NVT by aamonkey (and my charting) suggest bull trap lower downI have been looking for the bull trap bounce for a while now and I have been looking to use aamonkey's version of the NVT as a way of helping steady my hands and clarify my thinking.
The blue measured move show historical losses of highs to the top of the orange box and that orange box has been a serious area of consolidation in the past before the final low is reached. Very clearly we have some distance to transverse if we reach historic targets based on this pattern. The orange box shows where a quick area of consolidation has lead to a bounce on BTC before. The yellow box is where the bull trap has topped based on historic behavior before. Manipulate the chart, squint your eyes, it is all there.
Here is our daily chart all kindz of zoomed in. This lets us look more closely at the all time highs and it lets us evaluate the price action that I suggest will act as support. We can also see that the NVT has not flashed green yet on the daily.
Key point to remember is it flashing green on the daily is not a dummy buy signal. It just means that the network, roughly is undervalued for the number of transactions it is processing. It is just telling us that this is where long term investors could be happy to begin the long accumulation process.
I intend to update this as needed as time goes on. It is going to be very stressful and fortunes will be made and lost on the next couple of days to weeks and all moves during this time are higher risk than normal, and that normal is already very high risk for crypto. The linked charts will show my recent streak of good luck with charting that could break at any time as well as some other attempts of forecasting future moves. This dump could be worse than others, so we don't know how this is going to go.
