Bitcoin is forming multiple bull traps
Hello, everyone!
Yesterday I told you that
BTC is going to drop and we saw the impulsive dump. But I have the question: where is dump continuation? Why Bitcoin is pumping again? Is it another one bull trap or my main scenario is gonna be invalidated because this dumps and pumps do not look like the impulsive wave to the downside.
Today I have even opened and closed the small long on this pump, earned +1.2% to deposit. But it's not so important because my main scenario remains the bearish side. First of all I want you to bring your attention how
BTCUSDT dumps everytime. Last time it demonstrated the rapid imbalance candle which has been filled before the yesterday's dump. This dump has also formed imbalance. 50% of this imbalance has been filled. Moreover price has formed the squat bar at the top. It was the reason why I don't want to hold this small long. Anyway my automatic trading strategy has been accumulated position for the potential pump.
Anyway I suppose that price will fill 100% of this imbalance again because the 0.61 Fibonacci retracement level is also located there. Looking at the dump's structure I can conclude that this is the impulse. Impulse consists of 5 Elliott waves. Now Bitcoin is printing correction and I suppose it will face with resistance at $25800 and dump from this level.
Best regards, Ivan
____________________________________________________________
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Yesterday I told you that
BTC is going to drop and we saw the impulsive dump. But I have the question: where is dump continuation? Why Bitcoin is pumping again? Is it another one bull trap or my main scenario is gonna be invalidated because this dumps and pumps do not look like the impulsive wave to the downside. Today I have even opened and closed the small long on this pump, earned +1.2% to deposit. But it's not so important because my main scenario remains the bearish side. First of all I want you to bring your attention how
BTCUSDT dumps everytime. Last time it demonstrated the rapid imbalance candle which has been filled before the yesterday's dump. This dump has also formed imbalance. 50% of this imbalance has been filled. Moreover price has formed the squat bar at the top. It was the reason why I don't want to hold this small long. Anyway my automatic trading strategy has been accumulated position for the potential pump.Anyway I suppose that price will fill 100% of this imbalance again because the 0.61 Fibonacci retracement level is also located there. Looking at the dump's structure I can conclude that this is the impulse. Impulse consists of 5 Elliott waves. Now Bitcoin is printing correction and I suppose it will face with resistance at $25800 and dump from this level.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
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