Still room for last-gasp bull trap at the end of rebound channel
As long as bitcoin has no self-direction (stocks started the dump, they'll determine when we finally fall out of the channel too) we might as well keep rallying. It's how altcoins relate to bitcoin all the time - "we haven't dumped yet, might as well pump!!"
This time, bitcoin itself is at the mercy of external factors, but regardless of how bearish things are down the road, there's room (and possibly time) for a big fat FOMO pump before dumping. Textbook setup for luring bears to give up on their dumping dreams just long enough to get faked before heading down where they were looking in the first place 😉
No imminent hopium moons here, we're not de-correlating and rocketing to new highs in the midst of a global economic crisis (nobody got the stomach for that right now). I'm a crusty old crypto trader who's expecting another year of bear season...
TP1 - 7800
TP2 - 8050
TP3 - 9145 (exhaustion spike and would fill the gap in CME futures on March 8th)
This time, bitcoin itself is at the mercy of external factors, but regardless of how bearish things are down the road, there's room (and possibly time) for a big fat FOMO pump before dumping. Textbook setup for luring bears to give up on their dumping dreams just long enough to get faked before heading down where they were looking in the first place 😉
No imminent hopium moons here, we're not de-correlating and rocketing to new highs in the midst of a global economic crisis (nobody got the stomach for that right now). I'm a crusty old crypto trader who's expecting another year of bear season...
TP1 - 7800
TP2 - 8050
TP3 - 9145 (exhaustion spike and would fill the gap in CME futures on March 8th)
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close-up view of current move to first target 7800, leaving this congestion range
Comment:
Need this kind of action from stocks in order for bitcoin to have a week's room to pump
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off to a good start ;)
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TP1 hit with the squeeze
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closeup on futures hitting TP1
Comment:
TP2 nudged a bit up to 8250, depending on timing. consolidated solid on 7250, should be heading up again tonight. Will close any long near channel edge, not quite time for exhaustion spike bulltrap
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bull pressure continues, 10 hours until CME futures reopen, we've walked right up the median, if next pop is explosive 10% again to channel top 8400
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in 4 more hours, we'll get another 4H candle crossing this downline we've been stuck under, CME futures will have opened, and we'll print a new Daily and Weekly candle, fully in the green. If that doesn't trigger a pump, I don't know what will. Currently fully leveraged long 😉
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futures opened and dragged us across the downline, might retrace a little bit (resistance becomes support) before launching in the super early monday trading hours
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S&P futures staring early with a top exit from this local diamond, should result in higher highs for the stock retrace (but doom still soon) - and easily fuel bitcoin's pump this morning
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we just keep creeping up from one flag consolidation to the next, no pullbacks. Now the channel top is only $500 away, won't take much volume to get us there
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FIVE nonstop days of coiling around the major channel median. Bears screaming about divergences, yet we just keep sliding up sideways like a snake around a pole
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finally broke the 7800 ceiling with constant, upward grinding and banging on it. Bears still demanding that "RSI is too high" and "divergence!!" yet we keep climbing. Moved second TP to 8300, maybe we do something like this
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4H showing the power of this move, candles growing. top of channel overhead is my max, so 8550 on a wick at most. Leveraged shorts keep getting popped on the way up, adding fuel to the rocket 😉
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took profits at 8337, long since 6800. placed short at 8507 to catch wick kissing the channel top edge at 8550. after this spike, things should cool down and consolidate in the 8300 area, but I'm not expecting a "corrective" retrace, when we still have the rest of the CME gap to cross up to 9150
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timeframe is getting extended a bit, but as this recent pump just demonstrated - target zones getting hit early is how fomo works 😉 I can see our peak delayed until May 9th (instead of 5th), all going to depend on fomo and *when* we hit the upper red ATH downline. For right now, the vertical pump could cool off for some sideways recharge, on any of these pullback paths -- or just sideways. As long as the blue baseline is unbroken, we are still very much on the road to 9400
Trade closed: target reached:
nope, just went straight to new highs again 😉 CME gap is now completely filled, and we've passed my highest TP, so I'm not longing this run anymore. This kind of bull energy is going to take some time to blow off, if we stay trapped under the peak downline ceiling (red) then expect some Wyckoff distribution up here sideways, with a breakdown by May 9th
Comment:
(also, that pump widened our rising channel, notice the new significant points on the median)
Trade closed: target reached:
incredible 9.618 touch on Bitstamp, my most trusted exchange for precision. Low-timeframe price action (not pictured here) is behaving normally like rollover top. Pumpwhales seem to have gone quiet, now that we've reached the topside.
