"It's a trap!" /meme
Now, I'll admit that I'm still hodling the last 20% of my long position that didn't sell yesterday, however I actually got rid of my sell orders I had listed above. Here's why..
First let's start off by saying... Bitcoin Bulls, in a bull trend, have always been stupid-strong. (Think Hodor). The TA is always a lot more conniving than during bearish environments and patterns are almost always prematurely made / broken out of.
Noticing the trend of these bulls / whales / market makers / manipulators (whether its a group, exchange or whale-bot) all boils down to one simple thing.... experience. I'll post in the comments below where this Inverse H&S "Premature Right Shoulder" has repeated in the past. However, this seems way to 'deja-vu' for me to not make an Idea out of it.
So lets break this down....
>>1. Trend Reverses to an "inverse H&S" neckline.
>>2. Trend looks like it needs to have a steep pull-back, after many many days of over-bought bullishness.
>>3. Support breaks and pull-back starts, but then stops directly above Fib Levels and begins to form a "Bull Pennant" / "Symmetrical Triangle".
>>4. Once the Triangle fills, market sentiment is still leaning towards a further retrace since the price didn't really retrace far enough to create a >>REAL<< right shoulder.
>>5. Pattern breaks bullish, price pumps while still in overbought conditions, high leverage bears get rekt + entry stops get triggered, noobs FOMO long the top.
>>6. Whale traders post TA showing the "obvious" inverse H&S on Twitter.
>>7. Whales exit.
I'll try to find some other times this happened and post those pics in the comment section below.
If the Triangle does break bearish, then we'll see a wobbly-sided iH&S made with a proper right shoulder coming down towards the 0.5 Fib Level area. We'll see what happens... Either way... Shorting does not look like it's worth the R/R.
>>TL;DR<< - Be careful and trade with all the possibilities in mind.
Anyways, practice risk management and remember... the trend knows da wae.
<3
-Commanda Wolfie
Now, I'll admit that I'm still hodling the last 20% of my long position that didn't sell yesterday, however I actually got rid of my sell orders I had listed above. Here's why..
First let's start off by saying... Bitcoin Bulls, in a bull trend, have always been stupid-strong. (Think Hodor). The TA is always a lot more conniving than during bearish environments and patterns are almost always prematurely made / broken out of.
Noticing the trend of these bulls / whales / market makers / manipulators (whether its a group, exchange or whale-bot) all boils down to one simple thing.... experience. I'll post in the comments below where this Inverse H&S "Premature Right Shoulder" has repeated in the past. However, this seems way to 'deja-vu' for me to not make an Idea out of it.
So lets break this down....
>>1. Trend Reverses to an "inverse H&S" neckline.
>>2. Trend looks like it needs to have a steep pull-back, after many many days of over-bought bullishness.
>>3. Support breaks and pull-back starts, but then stops directly above Fib Levels and begins to form a "Bull Pennant" / "Symmetrical Triangle".
>>4. Once the Triangle fills, market sentiment is still leaning towards a further retrace since the price didn't really retrace far enough to create a >>REAL<< right shoulder.
>>5. Pattern breaks bullish, price pumps while still in overbought conditions, high leverage bears get rekt + entry stops get triggered, noobs FOMO long the top.
>>6. Whale traders post TA showing the "obvious" inverse H&S on Twitter.
>>7. Whales exit.
I'll try to find some other times this happened and post those pics in the comment section below.
If the Triangle does break bearish, then we'll see a wobbly-sided iH&S made with a proper right shoulder coming down towards the 0.5 Fib Level area. We'll see what happens... Either way... Shorting does not look like it's worth the R/R.
>>TL;DR<< - Be careful and trade with all the possibilities in mind.
Anyways, practice risk management and remember... the trend knows da wae.
<3
-Commanda Wolfie
Note
Here's 1 example.Note
Notice the exit / accumulation of exits above on the breakout and the relatively weak volume / push. This is due to now having enough shorts stacked, traders creating a ceiling to exit their long positions and flipping into shorts.Note
AND1Note
Follow me.. I kno da waeNote
I zoomed out so you can see just how often these things take place. I think you get the picture....These types of trades are cluttered all around the charts. Remember, I am a pattern trader and I've been trading full-time for about 2 years now (or so?). Anyways, I think I've traded this type of stuff enough times to be able to notice it once it starts.
Someone asked me yesterday if I've ever worked on getting my TA onto an algo so that a bot can automate trades. Honestly, I have... but there's 1 thing that I don't believe algos can ever replicate from human traders... and that's experience.
If you've enjoyed this post, please Thumbs Up + Follow +Share / Retweet! I'm going to work on getting back into Social Media over the next few months so some help would be appreciated.
Dueces.
-Wolfie
Note
Alright ladies and gents. So, I was correct (again) with my premature bull pennant breakout prediction thingie... however we didn't have enough strength to break out of two key resistance points (Double-Top on Binance. Rising Wedge on Finex).With that being said, we're showing heavy bear divs and finally capped out on 1D StochRSI.
Time to exit and load shorts on resistance.... if you got the balls.
Otherwise, stay out and just load longs on the 0.5 Fib Retracement support area.
Note
Just realized I charted Poloniex on accident... #FailNote
So... because I don't 1-Minute scalp (shots fired @ philakone) I was able to peacefully go party and fuck in Phuket while still making profits. My first Take Profit order got filled @ the very bottom of the current price area (about 20% of my position) and I am beginning to see reversal signs. However, the daily is still too high and there has yet to be a pattern made. Also, we got plenty of space to drop before hitting longer term supports on the 6H + 12H. With all of that being said, I'm hodling my main short on 1 account and closed my short on my hedged account + opening up low leverage longs to play the Head & Shoulders pattern and hopefully catch the bottom-ish area of the right shoulder.As always, practice risk management. Chillin in Bangkok rn. Ttyl!
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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.