorted the top at 7.5k as I saw things change in the market. You would have known too if you´d follow me here:
twitter.com/mansasuma
Alas Bitcoin is going to do its own thing and ever since that 7.6k fakeout it decided more pain for the longs is on the menu.
Right, let´s get to this analysis.
Once again I am going to be very short, you want more info feel free to follow me on Twitter. Anyway, BTC is likely going to Christmas hell because:
1. longs are at an ath and are underwater (once these people start selling, oh boy, oh boooi)
2. we just made a lower high on the weekly - trend continuation expected
3. MMAR´s lowest ribbon has been broken and closed below - extremely bearish
4. my custom moving averages are still in a sell signal
5. more reasons but I am lazy
Targets?
Don´t think even for a second that 6k region is going to hold because it almost certainly won´t, the real selling has, in fact, not even started yet. Consider this a preparty.
I am looking at the 200MA on the weekly as a likely target for the coming sell off (orange line) and I do expect it will hold at least on the first attempt. I do have an idea on what could happen after that but all in due time.
Take care.
First off I want to be transparent with my last idea where I stated BTC is going to have a rally. Clearly that didn´t happen BUT I had very valid technical reasons for thinking so and called a lot of the movements in that period right. In fact, I even shorted the top at 7.5k as I saw things change in the market. You would have known too if you´d follow me here:
twitter.com/mansasuma
Alas Bitcoin is going to do its own thing and ever since that 7.6k fakeout it decided more pain for the longs is on the menu.
Right, let´s get to this analysis.
Once again I am going to be very short, you want more info feel free to follow me on Twitter. Anyway, BTC is likely going to Christmas hell because:
1. longs are at an ath and are underwater (once these people start selling, oh boy, oh boooi)
2. we just made a lower high on the weekly - trend continuation expected
3. MMAR´s lowest ribbon has been broken and closed below - extremely bearish
4. my custom moving averages are still in a sell signal
5. more reasons but I am lazy
Targets?
Don´t think even for a second that 6k region is going to hold because it almost certainly won´t, the real selling has, in fact, not even started yet. Consider this a preparty.
I am looking at the 200MA on the weekly as a likely target for the coming sell off (orange line) and I do expect it will hold at least on the first attempt. I do have an idea on what could happen after that but all in due time.
Take care.
Catatan
I was going through my old ideas and came upon this one. Just so no one gives me crap about how I was completely wrong on this idea in the future, I wrote on my Twiter page that the moment we got a close but not an OPEN and CLOSE below the 3D 200MA the situation changed and that the bulls had a chance to push prices higher. Sure enough, they took it.Cheers!
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Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.