BTC: Double Bottom --> Bull Trap --> Crash

7 thg 6, 2021

Parabolas and radial lines: Unconventional and unorthodox TA — but they continue to amaze me with unexpected alignments and intersections.

This is update #6 to my original May 5 post — showing one addition radial line (“e”) and the below plausible(?) Bitcoin scenario:

1. Double bottom at 30K. (A manipulated Bull signal?)
2. Strong bounce to the “hopium” 41K-42K breakout area. (Bull trap!)
3. Rapid (manipulated?) crash to lower than low. (Giving the large institutional buyers the bargain they want.) June 28 ± 10 days.

If Bitcoin does bounce off the lower BLX parabola (see my proposed law below), this would be a low around $8200 ± $500. Unimaginable -- but in the spirit of letting Technical Analysis speak its own mind, I report it none-the-less.

___________________________
Bitcoin’s May 19 fall to 30k was a 53% correction. With this in mind,
I offer the community my (not fully vetted) Law of Maximal Retrace:

Bullbearish’s Law of Maximal Retrace:
If Bitcoin experiences a correction (a retrace) of 50% or more, it *must* touch the lower BLX parabola before reaching the next higher high. The Mt Gox fiasco of 2013 (an extrinsic/abnormal event) caused the only known violation to this law.

If you discover any other exception, please message me.

PS: This proposed “law” of mine is likely to be *majorly* tested in the very near future.

PPS: For more info on the 12-year BLX parabolas, see my earlier post today. Search for "BLX".