SMART Money or Bull Trap? 🐃 💣

Hi everyone 👋🏽

🕊 Wish y'all have a profitable lifestyle 🍀

📌 BTC/USDT DAILY CHART

📌 PRICE ACTION - E-WAVE ANALYSIS - FIBO

📍 Bitcoin has had a fake breakout at the 52k price zone which shocked so many and cheered some up.

📍 I personally, thought the price could actually touch the 53k-54k price zone and after that we would see a dump to these levels or even deeper.

🧐 Looking at the chart from the E-wave point of view I give 1 (new cycle) and "B" (corrective cycle) both same possibility.

✍🏼 If the latest wave is considered the "B" wave we can clearly state that the the 0.618 Fib has been reached then we had a slightly sharp down-trend to 44-45k price zone

✍🏼 And if we take the latest wave as 1 (new cycle), we can still claim that; the price has not even retracted 0.382% of the first wave; which is typical for the corrective "2" wave...

... to be continued ...

Comment:

however, we shall wait for 2 confirmations:

1- Breaking of this trend-line
2- Touching the latest Fibo levels

then I see 2 scenarios :

A- Touching the 0.32% or even the 0.5% then we may see bullish signs!
B- Touching and breaking 0.618% and we see further down-trend movement

Comment:

📍 Another very important factor is the Total chart.

⚠️ Which does make me a little bit worried.

✍🏼 I can see a fractal in these supply and demand areas.

Comment:

You can see my TOTAL analysis in my page vie the link below 👇🏼

Trade closed: target reached