- Bitcoin pumped significantly, but it’s definitely a bull trap, so do not fall for it! We can see that the chart is printing a huge head and shoulders pattern, which is a very bearish sign.
- This pattern is not confirmed yet as the neckline is holding, but the price is below the major blue trendline, which increases the probability of a breakdown!
- The trend is not bullish anymore, and this pump is a great opportunity to short Bitcoin.
- Where to take profit or buy bitcoin? I strongly recommend the 0.618 FIB retracement in confluence with the CME unfilled GAP. This is an extremely strong support, and we should see the start of a new bull market or at least a significant bounce from it!
- I don’t know about you, but I am bearish! Let me know in the comment section: are you bullish or bearish? I want to know your opinion!
- Altcoins don’t look good at all. I can see a huge crash on DOGE (70%). This indicates to me that Bitcoin is still not ready for a bull market.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.