BITCOIN to 4300? Bull Trap
This idea was originally explored by e55, i would like to follow up with my own analysis of the situation. Here, the charts are both on the weekly chart. You can see that the NASDAQ and BITCOIN charts have the same bubble pattern and look EXACTLY the same. Impulse wave uptrend, massive bull run up 153%, correction down 77 percent from the peak, to the bottom. Bubbles are characteristic in that they reflect the emotions, decisions, and sentiment, of all parties involved. If it continues to follow the NASDAQ chart, this price increase we've had to 10k is a bull trap. A plethora of indicators back this bearish, but profitable scenario up. First, on bitcoin, an aggressively broken 6.18 fib level on the monthly chart, death cross on the 4 hour chart, stochastic rsi is overbought on daily, volume is questionable, break of sma signaled a potential bull trap, and a diagonal line "reversal" from the supposed "bottom", looks bearish. Bullish cross on macd daily, but this happened on the nasdaq chart at that time in the above chart as well, and the price kept dropping regardless. Just because every major trader is bullish does not mean it is. That's why they call it a trap, it sucks people in, "oh look its going up, the correction is over" " it broke its downtrend". Its a bubble or looks like one to say the least, and the indicators reveal a very possible bull trap. I think we see 4-4.5 k.
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