Bitcoin: market psychology and repetitive patterns.
Hi,
I compared many times Bitcoin crashing pattern as a x50 speed Nasdaq Composite crashing pattern, both shared some important similarities.
I was expecting an important Bull trap to happen, but the short squeeze, coupled with the double bottom of the February lows, could greatly impact the market mood, and could change the structure and the price levels that this bull trap will create. Why?
Because i see a lot of traders certain that the market bottomed.
I am absolutely careful about the fact that we bottomed and i am 95% certain we did not.
A lot of persons are waiting for a bull run as they can't just deal with a crashing market anymore.
News that the internet media is showing us seems encouraging for Bitcoin.
Well, what about a huge bulltrap heading towards the 12.500/12.900$ instead of a solid bull trap heading towards the 9.200$?
Look at what the over speculating buyers did with the Nikkei.
Expecting such a huge bull run with Bitcoin is a possibility.
People will think that Bitcoin is having a rally, that Bitcoin is going to the moon.
But a rally never quickly happens after a crash, never ever in the history of economics, and this is what people always forget.
They see what they want to see and not what is possible to happen.
Why not to ride this possible Bull trap? I will buy and long, and i will not hesitate to sell and short this market as soon as i spot weakness and opportunities.
Let's see where this bullish wave can lead us to!
I compared many times Bitcoin crashing pattern as a x50 speed Nasdaq Composite crashing pattern, both shared some important similarities.
I was expecting an important Bull trap to happen, but the short squeeze, coupled with the double bottom of the February lows, could greatly impact the market mood, and could change the structure and the price levels that this bull trap will create. Why?
Because i see a lot of traders certain that the market bottomed.
I am absolutely careful about the fact that we bottomed and i am 95% certain we did not.
A lot of persons are waiting for a bull run as they can't just deal with a crashing market anymore.
News that the internet media is showing us seems encouraging for Bitcoin.
Well, what about a huge bulltrap heading towards the 12.500/12.900$ instead of a solid bull trap heading towards the 9.200$?
Look at what the over speculating buyers did with the Nikkei.
Expecting such a huge bull run with Bitcoin is a possibility.
People will think that Bitcoin is having a rally, that Bitcoin is going to the moon.
But a rally never quickly happens after a crash, never ever in the history of economics, and this is what people always forget.
They see what they want to see and not what is possible to happen.
Why not to ride this possible Bull trap? I will buy and long, and i will not hesitate to sell and short this market as soon as i spot weakness and opportunities.
Let's see where this bullish wave can lead us to!
3/10
The bull trap was here, but no Nikkei bursting type of pattern.