Thanks For The $$ Haters! TEAM MAGIC! We're LEGENDS! BITCOIN!!!
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Where are they!? WHERE ARE THEY!!?!? Where are the people who have been running their mouths on my short calls? I bet they're pacing back and forth, trying to figure out how they're going to tell their loved ones that they've lost even more money to the MagicPoopCannon, because I'M on the other side of their trades! HAHA Welcome friends, foes, lovers, haters, and all of you naysayers alike, to the infinite, the fantastical master of analysis! Let's get down and dirty! Looking at the four hour chart, you can see that BTC is falling from the sky like a dead bird, just like I said it would. Since my post titled "Bitcoin is Gearing Up For A Nasty Retest of 6K!" BTC has fallen 15%! Interestingly, the majority of the comments on that chart, were a bunch of haters talking about how bad I suck, and that they were all bullish. Well, all I can say, is "thanks for the money. It's a pleasure doing business with you."
"The inverse head and shoulders, the inverse head and shoulders. He's wrong, he sucks, blah blah.." So many people said I was "wrong" about the inverse head and shoulders pattern, because "it didn't break out." However, they gave no props, when I called for the right shoulder to develop, and gave THE EXACT BOTTOM FOR THE RIGHT SHOULDER, then called for a PERFECT rally back to the neckline! Those calls could have made anyone an enormous amount of money. But all they talk about is how I'm wrong, because it failed to break out. Who cares if it failed?! I never once said that a breakout was a certainty! NEVER! I'M NOT HERE TO PREDICT IF SOMETHING IS GOING TO BREAK OUT! We identify the patterns, we WAIT for the breakouts, and we trade them accordingly. Failed breakouts, extensions of patterns, and formation that morph are a normal function of technical analysis. Want proof? Just look at the series of head and shoulders formations that BTC made from the all time high. It went on for weeks before the breakdown. Don't you get it? I feel like I'm constantly fending off a crowd of sh*t talking kindergartners, who have no idea what they're saying. I've been trading for a decade! I've traded stocks, commodities, options, futures, forex, bonds, and now cryptocurrencies. I'm pretty sure my resume, and my track record, far surpass yours. In the eyes of someone like me, all of the hate comments just show me how little these haters really know. Now, let's assess why the bulls are likely to get smoked in the near future.
I want to draw your attention to the baby blue trendline on the chart. You can see that it is acting as the neckline, of a newly formed head and shoulders pattern. The last candle, actually bounced off of the neckline, but we still could breakdown from it in the very near future. I'm sure many of you are wondering how it effects the inverse head and shoulders pattern that I was covering for so long. The answer, is that, at this point, it doesn't. The inverse head and shoulders is still perfectly valid, and it will remain valid, until we break down below the low of 2/6. You can see that there is a rising black trendline, which is generated from the low of 9/15 and the low of 2/6. That trendline is very significant. By the time BTC gets down there, it should be in the 6800 area. So, if BTC holds that black trendline, it could be the bottom of this move. However, if we break below it, that will be a very negative sign, and it would put 6k on the map. Based on the sheer size of the bear flag, and this head and shoulders formation that has formed (from the right shoulder of the inverse) there is definitely enough technical strength to surpass even the low of 2/6. Now, whether that happens or not is yet to be seen. So, we'll have to assess BTC's performance at these levels if/when they are reached. For now, more downside is in the cards for BTC. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
"The inverse head and shoulders, the inverse head and shoulders. He's wrong, he sucks, blah blah.." So many people said I was "wrong" about the inverse head and shoulders pattern, because "it didn't break out." However, they gave no props, when I called for the right shoulder to develop, and gave THE EXACT BOTTOM FOR THE RIGHT SHOULDER, then called for a PERFECT rally back to the neckline! Those calls could have made anyone an enormous amount of money. But all they talk about is how I'm wrong, because it failed to break out. Who cares if it failed?! I never once said that a breakout was a certainty! NEVER! I'M NOT HERE TO PREDICT IF SOMETHING IS GOING TO BREAK OUT! We identify the patterns, we WAIT for the breakouts, and we trade them accordingly. Failed breakouts, extensions of patterns, and formation that morph are a normal function of technical analysis. Want proof? Just look at the series of head and shoulders formations that BTC made from the all time high. It went on for weeks before the breakdown. Don't you get it? I feel like I'm constantly fending off a crowd of sh*t talking kindergartners, who have no idea what they're saying. I've been trading for a decade! I've traded stocks, commodities, options, futures, forex, bonds, and now cryptocurrencies. I'm pretty sure my resume, and my track record, far surpass yours. In the eyes of someone like me, all of the hate comments just show me how little these haters really know. Now, let's assess why the bulls are likely to get smoked in the near future.
I want to draw your attention to the baby blue trendline on the chart. You can see that it is acting as the neckline, of a newly formed head and shoulders pattern. The last candle, actually bounced off of the neckline, but we still could breakdown from it in the very near future. I'm sure many of you are wondering how it effects the inverse head and shoulders pattern that I was covering for so long. The answer, is that, at this point, it doesn't. The inverse head and shoulders is still perfectly valid, and it will remain valid, until we break down below the low of 2/6. You can see that there is a rising black trendline, which is generated from the low of 9/15 and the low of 2/6. That trendline is very significant. By the time BTC gets down there, it should be in the 6800 area. So, if BTC holds that black trendline, it could be the bottom of this move. However, if we break below it, that will be a very negative sign, and it would put 6k on the map. Based on the sheer size of the bear flag, and this head and shoulders formation that has formed (from the right shoulder of the inverse) there is definitely enough technical strength to surpass even the low of 2/6. Now, whether that happens or not is yet to be seen. So, we'll have to assess BTC's performance at these levels if/when they are reached. For now, more downside is in the cards for BTC. I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic. Au revoir.
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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.***
-MPC loves you-
-JD-
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My amazingly perfect call, on the development of the right shoulder. How can ANYONE deny my talent!?
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The update is here!
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