I spotted VERY SIMILAR patterns on the RSI as well as the candlestick chart! We are in a dangerous area for a bull trap! Notice the areas from 2019 are similar to now and how the RSI relates to each one of them! The pattern this time is on a slightly higher pitch than the previous and it APPEARS to have a little bit more momentum. IF I SEE A REJECTION at the 52K area, PERSONALLY, I'm going SHORT!
** ADDITION ** If BTC pumps this weekend that would be ANOTHER RED FLAG that lines up with this idea because it would create a gap on the CME Futures charts. Those gaps have a high probability of "filling" (near 80%)
** ADDITION ** If BTC pumps this weekend that would be ANOTHER RED FLAG that lines up with this idea because it would create a gap on the CME Futures charts. Those gaps have a high probability of "filling" (near 80%)
Trade closed: target reached:
EXACTLY AS PREDICTED!
Comment:
GOING BACK TO THIS IDEA JUST SHOWED ME WHERE WE ARE IN THE MARKET! NOTE THE RSI SIMILARITIES AND ALSO WHAT COMES NEXT SHOULD BE BIG GAINS... HISTORICALLY BIC GAINS. and I ALSO EXPECT A BIG DIP FIRST IT CAN BE QUICK BUT THE POINT IS TO WIPE OUT THOSE LEVERAGED LONG POSITIONS BEFORE THE MASSIVE PUMP!...
GETTING A LEVERAGED POSITION IN AT THE BOTTOM OF THIS HISTORIC DIP = PRICELESS!
GETTING A LEVERAGED POSITION IN AT THE BOTTOM OF THIS HISTORIC DIP = PRICELESS!
The 52K - 48K area is a neutral zone right now.
IF BTC BREAKS BELOW 48K I'd call it CONFIRMED.
IF Bulls can push above 52K AND MAINTAIN then the idea is much less likely IMO although It could potentially still if BTC is below 55K...
The BEARS BEST CHANCE IS NOW...
This could be a great short entry with a very good risk/reward ratio! Keep an eye on the charts... This is developing minute by minute!