DarkEnergY is back with a NEW exciting update on Bitcoin. A lot of stuff has been happening today. We have been going sideways for 14 days now, and suddenly out of nowhere, when we least expected it, within 30 minutes whales shot the price up more than 1,000 USD which put the RSI up on ALMOST level 90. It's NOT something you see every day.
Everything was going well with my latest predictions. For many days I saw that ABCDE-corrective pattern form, and it seemed like a lot of other Top Authors started to accept it and applied it to their own charts.
Let me very CLEAR. NO ONE could have predicted that STEEP move, other than the whales, who did this. There might also be a chance, that some institutional buyers came in. But that is not so likely.
Let me also stress, that I'm NOT saying, that many people couldn't predict the price would go up. There were definitely some bullish signs also. There has been a lot of bullish accumulation lately, and we were in descending broadening wedge, which is a bullish pattern. I just believed we would go lower, before we jumped out.
But for the whales to shake the market, when a lot of people slowly became more and more bearish and entered short positions, was a genius move, I must admit. The whales took the price unnatural high up within a short period of time. Just above 8k, which liquidated a lot of shorts.
I admit - I knew there were a risk - but I didn't see it coming.
So now what?
Nothing has really changed so far. I'm still bearish, and I still think we will go lower than 5k. If we manage to get out of the downtrend channel I will change my mind. But we have a lot of resistance in this area. The resistance line, 61,8 % retrace and EMA50.
According to my EW-counts we are still on wave C (5th subwave), which I believe will take us down to the double bottom at 6,000 USD.The Hidden Bearish Divergence on the RSI, also confirms, that we will continue our downtrend!
Lastly but not least. I'm making these charts for you guys to educate you about TA. No reason to be rude when I or other traders are wrong. It seems like some new Crypto-traders come into this world and think, that a Top TA/Trader is able to predict every single price movement.
And when we are wrong they feel the urge to shout "WRONG AGAIN". If we had that ability, and never were wrong, we would own the entire world!
D4 Loves You <3
Please give a LIKE - It's really appreciated. Thank you in advance, my friend :)
Yorum
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It doesn't matter so far if it goes up 100 dollars. It's insignificant so far. We have huge RESISTANCE. also on 4h chart with EMA200 above us, 61,8 retrace and the resistance line.
Also on the 4h we have hidden bearish divergence, and the RSI is totally overbought.
IF we break out it will be interesting. So far I'm still bearish. But I don't have a confirmed direction, so I will not enter a trade at this point.
Remember to distinguish between unconfirmed ideas and when to enter a trade.
D4 Loves You <3
Please leave a like, my friends :)
Yorum
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We have to be aware of all possible scenarios. Here is a bullish one, where we have ended our 5th wave down and ABC-correction and now are in a middle of a possible uptrend, and trying to restart a new EW-cycle.
I would still not enter a trade at this moment. I think it's too risky. Obviously you might be able to scalp some money if you are an experienced day trader.
But we still don't have a clear confirmed direction yet for a swing trade.
I can see, that it has changed a lot after that spike. More top authors has become more bullish.
Let's see!
Yorum
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UPDATE is here: Now What BITCOIN? Ultimate Freedom or 4.888,7 USD?? Let's See...
I haven't seen so much hypocrisy and lack of self-criticism since months. Do you really think other users here can not think by themselves and only redrawing your predictions? There are plenty of people that just dont give a shit about what others draw and try to establish own way of analysis. Saying 'NO ONE could have predicted that STEEP move' is also interesting. If price went in other direction you would say "I told ya!" You behave here like you would have monopoly on the truth across all the TV and others only follow you, lol.
kardia
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@hiddenpablo, The sooner people stop following these guys on TV, the better off the market will be. People are being manipulated in this market because they just follow but do not make any effort to learn how to lead.
hiddenpablo
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@rev214us, That's right, the sheep's rush.
chewner
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i predicted it man
mhfcrypto
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I totally agree. The pump was ‘unnatural’ to say the least.
It was sparked by Whales, a little push was all they needed to do. Then the upwards momentum had a Domino Effect all the way up stopping out THOUSANDS of Shorts automatically, and further Shorts quickly ‘buying back’ out of sheer fear.
People get delirious on green crypto days, especially when they haven’t seen healthy green in a while! But this is Crypto, we could be down 10% tmrw!
The Volume on this latest BTC pump is significantly lower than other similar Bull moves, this is a Red Flag. Proceed with Caution, IMHO.
I’m a Bull at heart, but IMHO, overall Trend is still Bearish... the next 4 or 5 days we’ll know much more.
Good luck out there :-)
bitcoinrich1973
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@mhfcrypto, yes I agree. We are still walking on eggs and they are smelling rotten. I would not be suprised if we drop back to a thou overnight, back to the sleepy 6,000s.
HodlMeTight
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"I'm making these charts for you guys to educate you about TA. No reason to be rude when I or other traders are wrong."
If you are an experienced trader, you would have seen the whales coming a mile away to liquidate the short contracts. When the shorts or longs for that matter are at record highs a play like that was the most obvious move considering how everyone like to think BTC is manipulated. The big short was not illegal but a strategy of big players when they can see the noobs all following each other into short positions. So this is why I disagree that experienced TA s could not have seen this coming. It was obvious. Apart from that keep up the good work as it IS appreciated and everyone should take responsibility for their own actions.
bitcoinrich1973
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@BitcoinBaller1, so you think we will fall back to dirt overnight. Looks like 8k won't be pierced and we are back to the sleepy 6,000s ugh