JUST ANTOHER BULLTRAP?
Updated
Patience is key.
There's something interesting to notice.
Everytime we're having a BTC bounce towards a LOWER HIGH, people all of a sudden become euphoric & bullish, claiming the bear market is over.
There is no reason to be bullish at all.
Old supports are turned into new resistances.
Right now, BTC is doing nothing but confirming a new resistance around 7.400$ - 7.500$, which used to be a key support level.
Elliot Wave count indicates that we are moving within WAVE 5, heading towards 5.500$.
Why 5.500$?
Because it has been confirmed multiple times as a key support level.
In addition to that, we got a bearish divergence on the 4H Chart, nothing happy about that.
Voulume is decreasing.
I'm using the current bounce to add new short positions.
Have a nice day & happy trading!
Comment
Was wrong with the bearish divergence.Should be fixed now:
Comment
Played out as expected.Hope you didn't fomo into this sucker's rally.
New Idea coming soon.
Comment
New Idea is live.
Comment
Came up with another idea, check it out.
Related publications
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.