Recently with the continuing downtrend that we are experiencing with bitcoin a Bulltrap will arise out of the ashes of the current market. As you can see volume has continued to die off and is still dying, but if there is a rise in buyers (which will happen) what we will see is a massive Bulltrap luring in all traders alike and their mothers, price will quickly inflate to 10k, where we will see some profit taking and a selloff, but it may continue higher depending on how much velocity we have to keep it going which will then land us at 12k resistance what follows will be a bloodbath the likes of never seen before and bitcoin will bleed till it is no more. We will see a massive selloff which will take us back down to 8k but wont stop there. And then finally there will be a return to mean and price will stabilize around 5k resistance probably dropping further down along the way. Volume will continue to go lower and lower. I expect us to stay in the green of the pitchfork, which aligns with our current trend that we are already in. I expect btc to slowly die off as more and more worthy coins come forward to replace this old horse, along with more and more exchanges coming out with fiat pairs and the like, this may be the end of Bitcoin controlling the market with an iron grip and its grip is already loosening.
We already know the price/volume of btc has been massively inflated by the exchanges and institutional investors thus this was bound to happen if you don't see the manipulation at play then I have news for you!
Let me know if this was an eyeopener to some of you optimists in this bear market, any feedback is appreciated!!
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If you are reading this give this post a like if you agree with it
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wow quite some time has passed since I initially made the call, proud to see that it is accurately coming true, next up the death of the mighty bitcoin first mover of its kind
Capitulation. This is the stage of this cryptocurrency bubble, and unfortunately we get inexperienced "experts" like DLavrov, Alanmasters, Excavo and others who have been constantly proven wrong over and over.. and over again yet, they keep calling for bullish trends every time BTC goes up $1,000... they get all glossy eyed and make foolish recommendations. The last 5 BTC recommendations from Lavrov have been an utter failure.. and unfortunately his followers are the ones losing money. I love when I see realistic investors who tell it as it is.
SaintDank
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@BankofEngland, glad you liked the TA I like to always keep it real
justjohnpark
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@BankofEngland, if they're being foolish for being convinced that it's bullish, i raise my eyebrows at how you're absolutely convinced that it's bearish. the chart says it can go either way, i think. continue patting yourself on the back for being "realistic"
SaintDank
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@justjohnpark, im bearish because we are in a bear market lol
@BankofEngland, They keep upvoting because they are unable to distinguish cons from pros. I do understand that part.
What i don't understand, they keep upvoting even their portfolio keep decreasing.
I wonder, i really wonder and can't understand.
Like my russian friend said " My taxi driver told me yesterday that bitcoin will be 100K by the end of the years, that is why you need to buy now, since the prices are rising. WTF? I think there are plenty of taxi drivers on tradingview. They are all desperate FOMO. The pain is too much they want to see the light at the end of the tunnel, when in fact it is a train heading their way. I have no patience or desire to communicate to these idiots. I am not sure how you handle it. Thanks for your posts. It is good to see others who think like you. "
WorldEconomics
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@milanjelic, - These guys (PumpMaster, DLavrov, misc) gain a good following then start spamming their "paid advising" groups. Not only do you pay for toxic info but these are nothing more than pump and dump groups. These types of groups were very common in countries like South Korea, Japan and Russia where a "know it all" buys volume of a relatively stable, unexciting coin.. then when these "experts" are ready, they recommend the coin, stating an outrageous percentage gain. All the uninformed sheep traders go buying the recommended coin, pumps it up and the expert dumps all over them reaping huge profits. Now, can the expert claim he was right? Yes, because the price of the coin increases 10-40% from the traders who took the advice to buy. But the one who benefited the most was the one who recommended it and sold at the top. Traders and investors need to learn and invest smart. Investing in coins like DOGE or MONA is begging for a loss.
vetec
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Basically you saying BTC will go up soon, but if not, it will go down.
@vetec, Every technical analysis is or should be based on probabilities and scenarios. Anyone who says with absolute certainty which direction the market will go is not professional because unfortunately no one has a crystal ball.