The Trap of Bitcoin 3, Repeating History
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Before predicting Bitcoin to 100k or 1 mill remember, "The World has enough for everyone's need but not for everyone's greed"
Disclaimer : As a chartist I don't have any intention to manipulate the prices, all our work is completely based on our research and analysis, we request you to please read the complete report before making any type of comments. the only thing that matters for a trader is to make profit and protect his capital. Markets does not understand bullish or bearish situations, they are just a reflection of human emotions, and my work is to capture the future direction without a crystal ball, so i could be wrong, so it's better that you should invest on your own risk. Thankyou.
Hello… guys welcome to a brand new update of The Trap series where Bitcoin is most likely repeating the history with BAKKT hype, before this there’s CME.
So first the main chart, you can clearly see on top how Bitcoin formed a triangular formation in 2018, and a massive drop after that, just similar to that, we’ve again formed the similar formation in 2019 and a massive drop in the end of this formation, so now by this formation Bitcoin could gain the strength again in the coming days and make an impulsive move towards 10000s level, which could be like the B wave formation before the next drop.
But that doesn’t means that Bitcoin is now going to 100k or 1mill, definitely not...
Now if you are not familiar with my “The Trap” series than I’ll recommend you to first check out my the previous update on The Trap, here it is…
Now the huge rally towards 13800 and a massive drop towards 7800 wasn't something that I do not predicted.
Notice the above idea i've published on 17th may when Bitcoin was hovering at 7800, i've clearly mentioned that this rally is going to 13500, and then a massive drop which could lead us towards 1100 level, yeah you’re reading this correctly, drop towards 1100 level.
Now am I so bearish on Bitcoin? Yeah... I am so bearish on Bitcoin and I clearly mentioned this in one of my previous Ideas, where I projected Elliot wave on Bitcoin’s 10 years price cycle, here it is…
And I will remain bearish until we break the 13800 barrier, cuz 1st part of my prediction has already proven correctly, now it's time where 2nd part comes in action where prices are going to form a new low which could be lower than previous ones, thats why am damn bearish until we go and break again 2019s high.
Now first let’s dive in short time frame
So here’s the 1h chart showing that prices have already gained support from 7800 level and now we could see a rally towards 9100-9250, meanwhile we could also get a double bottom formation where prices will come back and retest the lows to shake weak hands and than a potential rally.
My personal indicator is also showing that prices have remained in the green zone from almost 8 days so a potential reversal could occur in short term trend.
4h chart is also not so different from 1h, all the moving averages has turned out to be bearish whereas my custom RSI is almost zero, totally oversold, so most likely huge spike in prices is expected in the coming hours.
So far prices have carefully respected this channel from a long time, and still it's so reliable to predict the next movement, so probably a retest of 7450-7500 could be possible.
Elliot wave projection looks so perfect and clear, we get a double 3s formation where the Y wave has likely to be ended around 8070, which is exactly equal to the length of W wave, below this we get fib1272 which is around 7200, pretty hard for bears due to 7500 support zone.
Daily chart shows that we’ve perfectly tested 200 daily MA, so most likely a small spike for few days which wont sustain long, oscillators along with moving averages (21, 55 EMA) showing strong rejection and might be prices will keep breaking supports in oct.
Another major level we’re getting between 7500-7800 is weekly 55EMA sitting around 7730 and so precisely bulls protected this level for now. Meanwhile 21 weekly EMA is sitting at 9250, exactly the level i've mentioned previously which is also in our red zone of 9100-9750.
Line between the Bull and Bear market is this one you see above in chart which is fib236, between 6000-6400, any weekly close below this will result the drop towards the previous lows of 3200, just simple as that…
This is what am thinking by the end of 2020, but that’s just me…
Now read this again, "The World has enough for everyone's need but not for everyone's greed", this is a famous quote from M. Gandhi, which fits perfectly in today’s Bitcoin situation.
Don't judge me wrong but i see huge lack of innovation in crypto space, and this place looks completely filled with speculators, gamblers and whales which adds more fomos by pump and dump. Most of the people have invested in Bitcoin just to make money in short or long term and expected huge returns by just doing nothing, this is the place where financial markets failed. This space needs true innovators like Steve Jobs, Jeff Bezos or elon musk, clearly which we don’t have right now.
Now here most of you will raise the question on scam of fiat currencies, banks, limited supply and preservation of Bitcoin, comparison with gold and innovation of Blockchain.
But before this keep in mind that Bitcoin is so young compared to any asset like gold or other metals, supply of Bitcoin is limited like gold but can be created and traded virtually just like gold, fiats are not completely scam but actually inflation is a good thing for capitalism to keep encouraging people to contribute in economy, and lastly “Blockchain has never been about to change everything, but to organize everything”.
Right now thing which we need more urgent than blockchain is renewable and eco friendly source of energy to save and preserve our ecology, and Bitcoin is not made for this. We’re spending billions each year on crypto currency mining rig. A work which can be simply done without wasting all the electricity, obviously there are some eco friendly blockchain solutions but Bitcoin is not made for them.
I personally do believe in Bitcoin and Blockchain, definitely you can compare blockchain with the invention of the printing press which also brought trust in system. Even i've wrote a detailed article “The MAEN Chain” where I've published my studies on economic cycles of the last 600 years. I've described my theory of the Maen chain and the 3ES cycle which is a bit similar to the Kondratieff wave.
Now if you're a knowledge hungry guy with little patience than I guarantee you that this article will completely change your mind you look towards the markets with your investing decisions, check out the link below…
https://medium.com/@coinguru1113/the-maen-chain-a066ecc8d28e
alright guys, that's all for now hope this idea will help you to make huge huge profits like the previous one's ;), dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram, we're going the increase premium fee in the coming days, so hurry up...
thanks you, this is Husain Zabir signing out
Disclaimer : As a chartist I don't have any intention to manipulate the prices, all our work is completely based on our research and analysis, we request you to please read the complete report before making any type of comments. the only thing that matters for a trader is to make profit and protect his capital. Markets does not understand bullish or bearish situations, they are just a reflection of human emotions, and my work is to capture the future direction without a crystal ball, so i could be wrong, so it's better that you should invest on your own risk. Thankyou.
Hello… guys welcome to a brand new update of The Trap series where Bitcoin is most likely repeating the history with BAKKT hype, before this there’s CME.
So first the main chart, you can clearly see on top how Bitcoin formed a triangular formation in 2018, and a massive drop after that, just similar to that, we’ve again formed the similar formation in 2019 and a massive drop in the end of this formation, so now by this formation Bitcoin could gain the strength again in the coming days and make an impulsive move towards 10000s level, which could be like the B wave formation before the next drop.
But that doesn’t means that Bitcoin is now going to 100k or 1mill, definitely not...
Now if you are not familiar with my “The Trap” series than I’ll recommend you to first check out my the previous update on The Trap, here it is…
Now the huge rally towards 13800 and a massive drop towards 7800 wasn't something that I do not predicted.
Notice the above idea i've published on 17th may when Bitcoin was hovering at 7800, i've clearly mentioned that this rally is going to 13500, and then a massive drop which could lead us towards 1100 level, yeah you’re reading this correctly, drop towards 1100 level.
Now am I so bearish on Bitcoin? Yeah... I am so bearish on Bitcoin and I clearly mentioned this in one of my previous Ideas, where I projected Elliot wave on Bitcoin’s 10 years price cycle, here it is…
And I will remain bearish until we break the 13800 barrier, cuz 1st part of my prediction has already proven correctly, now it's time where 2nd part comes in action where prices are going to form a new low which could be lower than previous ones, thats why am damn bearish until we go and break again 2019s high.
Now first let’s dive in short time frame
So here’s the 1h chart showing that prices have already gained support from 7800 level and now we could see a rally towards 9100-9250, meanwhile we could also get a double bottom formation where prices will come back and retest the lows to shake weak hands and than a potential rally.
My personal indicator is also showing that prices have remained in the green zone from almost 8 days so a potential reversal could occur in short term trend.
4h chart is also not so different from 1h, all the moving averages has turned out to be bearish whereas my custom RSI is almost zero, totally oversold, so most likely huge spike in prices is expected in the coming hours.
So far prices have carefully respected this channel from a long time, and still it's so reliable to predict the next movement, so probably a retest of 7450-7500 could be possible.
Elliot wave projection looks so perfect and clear, we get a double 3s formation where the Y wave has likely to be ended around 8070, which is exactly equal to the length of W wave, below this we get fib1272 which is around 7200, pretty hard for bears due to 7500 support zone.
Daily chart shows that we’ve perfectly tested 200 daily MA, so most likely a small spike for few days which wont sustain long, oscillators along with moving averages (21, 55 EMA) showing strong rejection and might be prices will keep breaking supports in oct.
Another major level we’re getting between 7500-7800 is weekly 55EMA sitting around 7730 and so precisely bulls protected this level for now. Meanwhile 21 weekly EMA is sitting at 9250, exactly the level i've mentioned previously which is also in our red zone of 9100-9750.
Line between the Bull and Bear market is this one you see above in chart which is fib236, between 6000-6400, any weekly close below this will result the drop towards the previous lows of 3200, just simple as that…
This is what am thinking by the end of 2020, but that’s just me…
Now read this again, "The World has enough for everyone's need but not for everyone's greed", this is a famous quote from M. Gandhi, which fits perfectly in today’s Bitcoin situation.
Don't judge me wrong but i see huge lack of innovation in crypto space, and this place looks completely filled with speculators, gamblers and whales which adds more fomos by pump and dump. Most of the people have invested in Bitcoin just to make money in short or long term and expected huge returns by just doing nothing, this is the place where financial markets failed. This space needs true innovators like Steve Jobs, Jeff Bezos or elon musk, clearly which we don’t have right now.
Now here most of you will raise the question on scam of fiat currencies, banks, limited supply and preservation of Bitcoin, comparison with gold and innovation of Blockchain.
But before this keep in mind that Bitcoin is so young compared to any asset like gold or other metals, supply of Bitcoin is limited like gold but can be created and traded virtually just like gold, fiats are not completely scam but actually inflation is a good thing for capitalism to keep encouraging people to contribute in economy, and lastly “Blockchain has never been about to change everything, but to organize everything”.
Right now thing which we need more urgent than blockchain is renewable and eco friendly source of energy to save and preserve our ecology, and Bitcoin is not made for this. We’re spending billions each year on crypto currency mining rig. A work which can be simply done without wasting all the electricity, obviously there are some eco friendly blockchain solutions but Bitcoin is not made for them.
I personally do believe in Bitcoin and Blockchain, definitely you can compare blockchain with the invention of the printing press which also brought trust in system. Even i've wrote a detailed article “The MAEN Chain” where I've published my studies on economic cycles of the last 600 years. I've described my theory of the Maen chain and the 3ES cycle which is a bit similar to the Kondratieff wave.
Now if you're a knowledge hungry guy with little patience than I guarantee you that this article will completely change your mind you look towards the markets with your investing decisions, check out the link below…
https://medium.com/@coinguru1113/the-maen-chain-a066ecc8d28e
alright guys, that's all for now hope this idea will help you to make huge huge profits like the previous one's ;), dont forget to hit like and support us so we keep bringing awesome new trading ideas for you, follow us for more future updates, and do comment your opinion, we appreciate your response:)
and to join our premium contact me on telegram, we're going the increase premium fee in the coming days, so hurry up...
thanks you, this is Husain Zabir signing out
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things are getting really interesting for Ethereum, somehow eth managed to bounce and close above fib50 sitting at 171.85 level, even after breaking and close daily candle below it, looks like eth bulls are in action and can push the prices upto fib382 which is at 205.45, this could be almost 19% gain and if you go with leverage, ill recommend you to use 5x, which could make you almost 95% profits, do also consider some other major levels like 183, 186, and 196, also dont forget to carefully manage your risk, if price action goes against us than 170 will be the best level to place your stops...
chao
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long term chart is now suggesting that might be a bearish scenario has come to the action checkout my weekly chart analysis, just posted
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Just published the 4th part of the trap series,
Bitcoin B wave the biggest joke in crypto
check it out
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Just published the final part of the trap series, the trap of Bitcoin 5, ending this here as most likely my prediction is becoming reality
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