If you follow me on Twitter, you may have seen my warning this morning that Bitcoin may have topped out. Since then, price has fallen even deeper into negative territory. We can see that BTC was not able to close above the 7402 resistance level, and the sell side pressure is starting to pick up. This is the daily chart, but on the smaller time-frames the sell signals are increasing as well.
If 7400 does end up being the top, we could easily see BTC retrace to the 6000 range. However, the most critical retracement levels remain below the 6000 handle. So, I think there is a high probability that we could retrace back below 6000, to test those critical retracements, if we are entering a correction from 7400.
On the other hand, if BTC doesn't fall lower, and it just consolidates here, that would change the outlook. Until then, we have a clearly negative reaction at the first major pivot high that BTC has reached during this rally. For now, we need to see how this current daily candle closes. Remember that the day isn't over. If BTC turns around, and closes this daily candle above the 7400 level, that would be very bullish. However, as of right now, that isn't the case. So, if this candle closes red and below the 7400 level, it would signal more downside in the coming days, and possibly the beginning of a correction.
I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
you were the worst btc call out there. you should be proud.
Chimp_of_the_North
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Please make another prediction so we can countertrade
BitcoinPapy
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@Wackojacko1, lol...i thought 3k-3.5k area was the bottom since 2015 retrace did about 86% and taking into consideration that bitcoin is more popular now then in 2015 i thought once bitcoin retraces past 80% we should see accumulation happen. then magic kept blabbing about 1200usd bitcoin which threw me off my prediction because i took in account his experience. looking back on that i feel like such an idiot for listening to this guys unrealistic prediction. like who the fuck is not gonna buy bitcoin at 2k??? pissed off. missed this whole bull run. technical analysis is garbage when it comes to bitcoin....so magic you should really start taking fundamentals into your analysis.
UnknownUnicorn2190767
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@cryptoczar9129, well your retracement analysis was TA and would have been right. Don't crap on other people just because you don't have the balls to execute trades you think are technically sound/
BitcoinPapy
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@hockeyfan1974, what i said is dont just rely on TA because fundamentals are just as important...and i had "balls" to execute trades but i shorted thinking magic probably knows better then me. For so much experience to say BTC is going down to 1200USD is just dumb. im not trying to shit on him but now i realized his worse at TA then i am lol. the 3200USD was about 84% retracement from the peak. Last peak was 86% retracement. so if you take fundamentals into account then as a good trader and as a master of the charts you would technically know that now theres more people accumulating in 2019 then there was in 2015 therefore to see a retracement past 86% is highly unlikely. a real professional would incorporate fundamentals into their analysis. just simply using TA is not the way to make a good prediction.
TheMagpie
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@Wackojacko1, HE said go short and Bitcoin went up. Best strategy is to countertrade everything he says!
UnknownUnicorn2774089
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I'm losing count, wrong again. Poop your constantly wrong.
Maybe look at whats going on outside of Bitcoin to work out whats happening. BTC Gold 2.0
coralsands41
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Master of the Charts?? Are you serious? Which chart are you the master of? Navigational charts? I do like your name - the Magic Poop Cannon - because you are full of it.
Jangold12
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reading some of your stuff and the last weeks... you were most of the time wrong.