Danger, Bitcoin! - 70% Upside Chance is Bull Trap!

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Are you sick of TV analysts telling you there is a chance that bitcoin may go up or possibly down and maybe sideways too?

Me too! I mean the only reason we come to TradingView is to skim off "sure-win" trades from top traders. But if all we get are horoscope charts telling us 70% chance up, 20% down and 10% sideways, why the heck do we need them to tell us.

I won't beat around the bush. Bitcoin is not going to 10k or 9k. What you are seeing now is a bull trap! Yes, a big bloody bull trap that preys on the desperate! I have explained everything on my chart so please read it. Heck, I will just give it to you now. We are going down period. I am not telling you to do anything. I am telling you what I will do for myself... SHORT!
Comment: Well, this isn't much of an update because nothing has changed. We are still going down. We broke the green trend line again for the second time so it doesn't take a genius to figure out where we are heading in the coming weeks. If you shorted when I called it, congrats! Keep in mind we are now on fib 0.5 retracement. When it hits 0.618 at 7330, do expect a bounce so it is not a bad idea to secure profits from your short positions. Good luck!
Comment: Don't get sucked in by the ongoing pump. The sharks are preying on your greed. In EW, this is called a B wave and it is followed by a C wave that pushes the price down deeper.
Trade closed manually: I have just posted a new chart to explain why I believe Bitcoin is going down. Click on the new chart below and follow it to get new updates.
You're making a mistake by not taking the fundamental analysis in to consideration. I believe you're very wrong and the 2013 crash has happened in completely a different time than the time in which we are now. Mt. Gox was horrible, this was just market correction. Whenever the fundamentals are OK, there is few bearish TA that can convince me of going short. This is not one of them and until I see clear indicators that i'm wrong i will not change my opinion.

Yours truly,

+1 Reply
bibboyne friso.wallet
@friso.wallet, my analysis was never based on the 2013 crash itself or the fractals of past corrections. It would be premature for any analyst to do that. What I am taking into consideration is the fact that Bitcoin just exited from a multi-year market cycle which dates back to "after" the 2013 crash. Unlike anything before, this one... is the mother of all corrections. ;)
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@G1979, wrong, wrong and wrong. You are right about one thing though. Imo, those who sell subscriptions are likely not trading very well themselves.
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