Who Called it Like Magic? NOBODY! =D BITCOIN! (BTC)

26 feb 2018

Friends, foes, people of all generas, my family of crypto lovers, welcome to this oh-so fabulous, one-of-a-kind analysis on BITCOIN! Let's get it! Looking at the four hour chart, you can see that BTC has found support on the green trendline! I've just got one question. Where are all of those people who said that my green trendline was wrong? Magic looks around... I don't see 'em anywhere. Oh well. Moving on, it appears as though the inverse pattern has found at least temporary support on the EXACT level that I gave you. However, the coast isn't clear yet. There is still a lot of work that needs to be done, to turn this pattern into an earth shattering, space-bound rocket ship. First, we need to surpass the 50 EMA (in orange) which is being tested as I write this. Then, we need to get above the 200 EMA (in purple) which is just above that. The next step, and this is a big one, BTC needs to open it's wings, and confirm above the top of the pink downtrend channel. If we can do that, OMG. The next stop would be the 61.8% retrace, and then the neckline of the pattern. What we absolutely do NOT want to see, is a reversal from the averages and a break below the green trendline. That would be very negative. Now BTC is breaking above the 50 EMA. If the pattern fully materializes, and breaks out, we're going high. You see my target up there? It's chillin at about 16,475, on the 23.6% retrace. That target is only valid, IF WE ACTUALLY SEE A BREAKOUT ABOVE THE NECKLINE OF THE PATTERN. I'm not saying that's where we're going there right now. We need to see a breakout of the neckline first. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-Magic loves you-

-JD-