People may lie.
My indicators don’t.
Today is Friday the 13th in the year 2020. A jaw-dropping event and the single biggest daily/weekly drop in Bitcoin’s history has everybody gobsmacked…except for me. Panic selling to the max. The breakdown of the weekly Ichimoku support was a surefire sign Papa Bear was doomed.
I bet many thought my Bitcoin channel was a crazy idea too (or even stupid). I even had someone send me a message just a few days ago just to call me a “scammer”. Lol!
I drew that channel and posted that idea at that time for a reason. But it seems there is no end to greed and FOMO.
Anything beyond the channel (based on my analysis) was the epitome of market manipulation. All I could do was stare in disbelief, offer a word of caution and await the catastrophe that would ensue.
On this chart, what is obvious is how the market has been speaking to us when it is above the 6.5k support line. It is telling us a story. Every single time the price of BTC rockets above this line, it comes screaming back down to meet it. The only time Papa Bear has been happy to go parabolic is when it has spent a significant period of time accummulating below this line. And that is how the story goes.
The point of control (where the max range volume sits) on this long-term timeframe is interesting to me.
We have been prepared for this since October at Purple Crypto Premium. A medium-term analysis I posted for my members has played out well allowing us to play with the movements of Papa Bear. I posted a few publicly too (my Diamond Short Story is my all-time favourite), though people only believe what they want to believe.
So here we are. At a time when Bitcoin is within the range of “fair value”. But there will be those who previously said it would go “to the moon” who will now tell you it will go to zero (and it well may). That it’s a shitcoin (it may well be). Only time will tell.
I had previously drawn symmetrical triangle trendlines on a long-term timeframe. But as I am typing this, the lower trendline has been broken meaning it is not an appropriate support. Though the Seahorse Pattern I had previously presented is still in play.
If after all this you are still looking for a suitable long-term entry, the best advice I have to give is one I have given before in the idea below (I did say it was going to be a slippery slope).
Wait for proper accummulation. This takes time.
Wait for a gradual rise in price.
Wait until it is positively uptrending.
When all your indicators are screaming at you to buy.
When nobody is talking about “to the moon”.
When everybody be hatin’ on BTC but the price is slowly but surely rising. Then it is the right time to buy.
My logic behind this is simple. Miners need to make money…fiat to cover expenses. Miners don’t HODL Bitcoin because HODLing don’t pay their bills. Neither do transaction fees. The only way for them to make money is by buying low and selling high. This is what explains BTC’s parabolic movements, which are limited only by fear and greed.
As long as there are people mining Bitcoin, as long as there are people using Bitcoin, as long as there are governments talking about implementing digital currencies, I don’t believe Bitcoin (or cryptocurrencies) will be going anywhere. If I am to be proven wrong just once, this will be it.
So what do you do now? Go back, unlike and unfollow every single MFer who told you it would go “to the moon”. Stop following and believing people who post rubbish on a daily basis, who change their projections every time they take a dump just so they can get a ‘Top’ rating. Follow and heed the advice only from people who regularly post accurate ideas. Do the right thing and like every single one of mine!
In my April update, I will share the remaining setups on Purple Crypto Premium which have closed (NONE of which suffered any losses….that’s right…zero losses).
Stay safe and nägemist.
I let my charts do the talkin’. There’s only one person you need to follow when it comes to crypto.
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