Bitcoin: incoming rally? Or deja vu bulltrap?
Hi traders,
Before i start, for the people not following me, what happened to day was a massive short squeeze (short sellers had to close their positions), short positions were extremely high, and were forming a parabolic uptrend: this created this massive Bitcoin raise.
This is not a pump due to George Soros, governments investing in Btc, Illuminatis, JP Morgan, the Cartel, the whales, ...
Let's say this is a set up happening in every type of market when there are too many traders shorting at some wrong parts of the market.
If you are following me, you are possibly aware that i was waiting for a bull trap since around a week, with a target of around 8150 (higher targets could be possible).
Btc reached 8090 today, so we are not at the target level yet.
I am still waiting for this possible bull trap to happen : 6500$ is a psychological reversal zone, many people are believing Bitcoin has bottomed around this area which should possibly indicate that the short squeeze we had today will be followed by a bullish trend.
If we are looking at the 2014 chart, we can see that when the 1 day death cross happened, a quick local sell off happened, followed by an important buy (green rectangle) and a local sell, and an important bull trap.
This is where we possibly are if we use fractals, and this was enforcing some more my idea of a possible incoming bull trap since the death cross happened around the 6500$ reversal zone.
The issue is that we have absolutely no proof that we are bottoming as it is impossible to know it right now (though Bitcoin bottoming is still a possibility).
In 2014/2015, Btc formed higher lows and higher highs, but see what happened next when people were almost certain that Btc was bottoming :
This scenario is to be considered as a possibility, so stay alert.
Good luck to you trading in there, and watch out with the shorts and longs, it is extremely tricky with Bitcoin, and i hope you did not suffer any loss today.
Before i start, for the people not following me, what happened to day was a massive short squeeze (short sellers had to close their positions), short positions were extremely high, and were forming a parabolic uptrend: this created this massive Bitcoin raise.
This is not a pump due to George Soros, governments investing in Btc, Illuminatis, JP Morgan, the Cartel, the whales, ...
Let's say this is a set up happening in every type of market when there are too many traders shorting at some wrong parts of the market.
If you are following me, you are possibly aware that i was waiting for a bull trap since around a week, with a target of around 8150 (higher targets could be possible).
Btc reached 8090 today, so we are not at the target level yet.
I am still waiting for this possible bull trap to happen : 6500$ is a psychological reversal zone, many people are believing Bitcoin has bottomed around this area which should possibly indicate that the short squeeze we had today will be followed by a bullish trend.
If we are looking at the 2014 chart, we can see that when the 1 day death cross happened, a quick local sell off happened, followed by an important buy (green rectangle) and a local sell, and an important bull trap.
This is where we possibly are if we use fractals, and this was enforcing some more my idea of a possible incoming bull trap since the death cross happened around the 6500$ reversal zone.
The issue is that we have absolutely no proof that we are bottoming as it is impossible to know it right now (though Bitcoin bottoming is still a possibility).
In 2014/2015, Btc formed higher lows and higher highs, but see what happened next when people were almost certain that Btc was bottoming :
This scenario is to be considered as a possibility, so stay alert.
Good luck to you trading in there, and watch out with the shorts and longs, it is extremely tricky with Bitcoin, and i hope you did not suffer any loss today.
Bình luận:
Watch out to Btc Rsi level
Bình luận:
Big picture : the first resistance is yet blocking Btc
Bình luận:
RSI indicated we entered a zone of possible pullback.
Stay alert, as the pullback could retest the 7500 7200 7000 6800 levels
Stay alert, as the pullback could retest the 7500 7200 7000 6800 levels
Bình luận:
As said in the previous update, we entered a zone of possible pullback, even if it's difficult to feel it in such a bullrun and fomo time
1day chart is starting to show a bearish pin bar appearing, which normally acts as a reversl signal
Stay alert
1day chart is starting to show a bearish pin bar appearing, which normally acts as a reversl signal
Stay alert
Bình luận:
?
Bình luận:
When everyone is shouting for a rally start, it probably is a bull trap.
When everyone is shouting for a bulltrap, it probably is a rally start.
When everyone is shouting for a crash, it probably is a crash.
When everyone is shouting for a bulltrap, it probably is a rally start.
When everyone is shouting for a crash, it probably is a crash.
Bình luận:
Well.
It appears this déjà vu Bull trap theory of the death cross golden cross was correct, and the structure sharing of the pattern was correct as well.
I'll keep that in the archives in case future bubble are on their way.
Very interesting.
It appears this déjà vu Bull trap theory of the death cross golden cross was correct, and the structure sharing of the pattern was correct as well.
I'll keep that in the archives in case future bubble are on their way.
Very interesting.
This investor would have spotted the heavily shorted Btc at a low level of price, and would have taken a long position anticipating this short squeeze.
This is a high risk high reward strategy.
I am not saying this is what i did as i do not give trade signals, but i give an exemple of the type of trade smart traders and institutions could have taken few days ago