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Epic Pennant on BTC Chart


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39 minutes ago, Plikk said:

If BTC doesn’t hold this level, a move back down to at least 42k is what I expect. 
 

Level has already been lost, yesterday's daily close was below 47900 and we then did bearish retest of the 48400 support. It is a clean setup for a swing short with a 44k target.

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12 minutes ago, Troote said:

Level has already been lost, yesterday's daily close was below 47900 and we then did bearish retest of the 48400 support. It is a clean setup for a swing short with a 44k target.

I am talking about trendline and fib support.  Which hasn’t been lost yet, but it’s close. 

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Just now, Plikk said:

I am talking about trendline and fib support.  Which hasn’t been lost yet, but it’s close. 

Trendlines and fibs are made up lines and numbers. I am talking about actual volume and point of controls which are derived from the order book. Big difference.

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This is just a pathetic attempt to take out those who fomo'd in to see BTC hit 50k. 

This is further consolidation and accumulation. Nothing has changed. If anything, this is the price we should've been at. 

I've mentioned before that bitcoin rise to 48k+ was way too quick to begin with. 

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3 minutes ago, Troote said:

Trendlines and fibs are made up lines and numbers. I am talking about actual volume and point of controls which are derived from the order book. Big difference.

They also told you to sell the bottom and flip full-blown bearish during a bullmarket correction? Oh please, you have made enough fun of yourself as is. 

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31 minutes ago, NMNR said:

This is just a pathetic attempt to take out those who fomo'd in to see BTC hit 50k. 

This is further consolidation and accumulation. Nothing has changed. If anything, this is the price we should've been at. 

I've mentioned before that bitcoin rise to 48k+ was way too quick to begin with. 

50k is not reaistance, than comes on-chain with BTC inflow to exchanges 🤣🤣🤣

 

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26 minutes ago, xrp-nuke said:

50k is not reaistance, than comes on-chain with BTC inflow to exchanges 🤣🤣🤣

 

I'm not saying 50k is a resistance but the public would be told things like "bitcoin is making s recovery to 50k, quick get in, its going to the moon" and generally that's what happened. The recovery from 38k to 50k has been very rapid. This dip to 47k is just a temporary rest. I think bitcoin is doing just fine. 

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1 hour ago, Plikk said:

They also told you to sell the bottom and flip full-blown bearish during a bullmarket correction? Oh please, you have made enough fun of yourself as is. 

It is kind of funny (sad really) how you resort to ad hominem attacks and inventing my mindset to fit your narrative about me instead of discussing the point. The point is that trend lines are pattern recognition drawings and fibs are arbitrary numbers, both of them akin to divination. And that there are raw indicators which come straight from exchanges data feeds that would help you nail your support and resistance levels a lot more accurately.

But hey, you do you. I don't know why I even bother.

Edited by Troote
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46 minutes ago, NMNR said:

I'm not saying 50k is a resistance but the public would be told things like "bitcoin is making s recovery to 50k, quick get in, its going to the moon" and generally that's what happened. The recovery from 38k to 50k has been very rapid. This dip to 47k is just a temporary rest. I think bitcoin is doing just fine. 

I have not meant you saying that 50k resistance, what I meant is that 3rd power like on chain analysis seems to drive market lower now. TA and rest bullish, even feature closure is bullish this Friday. Bear trap?

Shall see.

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1 hour ago, Plikk said:

They also told you to sell the bottom and flip full-blown bearish during a bullmarket correction? Oh please, you have made enough fun of yourself as is. 

I dont like your arrogant @xrp-nuke'ish style to be more bearish than it is. If 200 day SMA is any hoe support, than 46k is a first support.

If 20 day EMA crossing 200 day SMA is mega golden cross, than bullish.

Stop being negative! We do not go 42k!

Edited by xrp-nuke
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2 hours ago, Troote said:

Trendlines and fibs are made up lines and numbers. I am talking about actual volume and point of controls which are derived from the order book. Big difference.

@TrooteI think Fibs and trendlines are inventions of the mind, but they are universally used by so many TA experts that they really do have significance?  Again and again they seem to be significant markers.

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1 minute ago, Julian_Williams said:

@TrooteI think Fibs and trendlines are inventions of the mind, but they are universally used by so many TA experts that they really do have significance?  Again and again they seem to be significant markers.

I mainly think they are self fulfilling. If many people use them, they become resistance and support. Truth is prices simply do react and bounce into them, proving they are there. 

Yet there will also be truth to troots data driven approach. For everyone their own strategies. The truth lies in the future. 

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43 minutes ago, Julian_Williams said:

@TrooteI think Fibs and trendlines are inventions of the mind, but they are universally used by so many TA experts that they really do have significance?  Again and again they seem to be significant markers.

With caveats. Yes, when many people use them, lots of people follow. More importantly, my grief with them is you can move them wherever and however you want to make them "true". For instance: which candle will a trend line start from? From the wick or the body (or both on Plikk's chart)? What candle will you use for the fib retracement start/end? More often than not, if the fib/trendline does not work, you can just move it ever so slightly to make it work, until it doesn't work at all. Same with Elliott Waves. Oh the pattern is broken? Just rename your 1-2-3-4-5 and a-b-c until the theoretical pattern matches the chart.

You can't "change your mind" about data. At 10:30 this morning there was a 59M negative delta on Bitmex that was absorbed exactly at the $47,191 point of control, which is henceforth a significant daily support on that exchange. Was a great place to open an intraday long. Disagree with me? Talk to Bitmex support and tell them their data feed is wrong.

See the difference? Divination vs data.

Edited by Troote
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