Bitcoin - Trapping More Bulls and FOMO Buyers

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
When Bitcoin was still trading above $11300 on last Monday, I shared a forecast giving everyone my honest opinion of the market. When other traders were madly or intentionally bullish , I warned that it was not the time to buy Bitcoin as the bulls needed a break. The day after, we saw the Bitcoin market collapsed and got down to $9530. Slap yourself if you did not sell at $11300 when you had the chance... lol!

But hey, Bitcoin is back above $10k so you are probably thinking the correction is over. I will tell you this, I don't believe the Bitcoin correction is over. In fact, I think we are only halfway done and so are alts! The alt markets still have one more correction phase called the "selling climax" and that is when they capitulate to the bone. I know it is hard to resist when the entire crypto market is green so feel free to trade if you know what you are doing. That said, things are going to get really ugly when the whales pull the rug out.

So what's the deal now?

For the time being, price is likely to retrace down to $10350 before making another sprint to the upside. There are 3 key resistance levels hovering above price and to be honest, any one of those could potentially flip the market but I would be interested to short Bitcoin if it makes it to $11200... no guarantees though.

Please give this chart a "thumbs up" if you appreciate my honest forecast and follow me if you want to get notified on all my future postings. The premium members in my trading group get a broader view of the market so they know exactly where the Bitcoin market is headed and when to buy and sell. DM me if you are interested or check my profile.
I appreciate your precise and honest forecast. Thanks man!
+1 Reply
I mean to to say support, not resistance lol.
+1 Reply
I'm starting to get the feeling that we are about to go into another brief downtrend. The bulls aren't doing so well on the 30m chart and is on the verge of breaking the $10,350ish resistance. Maybe it will bounce off but it's looking pretty doubtful.
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