$BTC After an extensive crypto market analysis, here are my observations:
95% of alts Bitcoin pair charts look like trash. I'm not interested in longing any alts right now. I'm sure that there are some which will perform well, but I'm not going to waste my time trying to find a needle in a haystack.
I have both bullish and bearish arguments for Bitcoin. One thing I know for certain is the next move is absolutely critical. Next move either takes us to $14k+ or down towards $7500.
First let's start with bullish arguments. (1/2)

On the monthly graph we had our highest close since 2019 - right above the previous highs.

14k resistance has been weakened twice and I doubt a third touch would hold. Monthly RSI is looking up.
(2/2) On the daily graph we have a structure which looks like a "Bump and Run" (BARR) pattern. We've managed to S/R flip 11k (previous short-term high). Last days choppy action could be bullish consolidation.
Onto the bearish arguments. (1/2)

We've retested both the daily and weekly supply and so far faced with rejection.

These 2 candles on the weekly chart are gruesome and hints a trend reversal.

Distribution takes time, and daily is painting a bear flag.
(2/2) I'm sensing real weakness for gold and stocks. Unfortunately the crypto market has been moving in very similar ways for the past months. This could be due to a weakening, and finally strengthening dollar

If dollar pumps, I expect the crypto market to bleed alongside others
Because of the way stocks and gold are looking, I'm leaning bearish.

I have great short entries on both $BTC and $ETH - $12k and $470. I don't want to throw them away for swing moves that I'm not certain of. I believe riding out my entries are the smartest move for me right now.
There you have it. TA is all about being able to create a thesis out of all this noise and properly executing setups on top of it.

This is what the dude sees and does. Hope it helps one or two


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More from @cryptodude999

3 Sep
Leverage is a scam

A 20% move towards the wrong side of your bet will liquidate your position with 5x lev.

10% with 10x

1% with 100x

This is one of the reason why the crypto markets are so volatile

It is designed to punish the unexperienced and the greedy
A smart trader doesn't increase his leverage if he really likes a setup

He increases his position size, never risking liquidation

However, extra capital is not something that most unexperienced beginner traders have.

They want the gains, and they want it fast.
That being said, it is still a handy tool in the hands of an experienced trader.

It allows you to have a little bit of fun. I can risk a thousand dollars to make twenty.

It allows me to increase my risk and reward ratio.
Read 7 tweets
30 Aug 19

I've been forecasting this for years.

If you're under the age of 25, listen to me. Chances are highly likely that you own very little wealth. You probably don't own a house, have very little savings and quite possibly in debt because of college.
The economy will slow down. This is inevitable at this point. Wages aren't gonna get better, and jobs will keep on sucking dick.

You have to be smart. You have to invest in yourself. You need to cut unnecessary spendings out of your life.
Stop wasting money on designer clothes. They're overpriced and made by some chinese kid under the age of 18. They lose value the second you buy them. They are hyped up by celebrities because celebrities are endorsed by the companies that make them. It is a bait. Don't bite it.
Read 13 tweets

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