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Bulltrap

Bitcoin Corrective Tsunami Only Half Over?The move to $4k invalidated some key requirements of Elliott Wave Theory in regards to subwave numbering of the ABC corrective wave. Therefore, we need to re-analyze and re-number waves. There are two possibilities here. The first is that the ABC corrective wave has completed and that we are in the early stages of a bull trend. The second is that the ABC corrective wave is even deeper than originally thought, and we are just nearing the end of corrective subwave B of the ABC correction. However, market analysis doesn’t only consist of technical analysis, we also need to consider fundamental analysis, and market sentiment. The three pillars of market analysis. Fundamentals are weak, given the political environment in China, and the announcement by the Chinese government that all crypto exchanges will need to be closed by end of Sept. with a grace period being given to a couple exchanges to the end of Oct. What this means is that there will likely be a large migration of volume to other asian markets, likely Korea, Japan, and others. In addition, it is also highly likely, that many Chinese will just sell and withdraw their Chinese Yuan, and so this news is highly bearish for Bitcoin and all crypto in general, as Bitcoin sets the overall market trend. Market sentiment is still quite bearish. There is a market-wide feeling of fear, uncertainty, and doubt. There is a feeling of distrust of the recent bull move, seeing it as a kind of bull trap before even deeper lows are realized. It seems many are quite content to sit on the sidelines, waiting it out until things stabilize and there aren’t so many contradictory signals. Given this, I am of the view that we are very mush still entrenched in a bear market and the second scenario that we are moving to deeper lows is much more likely. In this context, it appears that we are nearing the end of the B wave of a larger ABC correction. This B wave has a notorious reputation for being a bull trap, as it can appear quite aggressive. We may still have some room to continue the B wave to the $4100 or $4200 range, but when it finishes, we should begin the C wave of the ABC correction. And this wave has the potential to bring us down to somewhere between the $1800 and $2500 area. So the ABC correction looks very roughly like this: A wave: $5k-$3k B wave: $3k-$4k C wave: $4k-$2k Preliminary price targets for wave (II) correspond to wave (I) fib. retracements of 0.5 and 0.618 giving $2475 and $1835. In addition, we have the 1.0 extension of wave A at $2081. On top of that, the long-term trend line (1d) intersects this price territory at around the $2500-$2600 level. And the last time we had a major correction (40%), we closed about $100 below this trend line for a few periods (over half a day) before reversing. Also, establishing a parallel descending trend channel for the current ABC correction, shows that we can reach our targets without ever leaving this channel. Lastly, experimenting with the Fibonacci sprial tool shows how these price targets can touch the spiral with target lows reached sometime in very early October. The chart is scaled so that this fib. spiral aligns with the fib. time-based extension tool, for calculating wave C as the time-based fib. 1.0 extension of wave A (or at least it was, but publishing seems to have re-scaled it slightly and moved the spiral just short of the fib. 1.0 vertical). Target I: Wave (II) = intersection of long-term (1d) trend-line ($2575) Target II: Wave (II) = 0.5 x Wave (I) ($2475) Target III: Wave C = 1.0 x Wave A ($2093) Target IV: Wave (II) = 0.618 x Wave (I) ($1835)
Short
by dalmazio
10
!Cautious approach to SILVER! Easy break through zone for silver where cloud made a thin area to break, Caution though, simple breaks like these do not provide strong data on whether to continue long or short. CTF bouncing on lowest level and testing its strength against trend lines be ready for anything. --------------------------------------------- CTF - SILVER -No Trade action until SILVER can get itself together again. Will re-analysis next Monday. --------------------------------------------- Trade Safe everyone!
TVC:SILVER
by DMC
SHORT Short term bearish move in BitcoinI see bitcoin dropping to around 2k and possibly lower, saw a good setup so I thought I would share with you guys. This is in a bull trap right now and needs to test support it also has a very good risk to reward for shorting. If you own bitcoin it might be smart to take some profits and cash into something else (altcoins - fiat ) . another good buy opportunity will arise 5.04% at some point here soon but for now we didn't have enough upward momentum to make the bullish move to 5k. I will keep you guys updates! let me know if you have any questions in the comments below. Thank you!
BITSTAMP:BTCUSDShort
by High_Altitude_Investing
11
Long term correction after halving?It seems that the price hit the optimal level to begin sell off. The buying back phase will start at 460 level, to form accumulation range between 480 and 510. In my opinion we will have lot of selling just before BTC halving and than, after it the price will bounce to the 680 area again. As usually, we will see the triangle forming. However I don't think that we will have next bull run. The price might even break resistance line for short time, to trap breakout buyers. The supply - demand ratio need to stabilize and this time, the bears will push price lower. That's why more probable scenario for me is breaking current trend line and support testing at 450 level.
BShort
by fosis
EURNZD at the top of channel for trend resumption a D1 ed channel has a smaller h1 channel colliding with it at the top. IF price does really goes down, it will have completed a 2 weeks high flush bull trap, and perhaps price will resume the strong trend seen in may. All is too prematured now and I really want to see the reaction within this blue oval. I got a small scout position in so still monitoring it. h1 channel has a macd divergence of sorts, so looking forward to use this channel to play this big beast off.
Short
by nakedchartist
1
EURGBP h1 short after bull trapfinally a h1 setup has taken shape after price decided to test the big channel top. on lower time frame , a multi day bull trap has been formed and there is a channel within channel confluence already completed , with macd divergence to support. Since I already have prior entries few days back, I will continue to hold and add on shorts within the orange zone. On day chart price is trending, so aiming for 7800 level is realistic. however, do take partial tp along the way to lock in profits.
Short
by nakedchartist
2