BTC Bull Trap Complete

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
1520 26
Continuing on bull trap theme we have retraced the dump down to 11k back up to the .705 FIB. to the ~17k level as I predicted.
Our Bull trap is complete...
All that is left is a decent to the netherworld!
Comment: My Chart from 4 years ago showing what happens in the blowoff phase

Maybe I will get to make another one of these this year!?
Comment: Of all the tools I use the Fibonni Retracement tool has always been one of my favorite. It is so reliable. Look how strong that .705 Fib was?
something every chartist should have in their toolkit
Comment: Caution Ahead in your bitcoin and altcoin trades: It looks as though my idea is working out so far, be prepared for it to continue to work out. The way to derisk is to close/reduce all of your positions and hold in something safer like USDT.

Successful trading is not about picking a side and sticking to it. It is about knowing the possible outcomes and the probability that they will occur. Open your mind to my idea, and be prepared for this possible scenario that it may come true.
Comment: We have a bullish divergence on OBV against this bearish price channel. It looks like people are buyers at 13k and we will hold for now. We will probably rally over the next day.

Comment: The bullish divergence broke us out of that Downward channel as predicted. But we only rallied for a day.... we are already tested 13k again twice since my the 12th and now we are down testing 12.7k again... Downward pressure is building.

I've gotten out of Bitcoin ever since I made my bulltrap chart. But as of this week I have also limited my altcoin trading too. The whole industry is incredibly over-extended from the explosive growth in Q4 of 2017. If this market turns we have a long way to drop. I will observe the market from the sidelines and protect my Q4 profits.
Thanks for update. Further likely to go down or time to buy?
TheChasm telsilicon
@telsilicon, I cannot recommend buying. Although the prices seem cheap, there is threat of bitcoin heading to 11k to test that low again. Best to wait for clear signals before trading. I stay on the sidelines when the trade is messy. I might miss out on some profit, but I'm not going to gamble.
telsilicon TheChasm
@TheChasm, Thanks
Thanks for update
Update please!
@Eljsk, There you go... I updated with my current chart that I am looking at. Not taking any trades, or making any big predictions. No high probability setups that I see.
Eljsk TheChasm
@TheChasm, Great! Going to wait in Tether and see if the blowoff phase appears!

@TheChasm What would be level to watch (sell) if BTC started to go down?
@bruma, I sold yesterday
+2 Reply
genious... shorted.
+1 Reply
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