Bitcoin Collapse Imminent

I went ahead and shorted bitcoin. It sure looks like we will see at least a 30% move down from today's levels. This move down will also be felt in other cryptocurrencies, such as Dogecoin.

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How to understand price action.

It is very easy to read price action if you have a reference point. These support/resistance lines are there to help you read where the buyers and sellers are likely to make a stand.

You can also think of these indicators as moving pivot points .

MasterChartsTrading Price Action Indicators show good price levels to enter or exit a trade.

The Blue indicator line serves as a Bullish Trend setter.
If your instrument closes above the Blue line, we think about going Long (buying).

For commodities and Forex, when your trading instrument closes below the Red line, we think about Shorting (selling).

For Stocks, I prefer to use the Yellow line as my Bearish Trend setter (on Daily charts ). A stock has to close below the Yellow line first, then rally towards the Red line and top out there. This is where I would short it.