The BIGGEST BULL TRAP in BITCOIN HISTORY!!!
Hey guys, the chart below shows my Elliot Wave count and why I believe we are headed to 11-12k before dropping down to sub 4k for one of the biggest BULL TRAPS in bitcoin history.
I'm sure you've seen it, the bulls are out in full force and they are all claiming that the crash has ended. Everyone seems to be super optimistic, yet we know that when optimism is at its highest point that that is when a crash occurs. A lot of people were calling for sub 5k levels, but we never saw it. For this reason, we never saw panic selling. No one lost hope since we never went below the last low. This "crash" ended way too easily, way too optimistically, and way too predictably. And that is exactly why it's really not over yet.
People are looking at the 11.8k level as confirmation that this crash is officially over. Surpassing this level will make the majority SUPER BULLISH, even more so than they are now, and this is likely when the next wave down will start and surprise the masses. The market is anything but predictable, and when the majority is bullish, thats when we should be most cautious. In this case, that time will come as we surpass 11.8k and make our first higher high since the crash started at 20k.
To be clear, I am short term bullish, and am holding long positions at this time. BUT I will likely close them as we approach 11-12k levels in anticipation of this drop.
A second chart will be posted shortly that explains other reasons why I think we have yet to see the end of this crash. Feel free to post questions in the comment section and as always, if you like this idea please give it a THUMBS UP.
***THIS IS NOT FINANCIAL ADVICE, JUST MY OWN OPINION AND FOR EDUCATIONAL PURPOSES ONLY. PLEAE DO YOUR OWN RESEARCH BEFORE INVESTING IN, OR TRADING CRYPTOCURRENCIES***
I'm sure you've seen it, the bulls are out in full force and they are all claiming that the crash has ended. Everyone seems to be super optimistic, yet we know that when optimism is at its highest point that that is when a crash occurs. A lot of people were calling for sub 5k levels, but we never saw it. For this reason, we never saw panic selling. No one lost hope since we never went below the last low. This "crash" ended way too easily, way too optimistically, and way too predictably. And that is exactly why it's really not over yet.
People are looking at the 11.8k level as confirmation that this crash is officially over. Surpassing this level will make the majority SUPER BULLISH, even more so than they are now, and this is likely when the next wave down will start and surprise the masses. The market is anything but predictable, and when the majority is bullish, thats when we should be most cautious. In this case, that time will come as we surpass 11.8k and make our first higher high since the crash started at 20k.
To be clear, I am short term bullish, and am holding long positions at this time. BUT I will likely close them as we approach 11-12k levels in anticipation of this drop.
A second chart will be posted shortly that explains other reasons why I think we have yet to see the end of this crash. Feel free to post questions in the comment section and as always, if you like this idea please give it a THUMBS UP.
***THIS IS NOT FINANCIAL ADVICE, JUST MY OWN OPINION AND FOR EDUCATIONAL PURPOSES ONLY. PLEAE DO YOUR OWN RESEARCH BEFORE INVESTING IN, OR TRADING CRYPTOCURRENCIES***
Comment:
Here is an update with expected targets for the smaller Wave C.
Comment:
Guys, follow me on Twitter @crediblecrypto for constant updates to this idea. Just don't have the time to be posting on both platforms all the time. That being said, here is the last MAJOR update I posted on Twitter some days ago. This shows TWO possible scenarios I can see as price action has been developing. The key here is that we need to see how strong the bounce from $7800 or $7200 is to determine which of these two scenarios is most likely to play out. Next stop in the very short term is $7800, and if we lose that then $7200 before a bigger bounce.
Second chart here showing the Bollinger Bands.