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!
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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!?
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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
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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.
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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.
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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.
I don't trade Bitcoin anymore I just chart it for fun to see if I can predict the major market moves... All my recent bitcoin charts are based off the classic Bubble. Explained in this chart.
telsilicon
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Thanks for update. Further likely to go down or time to buy?