Bitcoin is forming the bull trap right now!
Hello, guys!
After the previous bearish move
BTCUSDT has formed the ABC corretion which in my opinion has been ended at $28500. It was the wave 2 of higher degree and now Bitcoin has finally started the most impulsive wave 3.
I have been waiting for the final higher high, but market demonstrated dump without it. It has already printed the wave 1 inside the wave 3. This wave has been ended with the bullish reversal bar under the Williams Alligator indicator. That's why I am waiting now for the wave 2 which is going to represent the bull trap. This wave has the original target at the 0.61 Fibonacci retracement level, approximately at $27700.
When Bitcoin will reach this price level I am going to look for the signs of reversal to unlock the insane opportunities which wave 3 can give us. The original target for wave 3 is 1.61 Fibonacci extension which is located at $24500. If you remember my last analytical articles I told you that we have to see the rapid dump to make my main bearish scenario valid.
What could be the potential reversal sign at $27700? Let's notice that Alligator now is located below this price, that's why for me the great reversal sign is gonna be the confirmed bearish revesal bar. I will remind you what is it, it's the bar, which closed in the lower half and has the higher high than the previous bar. This bar could be used only if the price breaks down it's lowest point before breaking the highest one.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
After the previous bearish move
BTCUSDT has formed the ABC corretion which in my opinion has been ended at $28500. It was the wave 2 of higher degree and now Bitcoin has finally started the most impulsive wave 3.I have been waiting for the final higher high, but market demonstrated dump without it. It has already printed the wave 1 inside the wave 3. This wave has been ended with the bullish reversal bar under the Williams Alligator indicator. That's why I am waiting now for the wave 2 which is going to represent the bull trap. This wave has the original target at the 0.61 Fibonacci retracement level, approximately at $27700.
When Bitcoin will reach this price level I am going to look for the signs of reversal to unlock the insane opportunities which wave 3 can give us. The original target for wave 3 is 1.61 Fibonacci extension which is located at $24500. If you remember my last analytical articles I told you that we have to see the rapid dump to make my main bearish scenario valid.
What could be the potential reversal sign at $27700? Let's notice that Alligator now is located below this price, that's why for me the great reversal sign is gonna be the confirmed bearish revesal bar. I will remind you what is it, it's the bar, which closed in the lower half and has the higher high than the previous bar. This bar could be used only if the price breaks down it's lowest point before breaking the highest one.
Best regards, Ivan
____________________________________________________________
🔥Please, follow me and smash the rocket🚀 button to support me🔥
Get access to private PineScript strategies and turn script alerts into orders at your exchange account with easy-to-set up bots
Get free alert bot:
skyrexio.com
Get free alert bot:
skyrexio.com
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.