Look At My Update, Crypto is Probably Effed. Bitcoin! (BTC)

Warning! We may be about to witness epic crypto destruction. BTC is now forming a bear flag, after falling out of the triangle formation. Heavy resistance was found at the 200 EMA on the daily chart, which is the 1200 EMA (in purple) here on the four hour chart. As you can see, the bear flag is about to break down. This could easily send BTC down to the dotted rising trendline, where it could be met in the 7200ish area. Just below there, is a more obscure rising support level, which is the solid black trendline. If that trendline is broken, then look out below. That would be a technical development that would open the doors to a fall that could send this market all the way to the 5100 level. I'm not saying that is definitely going to happen, but if these trendlines start to fall, there is a high probability of much greater downside. For now, let's monitor the development of this bear flag, and the reaction around the aforementioned support levels, to gauge of the severity and likelihood of a deeper correction.

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!

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.***

-Magic loves you-

-JD-

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BTC and most of crypto is just forming a massive head and shoulders pattern. This market is probably totally effed.

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I'm seeing some comments that are questioning the symmetry of this head and shoulders pattern, but those are novice assumptions. I can tell you with 100% certainty that this is an enormous head and shoulders formation. It's not going to be pretty, when she breaks down.

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Here's my latest BTC analysis!