Quick read: Bitcoin setting up a temporary bull trap
Updated
The main chart says a lot with the descriptions to save time with a longer post.
Here is a pared down example form 2017 of the same pattern on btcusd in 2017 before things went ballistic. The measured move is from the top of the bull trap to the bottom of the downtrend into the green buy zone. This may not play out exactly the same way but it should be very similar if the bulls have any hope of getting above 64k again.
Here is a pared down example form 2017 of the same pattern on btcusd in 2017 before things went ballistic. The measured move is from the top of the bull trap to the bottom of the downtrend into the green buy zone. This may not play out exactly the same way but it should be very similar if the bulls have any hope of getting above 64k again.
Note
Things are moving along swimmingly and here I see a chance for some consolidation before BTC legs up higher. It seems we are halfway through the move and are consolidating on the 50 period SMA on the 4 hour timeframe. Common SMA, common time period for crypto trading. Now sometimes large moves up are not bi-sected but are tri-sected and if that is the case we should be looking for an eliot wave impulse on the way up.But so far my long is in the money and I will still be closing at target with take profits in place. If I see the rejection then I go short.
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