Today we could seen a pump which broke a trendline from my previous published idea.
Problem is that you can draw them many different ways.
Whales will always want to attract you to bad side and for me this movement up was just bull trap - atracting to bull side. And I just acumulated short position.
For now we just stay above the trendline and the more time we stay there the probability of breaking down - bart pattern is higher.
Until we break the second trend line and $7200 I'm still bearish.
In many times in history we tested in bottoms 0,618 and 0,786 fibbo retracement and I would expect that for this rally again. But more conservative is take profits in several ways.
Problem is that you can draw them many different ways.
Whales will always want to attract you to bad side and for me this movement up was just bull trap - atracting to bull side. And I just acumulated short position.
For now we just stay above the trendline and the more time we stay there the probability of breaking down - bart pattern is higher.
Until we break the second trend line and $7200 I'm still bearish.
In many times in history we tested in bottoms 0,618 and 0,786 fibbo retracement and I would expect that for this rally again. But more conservative is take profits in several ways.
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Follow me on twitter: @realMarketMage
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How to recognize fake breakout?
1) the longer the trend is, the more conservative you must be = ✔
2) low price activity = ✔
3) closing price - daily is closed above the bearish trendline = X
4) confirming candle formation - we can see something like a bullflag, but from candlestick perspective it's such a mess = ✔
I am still in short position and I dont believe we can be bullish in this situation. Moreover we broke our bullish trendline from 4000 USD.
Follow me on twitter: @realMarketMage
1) the longer the trend is, the more conservative you must be = ✔
2) low price activity = ✔
3) closing price - daily is closed above the bearish trendline = X
4) confirming candle formation - we can see something like a bullflag, but from candlestick perspective it's such a mess = ✔
I am still in short position and I dont believe we can be bullish in this situation. Moreover we broke our bullish trendline from 4000 USD.
Follow me on twitter: @realMarketMage
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BTC showing interesting move again. Structure looks bullish but the problem is - WHALES will never give you a chance to jump in on reasonable level. If we were bullish I would expect parabolic fast movement with high volume.
These moves around trendline failed us so many times.
Why should it be diffrent now?
These moves around trendline failed us so many times.
Why should it be diffrent now?
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3 massive price actions happened in last 3 years. Every candle had long body and long wick. The next candle went ALWAYS with wick to region of previous low.
Be carefull they might dump it before halving.
Be carefull they might dump it before halving.
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BTC dumped as was expected in correlation with OilCrash, for now we might consider sidemoves and breaking 6860 region, after that we could possibly retesting 7000-7150USD. Overall visiting 5,8K longterm is very probable.
