BitcoinUpdated BTC: Operation Bull Trap - how it plays out
As you know, I'm not as bullish as some on BTC mid-term.
My thought is, we will eventually overcome these resistances and turn them into supports,
BUT
the price to beat on volume is 11.5k USD
I see a bull trap forming as bulls lose strength breaking each resistance (note declining volume on the uptrend, Stoch RSI overbought)
In macro, I see BTC moving up in a consolidation + enormous green candle pattern (signifying inorganic growth)
alt coins will pump along with BTC steadily up for the next month, alts peak at 11.5k BTC, alts then dump as people (mainly whales) take profits into BTC (I know I will be, if this plays out), then whales sell BTC they have 4xed the amount of when alt season started, and crash the market right back down to 6-7k region.
Note: This is just one theory I am playing with. I usually have a couple running at any time, and am seeking confirmation of them, as it informs my risk management and profit taking along the way.
On the famous Wall Street Cheat Sheet, I would call this the Anger bounce.
Let's see how it plays out.
My thought is, we will eventually overcome these resistances and turn them into supports,
BUT
the price to beat on volume is 11.5k USD
I see a bull trap forming as bulls lose strength breaking each resistance (note declining volume on the uptrend, Stoch RSI overbought)
In macro, I see BTC moving up in a consolidation + enormous green candle pattern (signifying inorganic growth)
alt coins will pump along with BTC steadily up for the next month, alts peak at 11.5k BTC, alts then dump as people (mainly whales) take profits into BTC (I know I will be, if this plays out), then whales sell BTC they have 4xed the amount of when alt season started, and crash the market right back down to 6-7k region.
Note: This is just one theory I am playing with. I usually have a couple running at any time, and am seeking confirmation of them, as it informs my risk management and profit taking along the way.
On the famous Wall Street Cheat Sheet, I would call this the Anger bounce.
Let's see how it plays out.
Note
first resistance block turned back the cornnow we wait
Note
could see us gearing up to push towards the next resistance block hereNote
some thoughts here one why i think we're still going up:-ichimoku cloud acting as support (can't really see it represented on this chart as the indicators don't update but, the ichi has flipped green for the first time in months)
-higher high (over 7.5k)
-plus, the effects of selling on the 1d stoch (not updated but its where we're at)... when we were bear, if the stoch went down, the price dropped precipitously
like
thousands of dollars each time
now the transition from overbought to oversold has a much smaller effect on price fluctuation
I remain cautiously optimistic until we get closer to 11k, though may revise the bull trap top to 10.8k as we get closer. Just an idea I'm kicking around.
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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.