Scary fractal on Bitcoin
Updated
So the market keep trapping us again. Talking with my fellow buddy the trader Magicmark, he showed me something that I did´t see yet. Many says it goes to the moon, others that is totally crashing, and a we think that this is a summer 2018 déjà vu. In speculative markets, patterns repeats all over the history since those patterns are created by human emotions, do you think this time will be different? I really would like to see a Bitcoin breaking 6k, and going straight to 20k again, and I´ll be very pleasant to trade that way, but we have to be extremely careful about the side where we put our hard earned money.
My overall vision is still that we have to go down bear trapping many and then get a massive wick up first followed by a 1 or 2 bullish weeks. 2018 trend line offers the possibility of the price even reaching the 4500 mark, thing that I believe is quite possible, but after touching that trendline it could even fakeout a few hundreds if there is a huge volume, which most probably it will be that way. After that, watch out, things could turn ugly.
Anyhow, if we get there, is a matter of monitoring volume on exchanges, identify spoofing, sell walls on tensor charts and a proper TA and money management strategy.
In my Telegram group I keep updating on a daily basis with trades and updates about our beloved crypto market, feel free to join us. If you find this information useful, please don´t forget to hit the like button and follow me.
My overall vision is still that we have to go down bear trapping many and then get a massive wick up first followed by a 1 or 2 bullish weeks. 2018 trend line offers the possibility of the price even reaching the 4500 mark, thing that I believe is quite possible, but after touching that trendline it could even fakeout a few hundreds if there is a huge volume, which most probably it will be that way. After that, watch out, things could turn ugly.
Anyhow, if we get there, is a matter of monitoring volume on exchanges, identify spoofing, sell walls on tensor charts and a proper TA and money management strategy.
In my Telegram group I keep updating on a daily basis with trades and updates about our beloved crypto market, feel free to join us. If you find this information useful, please don´t forget to hit the like button and follow me.
Note
This is the 2018 trendline in a full view. As you can see, the ADX is out of strength, that´s a good tip to guess where the price is going in the short term.Note
How long more will last this HUGE divergence (red lines) in the 4H timeframe within the ADX? See how the price is very close to the top resistance. This could get dumped very very soon.Note
Nice rejection as expected. At least the price should be declining during the whole weekend.
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