Admiral Ackbar's BTC Nalysis"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
