Possible Quick Flush and Bigger Bull Trap Now.
I'd say we're now at the point where BTC bulls have the best chance of a low. We're filling a bullish butterfly and if all is well and good with the world this can moon.
However, the failure of a bullish butterfly in this situation is a strong foreteller of a crash. There are a variety of ways a 1.61 can fail here. The immediate fail one usually has us slam to the 2.20 and then make a spike out bull trap (that's really sharp and aggressive).
So if we see a flush to around 80, this is where I plan to lock in profits and potentially fish for some longs.
But if that move hits, I do firmly think it's a sell the rip.
However, the failure of a bullish butterfly in this situation is a strong foreteller of a crash. There are a variety of ways a 1.61 can fail here. The immediate fail one usually has us slam to the 2.20 and then make a spike out bull trap (that's really sharp and aggressive).
So if we see a flush to around 80, this is where I plan to lock in profits and potentially fish for some longs.
But if that move hits, I do firmly think it's a sell the rip.
Trade active
Down it goes.
I think there's a bit more to go but were now into the risk area for bears. Bears should be aggressive profit protecting here I think.
No reason to enter until local candles break the lower high pattern.
Note
I;m fairly bullish at these levels - but I believe we just made an important break. A bit over 90K there will be more bear talk if we bounce. Trade closed: target reached
77K probably too low. Fair chance low is made.
Big sell the rip if it is though.
Out shorts.
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Disclaimer
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