Bitcoin has been shooting up over the last couple hours, with little to no resistance. There was a pivot point but overall not very strong.
There seems to suddenly be no selling pressure, just as options are about to expire end of month. It's weird how this keeps happening!
IF we do breakout of our bearish pattern, I would urge you to look at On-chain statistics. Our # of transactions for Bitcoin - as in the TOTAL transactions of Bitcoin, is almost at an ALL TIME LOW for this year.
This bullish wave is a scam to steal options expirations, and although its always a good idea to buy BTC, if you have been waiting to buy it low - just be aware and do not panic buy. Watch what happens in beginning of June.
Also - please be advised that I am in no way a financial analyst, therefor I do not know what I am talking about, in the eyes of our great government. Please perform your own research, and you can find the transaction total chart inside studio.glassnode.com - just create a free account, and its under Network!
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Also, the SHORT projection is only for a couple months. End of year Im bullish as hell.
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Lets update this a little bit. SO: Here we are: BTC Is now over $40,000. Mainstream Influencers or news has been saying "This could be the Bull Run we have been waiting for". My only question is: Why are they ignoring the Technicals? Why push a bullish narrative on us, with stories of El Salvador, and other Countries buying ALLLLL The Bitcoin up, when the transactions are hitting new lows? Look for yourself, on studio.glassnode.com: the Total Transaction Chart - Does this look bullish to you? My opinion is the same as it was on May 30 - BULL TRAP.
Bulltrap in a totally bearish environment? I see no reason for it. Hmmm 🤔
Shwayze
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@Barrabert, might not be accurate, but - wait for it.. That last pivot seems like its got some force behind it.
Shwayze
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@Barrabert, with BTC Right around 38k - and our current bottom only have been 30k, Id say right around now. I saw others calling a Bear Trap...
Shwayze
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@Barrabert, Now that BTC has gone over 40k, and mainstream news saying "Is this the bull run we have been waiting for"? This is entirely more relevant
Sp1d3r3
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@Barrabert, you don’t understand what a bull trap is then
Shwayze
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@Sp1d3r3, Its not like that, Its just when I announced it - we were full bearish. Like there were not many indicators that anything bullish would come about.
Shwayze
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I was just assuming we would start getting sold the 'greatness' of Bitcoin right before someone dumped it all, and then El Salvador news came.. lol
BLADEBG
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Options have already expired on Friday.
Sp1d3r3
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@BLADEBG I was able to confirm this as well, however I agree that for now this is a Bull trap