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Bulltrap

BTC Possible Bear Traps?!Here's another look at BTC's current situation, I alluded to bear traps in my last double bottom update. Here, I zoom in on the 30min chart to show exactly what I'm referring to. This short uptrend bounce has been very hard fought. It's almost been painful to watch. The last two bull flags didn't break out until about 79% of their own retracement. Now, I think the market can go any direction at any time, but given the slow progress of this rally, it seems odd that in the moment of most despair, a moment in which it appeared these bull flags were failing to form and breaking out back down. It seems odd it was in those moments both times that everyone chose to rally and buy when most indicators would tell you it was dropping and you had the opportunity to buy lower very soon. I'm not much for conspiracy theories. But I'm not blind to the possibility of market manipulation either. Here we are again, we have the chance to observe and see what happens. It would be one hell of a bear trap to bounce off the 79% retracement again. In this case it also happens to fall on a potential physiological support zone being at an even 8k. Everyone is now calling for a double bottom, and I agree it could shake down like that. But, There's also the chance it bounces here and has the momentum to make it through the combined resistance of the 79% retrace and mid-line of the downward trend. Either way, it's going to be a fun ride! Thanks for reading, let me know what you think! Also, not that anyone was thinking about it; but I don't recommend using any of this advise for trading... All of my analyses are formed using my own set of highly technical and complex algorithms that I like to refer to as.. pure speculative imagination! They've done some studies, and 60% of the time.. I'm wrong every time... Sly2.0
BITFINEX:BTCUSD
by sly2
5
BTCUSD - Venus Trap disguised as recovery after binance comebackRight now we can still observe a relative sideways movement which could be mistaken for a reversal of trends to the upside. (Volume temporarily increasing artificially as a lure but bitcoin dominance falling from 36% towards 34% as people trying to "secure" their assets in altcoins although if BTC drops everythings dips anyway). The volume resistance at the time of writing seems to be 424 bn. (falling) Today binance finally managed to stand up after an unexpected and prolonged downtime of more than 24h. The fourth largest BTC trading platform by volume is now being flooded with panic buying, fueled by an artificially increased FOMO and weekend gambling. This is not sustainable and won't be able to break the overall bearish trend and downtrend channel of BTC. The MACD seems generally bearish as well. The bulls would like to break the very strong 9000 resistance but struggling heavily. The bears are patiently waiting for people to regain trust only to form another surprising bottom. Retesting the 5800-6100 area seems necessary and potentially the bears would welcome a further drop in hope of activating a second round of panic selling so they can enter the market around 6000, 5000 and 4000. Just be patient and see how it develops. Some expect the next major dip around 10th, 11th or 12th of February 2018. Others think a large bottom will form around the asian lunar year celebration on 16th of February or even 1st of March. Some even forecast a hyperinflation of USD fiat between March-May which could be corelated to the crashing stockmarket but I think they will simply print less fiat to temporarily circumvent a 2008-2010 like crisis. It's always a good idea to have some metals and cryptocurrencies stored. Historic lows were: 5800-6000 (6th Feb 2018) corresponding to 5800-6000 (12th Nov 2017), 5500 (25th Oct 2017), 5200 (18th Oct 2017), 4200 (5th Oct 2017), 3600 (22nd Sep 2017), 3000 (15th Sep 2017).
COINBASE:BTCUSD
by katyusha
5
Correction waves complete, upcoming rallySome folks think I don't make my charts and explanations simple enough to understand. So here's a plain one ;) Looking to top out 15-16K, probably about the same time the next round of futures contracts close... (check out my related charts below if you want to read more details, there really is more to the analysis than a wave count and falling wedge) If this plays out, it's a 100% rise for those who bought at 8K ;) Tips appreciated, PM me for addresses
BITFINEX:BTCUSDLong
by ronfkingswanson
136
BTC next targetThis is not a financial idea, I may be wrong, it's only my opinion, you are responsible if you follow my thoughts. BTC failed to get the momentum to develop higher targets, so traders will cut their loses now before it too late especially the bad news doesn't stop raining. You can buy in portions at each support(Better to buy at the second support, the first probably is too weak to bounce up) so in the end you get average buy price and sell at resistance. I have been following BTC chart since December so all resistance and support lines are drawn and here the keys to read the color and thick meaning: Bold line means strong resistance/ support. Yellow for the 04H frame. Brown for the daily frame.
BITFINEX:BTCUSDShort
by Abd0u
Another bulltrap! Downtrend finished now?BTC has made another bulltrap, only this time at the bottom of the broader range (see also my last post about the first bulltrap). How to avoid this trap and profit from it? When prices hit the lower trendline of the broad range at 10800 the early longs stepped in and it quickly bounced to the former support 11080. This was the first leg up inside the downtrend channel, tuning down again exactly at the breakout level (11080). Now it looks bearish again, right? No, often there will be another equal leg up , because it traps longs in an pushes shorts out. BTC broke the downtrend line and mad a new higher high at 11.150. Now it is time buy, right? No, a classic little trap for the bulls, just go short! Always think about what could the market do to throw people off ... only to continue in the trend direction (down). Now it was time to put pressure on the early longs and go for their stops. So you could justify another short below 11000 when it turned down at the EMA and trendline again . Everyone who got aggressively long at the 10800-900 area had to see their stops being taken out by a fast and strong downmove to the next support level around 10300. Right now prices are likely to bounce back to at least 10500 or even 10800, so to cover (some) of a short position at 10300 is a legit option. The downtrend cannot be declared over, a real reversal will take some time imho...
BITFINEX:BTCUSD
by FBlocktrader
4
After Bull trap: Short term downtrend continuesThe perfect bull trap occurred in BTC: After several hours of sideways movement in a tight range of 150 points, BTC broke the short term downtrend channel, and pushed higher. This was followed by a pullback and another move up which just made a new high 11.970. At this point many traders might go long, since we had several "confirmations" of a new imminent upmove. But when it turns down right away and breaks strong support at 11700 the bull trap had forced many longs out of their positions, if they had stops below that support. How to trade the trap then? If you see the trap beginning, that would be the bearish candle from 11.970 below 11.900, you could go short below 11.900. What is happening now? New Short entry ahead? Bitcoin has made nearly two legs down inside the short term downtrend channel. If prices move up to 11.550, right back to the upper trendline, we might get another push down to 11.100.
BITFINEX:BTCUSDShort
by FBlocktrader
Bull TrapBitcoin has always been a bull trap, investors got In early before praying on a rebellious section of the population to propose itself as the death of banks the end of inflation. little did these dumb money investors know they were in the deep end with sharks everywhere they are still dying praying for recovery which is entirely possible, but trading is dependent on a smart mature mind. do you panic when you see your stock falling? are you over leveraged? are you being greedy? its a beautiful game, long term I hope bitcoin and other cryptos show the world there potential so I'm all for it. ill be analysing and looking for a yearly position id like to see 5k again first happy trading give me a thumbs up
BITSTAMP:BTCUSD
by Felthamtrader
Correction may not be over, bull trap could followContext As per my previous analysis here , BTC is moving within a well defined triangle pattern on the 1 day chart. The market refused an early breakout yesterday and you can see how it happened by analyzing the 4h chart above. Current setup and likely outcome BTC completed an Elliott Wave impulse sequence (12345) uniting the edges of the larger timeframe triangle. The corrective wave A unfolded today and it looks like wave B may have started. Be careful if you want to trade it, it's not called a bull trap for nothing! Given the larger triangle pattern, wave C may rest on the supporting trend line when it comes. That may be the sweet spot for long positions. Alternative outcomes First I should mention that I'm favoring the ABC pattern you see above over all other outcomes because 1) it plays in perfectly with the larger timeframe triangle and 2) it fits in nicely with the textbook impulse waves we've seen so far. However, we could also see: - an ABCDE triangle that could end in a breakout that also ends the larger triangle. - upward breakout instead of wave B (less likely due to Elliott pattern) - wave C acting as trigger for downward breakout, thus ending the larger triangle pattern. I don't think wave C will get that far down, but we'll have to see how the red line support holds before we can rule this one out. Ways to play this set-up - Wave B could earn some short term profits if played wisely or grant the possibility of favorably exiting previously placed trades. - If we do see a wave C, one could open an average sized long position when the price hits the red support line and add to it gradually as the bounce-back is confirmed. This post reflects my opinion and is not to be considered financial advice.
BITSTAMP:BTCUSD
by BogdanDimi
4
BTC Futures Wall Street Bears comingI am expecting a bull trap before massive shorts come in. 50 MA $8500 , 7.3 100 EMA, 5.5 200 MA and 4.7k EMA. A full .786 retracement puts us at 4.7k and .618 7.1k. Dailly RSI confirms a bearish divergence. Markets fall faster than gain, and big money will take advantage of the volatile market. Be careful going long here. Nothing goes up in a straight line forever , market retracements are a healthy part of markets. I wouldn't go in anymore than 10% equity until things clear up with what the big money wants to do. But I highly doubt banks will pump this as Bitcoin is a threat to them.
COINBASE:BTCUSDShort
by AKM777
BTCUSD BulltrapBe carefull, don't get bulltraped. High chance that we are in one now. Previous falls always retraced to 0.786 fib, then fall continued, and ended on WMA(200) line, with touching oversold zone on RSI, so high chance of repeating. We have strong support on 5000, so fall should'n be ended below that poin, but it's crypto, and the panic is good way to buy more. According elliot waves (4) should enden below wave (1), but we can break that level(previous hight 4970) short term, to cause some panic.
BITFINEX:BTCUSDShort
by exceLqa
3