Btc to 4300? Bull Trap BITCOIN VS NASDAQ
This idea was originally explored by e55, I would like to follow up with my own analysis of the situation. Here, the charts are both on the weekly time frame. You can see the BITCOIN and NASDAQ look exactly the same. Bubbles are characteristic in that they reflect the emotions, decisions, and sentiment of all parties involved. BOTH had impulse waves up, a massive bull run up 153%, NASDAQ had a major correction down 77%, from the peak to the bottom, so we can predict bitcoins bottom. This little wave up appears to be a bulltrap. A plethora of indicators back this bearish, but profitable scenario up. First, on bitcoin, an aggressively broken 6.18 fib level on the monthly chart, death cross on the 4 hour chart, stochastic rsi on daily is overbought, volume is questionable, breach of sma indicating a possible bull trap, and the bullish daily crossover on macd, happened on NASDAQ chart at the time frame specified above and price kept dropping regardless. If bitcoin continues to follow this NASDAQ chart bubble pattern we will hit 4-4.5k bottom. Every trader it seems is bullish on bitcoin, I'm not sure.
Note
Its crazy because not only is the pattern like an exact copy, but it follows it exactly down to the percentages of increase decrease, etc
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