hey guys welcome to short term update of Bitcoin, recent massive dump on weekends indicated for a trend reversal now this dump has a great support in 10600-10800 zone, bulls need to hold it and any major break below this level could lead the prices to 10200-10000 or 9200-9000 zone, we need to keep an eye here coz the movement still needs a retracement towards 7800 level which i've also predicted in my same old pattern series although this parabolic price movement upto 12340 was completely unexpected by me, but market always have surprises for you, ive also mentioned that any move above 11200-11800 will completely crush bears.
now moving towards the current situation first have a look at my custom indicator clearly 1h and 4h charts are showing strong rejection in price moentum
next drop could gain support from 200SMA in 4h chart around 10650
now have a close look at this chart ive also mentioned this possibility in "The Trap 2". here most of the chartists were thinking that after forming a bottom at 9080 on july 17, we've completed the flat correction and now new impulse wave will start, and we did form wave 1 from 9080 to 11132 on 21 july and wave 2 from 11132 to 9100 on july 29 and we than march with wave 3 towards 12340, i was looking this whole price movement as wave X which creates a bull markets illusion but usually ends as a bull trap. above chart is also showing that we had a ABC 3 wave corrective formation which was confirmed when we hit 11072 below 11132 on 11 aug, coz if this movement is wave 4 than it wont go below the top of wave 1. now most likely we've entered in Double3 WXY corrective formation, where first ABC wave is a flat correction and than an X wave in trends direction leads the next ABC zigzag correction wave. have a look at this chart below this also gives a small confirmation towards my The Trap theory on Bitcoin.
not going so far now, in coming hours am expecting a drop towards 10800-10600 zone but prices could also form a double top formation or a false breakout from this triangular formation, so be prepared for both sides and carefully manage your risk.
hope this update will help you, thanks for your tremendous support, am really lucky to havesuch a rare and prductive community like you, thanks once again guys.
this is husain zabir signing out
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and..... the dump
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dump as expected towards the support zone, now time for a corrective wave...