Bitcoin pumped significantly, but it's definitely a bull trap, so do not fall for it! We can see that the chart is printing a huge head and shoulders pattern, which is a very bearish sign.
This pattern is not confirmed yet as the neckline is holding, but the price is below the major blue trendline, which increases the probability of a breakdown!
The trend is not bullish anymore, and this pump is a great opportunity to short Bitcoin.
Where to take profit or buy bitcoin? I strongly recommend the 0.618 FIB retracement in confluence with the CME unfilled GAP. This is an extremely strong support, and we should see the start of a new bull market or at least a significant bounce from it!
I don't know about you, but I am bearish! Let me know in the comment section: are you bullish or bearish? I want to know your opinion!
Altcoins don't look good at all. I can see a huge crash on DOGE (70%). This indicates to me that Bitcoin is still not ready for a bull market.
This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
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We can zoom in on the head and shoulders pattern for detailed information. We see that the left shoulder is made of a parallel channel, so something like this could be expected for the right shoulder as well. This is something we need to keep in mind, but the pattern is definitely bearish!
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It's happening; we can see a big dildo on the daily chart, 1 hour, and all time frames. But strong support is near for a short-term trade.
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Another huge bearish signal on ETH, which is correlated with BTC, Sometimes charts are clearer in ETH. This is a bearish flag, with a classic measurement target of 1460 USDT (a 12% crash from the current price)!
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The price is below the 200 weekly MA. If the price is below this key moving average, that means we are in a bear market. Very bearish indeed.
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The most important question is - will the 20K level hold or crash to 10K? I think 10K is more likely, and we could hit this reversal level in March 2024!
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Bitcoin printed an impulse wave after the recent huge crash. This is a bearish signal, but we are looking for a bullish correction before another crash!
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