Nezah
Short

Bear Trap turned into Bull Trap

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Clear areas of support were marked in previous charts. Failing to adhere to stop-losses would have resulted in significant losses (20%+).

Falling out of the orange RSI line was the first warning sign. Falling right through the "consolidation" zone and into "...bears..." was your second warning sign. While bulls have a last-ditch effort before "...lots of bears..." you should have been well out of this AT LEAST $1,000 points ago.

Everything looks pretty horrible now with a clear M-top ( double top ) both on price and RSI . Inverted head and shoulder pattern that everybody talked about clearly failed as the neckline held as resistance.

Sorry folks - as bullish as you want to be, the market will be the market. Those that followed me b/c I saw some bullish signals (as did everyone else) but failed to see the clear bear-zones that were marked only have themselves to blame.

Good luck all.
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