This_Guhy

Bitcoin The Bull Trap is in

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Pretty straight forward follow up of some of my recent bearish calls on BTC . The red arrow shows hidden bearish divergence on the price action in the rising wedge and the MACD Histogram which suggest we are going to get some continuation, or in other words, a lower low. The Purple flagpole target shows a rough area where we should land and I expect some over-performance before we settle on the bollinger band .

The 8h MACD is about to cross bearishly and we can see how devastating that was on the last occurrence. Signs of illness are showing Old Man is picking up and it is going to affect all the kiddos. All the youtubers looking at TA on the hourly, 4h or likewise are going to miss the year long trendline which sets up our bear trap.

Please see my linked idea on how this break down was high probability and predictable with high probability. The green aro shows the most volatile possible larger bull trap and the thin orange line shows where BTC could go if we have a top that more rounds off than a typical bull trap.

I am standing on this call like I stood on a bullish call in January when BTC was damn near free falling and TrVe and the youtubers were predicting we go to 20k again. I was predicting more upside and we got it.
Comment: Well it seems by rising black trend line is still good but when my wedge broke down it became part of a large rising wedge. This wedge is still a bearish formation in bearish circumstances but there is alway the fact that there is a lot of liquidity and it could just go up on a liquidity play.

Comment: Brutal start to a 4h candle. Wedge is breaking down and price may or may not retest the wedge as resistance.

Comments

great idea.. i posted another view of this. they coencide well
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I agree with the possible 41K correction, but in what universe do you see this going to 20K anytime soon? We are still far from near the end of this bull market and there is still alot of upside left for BTC in this bull cycle. Curious to hear your thoughts and how you arrived to this conclusion.
+1 Reply
@nkk-95, The linked idea of the XABCD butterfly has a target of us getting to not just 20k, which is the X, but B, then C (4k), then A (3k), then even below. I didn't paint the pattern by being a whale with a fetish for creating patterns, I just recognize it and adjust my strategy.
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ataturk23 This_Guhy
@This_Guhy, Dude from taxi drivers to grocers everybody talk about bitcoin and you tell me that it will be 3k. You out of your mind.
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Where do we go from here? @55k now.
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hy, great job
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This is spot on! Couple this with the PI Cycle Top which happened to the very day and a very bearish weekly MACD negative cross.. It's gonna get ugly here real quick...
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This_Guhy kaotic363
@kaotic363, Here is my worst case senario. Now this isn't guaranteed and price can stop at key levels all the way down but if the world is having an 08-09 style crash crypto goes below point A.
+2 Reply
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