Bitcoin - The biggest bull trap in history!
Updated
- In the past few days, Bitcoin has been pumping, which I was expecting. I share all trades that I make transparently. But this pump is something that we need to be aware of!
- Clearly, this falling wedge pattern is coming to an end, because it has been a pretty long time. The price of Bitcoin is stuck in this "range". My ideas on it are the following: We are going to see a bullish breakout above the wedge, just right at the 0.618 FIB. All traders usually try to buy this breakout, but they probably don't know that there is a 0.618 FIB retracement just above the breakout level. Which is definitely an opportunity to short Bitcoin, not long! The next scenario I see is that we are going to see another touch on the upper trendline of the wedge, and after that, we are going to go down in a classic way.
- I do not expect any strong bullish uptrend above 30k at all, and I am not buying Bitcoin, but we can trade it on futures.
- From the Elliott Wave perspective, this wedge looks like a leading first wave diagonal pattern, which suggests the start of a huge crash. Now we are in wave (2), which is usually pretty strong and steep, so we can end wave (2) pretty soon!
- I want to short Bitcoin at the 0.618 FIB retracement, if the price comes to this level! Otherwise, I trade altcoins on futures.
- We have an unfilled CME GAP at 21k, do not forget it. But I think we are going to go even lower, to 15k or 10k. But I think if we really want to start a bull market, we need to fill the GAP before a new all time high!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Thank you, and for more ideas, hit "Like" and "Follow"!
Note
Bitcoin remains in the bear market because the price is still inside this parallel channel (2021 -2023). It will be a great opportunity to short BTC on the touch of the upper trendline on the LOG scale. But we don't know when it's going to happen.
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