BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The real bull trap made its appearance at last! It was hidden all along in the log values.
Boy was I wrong in the short term. Bitcoin is a real trickster.
However, I kept on saying that the correction is not over. Read my other posts, but in short, a correction does not end with such high volatility . We have a few more weeks to go! When its over, everyone will know it! Volatility will be very little.
Another interesting pattern formed was the triangle. This is a continuation pattern, in other words in our BTC market, down.
Lets see what other patterns develop, but I am glad that I remained short and did not give in to the pressure of the Bitcoin bull :-) Now the bears will have their feast!
Comment: Get ready for the next drop. 2 hours max.
Comment: If we close under 9500 on the 4h, I see another blood bath coming.
Many bear indicators in the short term. At this stage its moving in a large bear pennant. If this pennant breaks, we are going to end up in the mid to high 8000's very quickly.
Comment: You can see below that my short indicators have been correct time after time. Im getting more of these at the moment, so be aware. The last indicator was not as strong since its green, but if the red block breaks (critical selling point), another massive sell off will happen and we will see the 8000's quickly.

Comment: For those who are not sure where to go from Bitcoin, I always move to Nubits. Tether is also an option, however I opt for Nubits myself. Nubits is also linked to 1USD. Plus, Nubits reacts slower to changes in BTC.
Comment: Broke through critical sell off point. Next stop 8600 - 8900
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Comment: Bitcoin is slicing through the strong support levels like a warm knife through butter. I still expect we should see some kind of temporary support in the yellow range. Lets wait and see
Comment: Seems like we are holding support as expected in the yellow block for now. I am not opening any trades however. It could still test the downtrend line and start another fall. Scalping is way too dangerous at this stage.
Comment: The bounce is not holding. Volume low, we are going down again and deeper into the yellow. Be very careful of anyone saying to go long. We are going lower,most probably today still!
Sma 50 also proved massive resistance.
Comment: Looking at about 7900 to hold as a short term support for now. Again,not placing any orders until i see volume and a bounce from 7900.
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