Hello everybody, With this chart I want to show you the best possible trap of Bitcoin history. As you've often seen on Tradingview, Bitcoin has almost always started a bull or bear run on the 6th of the month. There are also many who believe that we form a triangle. Is not it strange, in your opinion, that almost all of them come to these ideas now? No one had talked about these ideas before and now it's spreading everywhere. Therefore, I could well imagine that we arrive at the trend line of the triangle at around 6th June. Everyone will think that Bitcoin can only fly up from here, which sounds plausible. However, you have to remember that no matter if Bitcoin has risen or fallen, many have been fooled on the way again and again. With this idea I would like to warn you again, because I put a lot of emphasis on market psychology while trading.
I wanted to say that my last short term trades were wrong. I think I looked at the wrong pattern, so I'm sorry. Currently I'm just waiting for the monthly close and see what happens. If that happens what I just imagine, then it would fit very well with this idea. Of course, I also take care of other scenarios.
Pay attention to this scenario and do the opposite of what others say, as 99% of people lose money while trading.
Of course it could go up from here, but right now it is too risky. For now, I expect an upmove to $7,700, if it is a bull flag, what we are shaping.
That's it. Thanks for reading.
Comment
⋅
Could imagine a bull run here for next 2-3 weeks. After that I am sure we will see the final crash if it becomes true. I will post an idea later.
Are some people in there even asking themselves if there is a possibility that Bitcoin never ever produces again a new all time high? This cycle of rising bubbles is not set for eternity.
I am curious, maybe 99% are certain that Bitcoin will surpass 20.000$.
E557
⋅
@Giorgioversace, I'm also one of those who think we'll break $20,000 at least once. My target will be around $30,000-25,000 when everyone dreams of lambos again. But before that happens, many people will have to lose their money and become bear during the correction.
RobMoney
⋅
@Giorgioversace, The technology is too great for it never to retest. Back when bitcoin hit $1000 and crashed, people thought it would never get back to 1k either.
Giovi6969
⋅
@RobMoney,
I am not saying Btc will never make new Ath's, i have no idea if it will or will not, nobody knows.
But there is a possibility for it, and indeed i remain very cautious and curious to know if everyone is certain about future new Ath's or if some people are questioning this market like me.
The fact that you are 100% certain it will retest it is what makes me see a red flag for this market.
RobMoney
⋅
@Giorgioversace, I'm 100% certain because I understand the technology. Computers running money are inherently better at it because computers don't get greedy or corrupt. They're only as corrupt as their program, and those programs are all open source for everyone to see when it comes to Bitcoin. Humanity has never seen a truly decentralized store of value before.
I also understand that the global marketcap for this revolutionary technology is barely 300B USD. There are single stocks larger than all cryptocurrency combined. Blockchain is here to stay. Doubting it at this point is like doubting the internet back in 1995... Which I suppose some people did back then too so I shouldn't be surprised.
gasperkosmac
⋅
@RobMoney, the thing is that no one was talking about bitcoin hitting 1000 usd. I wasn’t aware of bitcoin & crypto in general until it hit 6000 usd and i was an early investor since i’m still in substantial profit thanks also to altcoin rally. But when bitcoin hit 10000usd news broke out big time. People all of a sudden started talking about it from managers all the way to cleaning ladies. The huge hype was created around btc & crypto in general hence the huge volumes from retail investors...Everybody was investing since they didn’t what bitcoin even is and what to expect & all they saw was exponential growth which for all they care may never have stopped. then the reality came in & realization that pure gambling was talking place... now most folks realize that and they’d be stupid to play this game again. Only idiots would pay for bitcoin 20000 usd after seeing it crash to 6000 few months earlier. Some serious adoption will have to take place to push the price & volume higher...
Giovi6969
⋅
@gasperkosmac,
Finally someone wise and realistic in there, i am starting to feel desperate.
I had a very good sell signal in December, my hairdresser was talking about cryptocurrencies to one of his other customer, and he was even aware of Ripple and Bitcoin cash.
Best sell signal ever.
jlewis4833
⋅
@Giorgioversace, Your comments show that you were fishing for what you wanted to hear. You should know tunnel vision is dangerous. Gambling, because whether clearly stated or not you're betting on one outcome. Fluidity and adaptation are key to trading which is why you are on here in the first place.
Giovi6969
⋅
@jlewis4833,
I have zero tunnel vision, i have many different scenarios i am prepared for, them beeing bullish or bearish
RobMoney
⋅
@gasperkosmac, You're right to an extent. However the fundamentals of the value remain the same. Bitcoin and cryptocurrency in general stand as one of the most undervalued assets on this planet.
Even if people were gambling without understanding the fundamentals, people who do understand the fundamentals will carry cryptocurrency forward onto mass adoption. Adoption takes time, just as the internet took time to really catch on. It took decades after the internet was created for everyone to have internet machines in their pocket... but we got there. Even despite a dot com crash because the underlying fundamentals were sound.
In the short term it's anyone's guess what happens, but in the long term, it's obvious to anyone who understands the technology behind blockchain and what it could be used for that it is grotesquely undervalued at the moment.
I am curious, maybe 99% are certain that Bitcoin will surpass 20.000$.