JUST ANTOHER BULLTRAP?
Updated
Patience is key.
There's something interesting to notice.
Everytime we're having a BTC bounce towards a LOWER HIGH, people all of a sudden become euphoric & bullish, claiming the bear market is over.
There is no reason to be bullish at all.
Old supports are turned into new resistances.
Right now, BTC is doing nothing but confirming a new resistance around 7.400$ - 7.500$, which used to be a key support level.
Elliot Wave count indicates that we are moving within WAVE 5, heading towards 5.500$.
Why 5.500$?
Because it has been confirmed multiple times as a key support level.
In addition to that, we got a bearish divergence on the 4H Chart, nothing happy about that.
Voulume is decreasing.
I'm using the current bounce to add new short positions.
Have a nice day & happy trading!
Note
Was wrong with the bearish divergence.Should be fixed now:
Note
Played out as expected.Hope you didn't fomo into this sucker's rally.
New Idea coming soon.
Note
New Idea is live.
Note
Came up with another idea, check it out.
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