Long

[Tj] Possible Bear trap by Cartel, Whale w/e you wanna call it

Updated

Hello everyone.

Today's TA isn't really different from the last one I posted on BTCUSD.

Here is the link to the previous post (just in case if you havn't read it).

Reading the previous post will definitely help you understand better what I'm saying on this post.

Click on the Chart below to read previous TA.

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[Tj] Double Bottom and Batty Gartley and patterns to follow

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Summary of possible scenarios

A) Finishing the Bat and up

B) Finishing the Double bottom and up

C) (not in chart) fail to hold $6,000

all three options are possible.

Today's TA focuses more on the Whale
we Koreans call the big boys in the market whales and call themselves (small individual investors) ants.

throughout the last fall from the double top-ish pattern (also the same two tops from the BAT) there were at least 3 bull traps. exploding the volume and letting ants think that the market's recovering.

But what they really trying to do is to get in the market after bluffing the ants so ants panic and sell off. It's probably those who tattooed $3000 or $2000 ish number on their forehead. (also just my opinion)

evidences could be found in volume trend

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Continuous bull flag patterns are spotted. each showing significant increase in volume and then consolidate (repeated: then volume increases followed by consolidation).

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It seems like it's completing the 5th wave and after there could be possible drop (Whales releasing volume to spread fear in the market to set up bear trap.) The TP for the 5th wave is in between Fib 1.414 and 1.618 (approx $ 7,600 - $ 7,700 area).

Don't forget that both scenario B) and C) is (very) possible.
(I'm not trying to spread fear, but I'm trying to tell you not to go all in on one price range)

The key is volume now. Continuous and consistent increase in volume is the only way to break the current devil's curse on Bitcoin.

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BTCUSD 30. current pattern shows we're still on the same boat. Pennant or Flag observed on current trend could break out within next 24 hours.

that's me being optimistic.

if we lose the support at around $ 7,200 ~ 7,300 , we are going back to early 7,000.

TjPark

Related publications

[Tj] Double Bottom and Batty Gartley and patterns to follow

by TjPark

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