BitcoinShort
$BTC The ultimate trap cometh
I feel it is highly likely 25.4k gets breached. Either that or we crash from here, I really don't think moon is a scenario right now.
It is a great opportunity for the market makers as:
1) an invalidation for shorts (they may exit)
2) a trap for 'breakout traders'
3) a bull trap for longs to get horny in general
4) large volume selling can be hidden amongst contract distribution
5) it is a fundamental & psychological level
The triangle formation that everyone is so bullish about has a target of $27300-$27400.
We could reach that level and then crash to new lows immediately and violently after.
I do believe that 27400 is an overstretch based on the ending negative divergence going on but we shall see.
It is a great opportunity for the market makers as:
1) an invalidation for shorts (they may exit)
2) a trap for 'breakout traders'
3) a bull trap for longs to get horny in general
4) large volume selling can be hidden amongst contract distribution
5) it is a fundamental & psychological level
The triangle formation that everyone is so bullish about has a target of $27300-$27400.
We could reach that level and then crash to new lows immediately and violently after.
I do believe that 27400 is an overstretch based on the ending negative divergence going on but we shall see.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.