BitcoinDiupdate Bitcoin Bull Trap
Looking at this 4hr chart it looks to me like BTC is forming a bearish Cypher harmonic pattern.
My whiskers (and the chart) are telling me that we will likely push up towards $41,500 and then break down.
For me, this creates a bull trap scenario. I think retail traders could ape in as we get closer to $40,000 and then that will create
the liquidity that the whales are looking for to dump some more.
When the down trend continues I think we will move to around $34,500.
If we lose this level then we could be seeing a larger bull trap play out as the giant bull flag breaks down.
Further downside targets would be around $29,700 then $20,200.
If these levels break I will have limit buys set between $14,000 and $15,000.
On the upside we could see the Cypher roll over and turn into a bearish Shark. This would put the D up around $47,400, which is also close to the 1.618 ext. of the XA leg of the bullish Crab harmonic that has completed. The upside targets are the X, B, C, A points (of the Crab) and then the 1.618 XA at $47,483.08.
For me, we need to get above $47,500 to invalidate the bearish trend and continue the bull trend. Even then, we will need to push above about $50,400 to get back into the blue ascending channel. If that happens I will be howling for the moon!
What do you think is next?
Owhooooo!
My whiskers (and the chart) are telling me that we will likely push up towards $41,500 and then break down.
For me, this creates a bull trap scenario. I think retail traders could ape in as we get closer to $40,000 and then that will create
the liquidity that the whales are looking for to dump some more.
When the down trend continues I think we will move to around $34,500.
If we lose this level then we could be seeing a larger bull trap play out as the giant bull flag breaks down.
Further downside targets would be around $29,700 then $20,200.
If these levels break I will have limit buys set between $14,000 and $15,000.
On the upside we could see the Cypher roll over and turn into a bearish Shark. This would put the D up around $47,400, which is also close to the 1.618 ext. of the XA leg of the bullish Crab harmonic that has completed. The upside targets are the X, B, C, A points (of the Crab) and then the 1.618 XA at $47,483.08.
For me, we need to get above $47,500 to invalidate the bearish trend and continue the bull trend. Even then, we will need to push above about $50,400 to get back into the blue ascending channel. If that happens I will be howling for the moon!
What do you think is next?
Owhooooo!
Catatan
Trap still in play. Just be aware of the situation and have a plan.
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.