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Bitcoin Falling Is The Triple Bottom Dead

Bitcoin Falling Is The Triple Bottom Dead
Bitcoin Falling Is The Triple Bottom Dead

Bitcoin Falling! Is The Triple Bottom Dead?? in this article we are going to take a look at this big fall we had yesterday because I think that fall was a bit quicker and bigger than we all expected in these lower regions even though we have been talking about a potential test of the 6k level this was well not really expected for anyone I think people talking a lot about manipulation and such but Im going to take a look at the technical today and as it relates also to the triple bottom so were gonna take a look at the triple bottom how this affects the triple bottom if it affected at all so this is all coming up guys and if you think that this sounds interesting then I think that you should definitely keep watching this article hello guys and welcome to the moon my name is Karl Im going to bring you what other cryptocurrency article and Wow yesterdays price action was quiet dramatic we had a pretty big red candle here on the daily but of course all of the interesting things are found in probably the hourly or even more detail than that and we can see here that so this is yesterdays price action and lets start off with just measuring some stuff here so from this point here where we started to roll over so let me just pull up the emails quickly we started to roll over here after after not being able to find support on the 200 hourly EMA and weve been talking about this red line here this 200 hour early May and the fact that I think its very important line here in the short term to establish a new bull trend and we really try here but even though there was I thought that we were going to test the 20day Lema here which is about his round up here somewhere in the 7k area I also said that we really need to hold the 200 hourly EMA here and all the emails of course and when we broke the 200 hour and even the 100 hour and tried to get up here again but got rejected by the 100 hour here we were really in trouble and from that point we fell at the bottom 11.4 and currently we are at were down 8.5 currently and thats a big move but of course in the price of Bitcoin its not really any extraordinary thing and this is something that we usually see I mean this is nothing out of the ordinary we always have seen these big dramatic down swings the thing that is different right now and why people are so freaked out and you can see all the Twitters and subreddits all going crazy is because when you get this big big fall down in these lower regions this is what makes people nervous not the fact that we actually fell ten percent weve been falling 10 percent several times before in a day or even a few hours so thats nothing unusual but falling from six point seven K down to our very very key support down here of 6 K in these lower regions of this big potentially triple bottom formation is of course a big deal and is this the and is this the beginning of this actual despair period here where people are truly in despair what Ive been talking about is that I think that we are in the despair period ever since this point when we came down here and Ive been talking about how I feel like we are going to replicate this bottom here where we get a a more rounded bottom in contrast to this vshaped bottom down here and I guess were all still on track here I dont think that anything in regards to that has changed were still actually right now weve just tested the key supporter of 6 K this is something that Ive been talking about that we need to test the 6 K of course I absolutely did not predict this I am Im not trying to convince you that I predict this I did on this big downward movement that just kept going down here that this was unexpected but since were actually in this formation here we came down to the 6.1 K area here and the fact that we didnt come down all the way to 6 K that made me talk about how I really feel like we need to go down to test the actual bottom of 6k this was just a small teaser and even though in this formation we had a breakout and we would go I thought that we were going to have a cave I thought we were going to meet our target and test the twenty daily EMA that was definitely something I thought was very likely if you go over here to the daily we have the pink line here the twenty daily email because you can see here that we usually go up and test this line and when we get rejected we go down massively just like here also tested go down when we get rejected and the same here so historically that has been the case and I really thought that was going to happen once again that we go up to it confirm our target and after that point we can go down again but of course I was wrong here that did not happen and of course just like weve been talking about the chance of us meeting our target up here in this breakout is only 74 and we should always also keep in mind that a bullish breakup in a downtrend might not perform as well as a bullish break up in a bullish movement so well the actual percentage might have been 70 percent or something like that we dont really know that but we should always keep that in mind and lets talk about the trade for you for a minute here because this is something we can learn from this because just like we talked about when we made this trade here what we saw here when we saw the breakout was of course a great trading opportunity and I traded this and made some great gains here because of the fact that I used leverage and margin to make a so it was only three percent gain here but I think in total I made about ninety percent because of margin trading and I I took a lot of profit here and I talked about how why I did that in a article when we were back here and so what I said in last article was that well you should probably take a look at maybe using a stop loss somewhere around here were just manually sell and at first I had a stop loss initiated at 6.5 K but as we moved closer I actually took it away to actually go manually instead and lets go to the five minutes and I talked about this in yesterdays article that we did form this bear flag here and that was not a good sign of course we and and so when we started to form this big red candle breaking through the bear flag and of course by that breaking this key support of six point five K this is where I sold my trade nothing else just this trade because I felt that was a clever thing to do and of course now in hindsight that was a good thing to do and you should always be ready to sell I think that that is very important that you dont get married to a trade or to your predictions or anything always be ready to sell before losing more money than you can afford to lose so I guess the lesson here is just like I said that be ready to take profits and be ready to sell and always trade the breakout and all these things that I keep repeating but all of these mantras and all of these things that Im saying are going to help you stay on track when making your decisions because getting sloppy is going to lose your money I guarantee you Ive made all the mistakes and Ive learned from them and now you can learn from my mistakes always treat the breakouts always be ready to take profits always have a stoploss alright but how does this play out in relay or together well triple bottom well pretty nicely I guess we are not really seeing any signs of us truly breaking the 6k level right now Im not saying its impossible Ive never said its impossible Im just saying that we are now currently in a the longest down trend or consecutive down Fred here since the alltime high you could argue I mean of course we felt further down here but weve been going down consecutively here without a reversal for longer than weve ever been here so that is something that we should keep in mind here that if one two three four five six seven weeks here weve been going down so if we take a look here after this big this second attempt of going down here we got a a down of one two three four lets say five weeks and here was one two three four weeks and right now we are at like I said one two three four five six seven weeks thats thats the biggest downtrend weve had well yeah like I said since the alltime high here and I would argue that well this simple little indicator by itself could indicate that well we should be due to at least see some green candles here even if you are bearish you always see reversals you cant just go down every week all the time we always go down and we go up and down and up even if we are and even if the trend is going down or the trend is going up we always see ups and downs so what do I think is going to happen here well I think that actually Im just going to stick to what Ive been talking about I think that we are going to see us still keeping this area between between 7 k 6 K for a little bit more than two weeks and and back here this bottom was 13 days and then we got a big bullish candle right now we are at 13 days so right now we are in the territory in which we could start looking for a reversal but I think that if a few more days might be possible for us to be down here so I dont really think anything has changed in regards to the triple bottom here and nothing has changed really at all but I think that when we zoom out a little bit here I think we should see that we are still on track here theres nothing really that extraordinary that happened we just came down to the bottom our triple bottom and possibly set the low here just like back here at 6 K and of course the absolute low we came down to even five point nine five thousand nine hundred and nineteen so we small little VIX here below six K weve been going down very much here in the weekly and on the daily and even now on the hourly we are quite oversold here so all of the different time scales here are are in the lower regions of the RSI you can see and the daily were down in a 30 level after finding resistance here in the 4 level and even on the weekly we are actually quiet low and Ive seen people talk about how the weekly estar is where we should turn our attention that we need to go down in the 30 level in the weekly Im not gonna I dont I dont put too much focus on the weekly because its Bitcoin were moving so fast and I think that the weekly is more significant in the stocks and such because they are slow moving markets but bitcoin is so fastpaced that the weekly RSI is not really gonna give us any significant information in my opinion I mean someone else might argue differently but thats just my general opinion so Im not looking for us to reach the 30 level in the weekly that would definitely that would mean for us to go down to like 4 K or something maybe even lower I dont see that happening but but guys Ive actually been waiting hopefully actually for a chance and was going near the 6 K very near the 6 K because Ive been waiting to put in a very big trade with leverage and with and because the closer to the 6 K we are the lower that I can have the liquidation price below 6 K and I understand it that sounds a bit mumbojumbo but so what I feel is I want to put my money where my mouth is and of course I talk a lot about this triple bottom I feel like were not gonna go below six came of course we dipped quickly down below now but I mean it decisive break below 6k I dont think thats going to happen anything is possible but my general view here is that we are in the triple bottom even though that is not technically confirmed yet and so I want to put my money where my mouth is so so I have actually in the last few hours put in the biggest trade I pretty much ever made with leverage which makes it a very very big trade and so I I made sure to put my liquidation price and liquid prices the price so lets say lets say I make a 30x leverage and if you dont know what leverage trading is a margin trading Im not gonna go through it exactly what it is because if you dont know then you should then you should probably not do it its very very risky because when you do a margin trading you essentially borrow a bit called from the exchange to to trade with and you get a liquidation price that if you fall below that price all of your money gets removed all the Bitcoin gets taken by the exchange they are taking a risk lending you money so you have to have a liquidation price to like even the risk out yeah I can make a article about this Im not gonna go through how this works but what Ive done is Ive made a very very big a margin trade here and actually Ive had a pretty big trade already been going here with a pretty big leverage here and I had the liquidation price set at five thousand eight let me see here 5824 that was the liquidation price so if I fell below here all the Bitcoin I had stored would get liquidated and well we got very very close we actually came down last I said to like five thousand nine hundred and something so that was very close I cant stress this enough margin trading is very risky and even though Ive been thinking about the 6k as the low of course just like we saw now we see these small vixxs sometimes just quickly go below and that can sometimes initiate that liquidation price so thats why I always make sure to have it even lower than I really wants to set it just because to have a lot have room to get these small vixxs and yeah so right now Im very thankful to myself that I really put that liquidation price as low as I did but yeah so what Im saying here is that I am putting my money where my mouth is I am putting in a very big trade so I am essentially betting on the price of Bitcoin going from here and going up and so this is simply I dont want to seem like Im just sitting here just talk came out of nothing I wouldnt make sure that I put my money where my mouth is and I want to make sure that if we go down here that I lose money as just as much as you do so right now I am betting my money on the fact that we are going to go up from here and that we are going to see a triple bottom and yes so be it if tether blows up and some food comes in and mouth this or tether that or whatever anything can happen we are in a downtrend here this is the accumulation this is when you should be buying not when its going up and I am taking full advantage of this these low prices right now Im buying as much as I can Im trading as much as I can using some leverage and yes I know you are going to ask me what exchange Im going to use the leverage on I use bit mix I can leave the link down below but please do not use leverage if you dont know what youre doing it margin trading is a great way to lose money if you dont know what youre doing so beware of the liquidation price and also if you dont know what a limit order is a stop loss if you dont know what margin means please do not click the link please do not go into margin trading that is in your you are going to lose money please do not do that but if you feel like you do know what youre doing then sure you can go and do whatever you want over at this mix and if you register with that link I think youre going to get like 10 of the fees but guys other than that I think that what we can see here is that we are a very interesting territory and Im going to end this article now but we are at the bottom of this triple bottom here or we going to reverse up here or were going to go down well were going to see dramatic things happen here either way here but just like Ive been talking about I think were going to go up here because its simply what Ive been saying for several weeks now for me to change my mind right now would be weird now that where weve actually met the target here Im quite excited here right now I think we might be here for some time but when we start going up here we might see some cool things happen but thats going to be it for the day guys and we click down here you can watch my triple bottom article I made a few weeks ago click there that and Ill see you guys tomorrow you

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