BitcoinUpdated Bitcoin 3 dangerous scenarios
S1: we'll see a period of what appears to be "bear pennant". then, in 1 min the whales pump the price above the rising wedge. FOMO helps push BTC to new highs. Entry above 200D MA & take profit at 1.618x. Re-entry at 9.8k.
S2: we'll see normal retracement to 8k - 8.6k. --> I don't think this will happen. Since when is bitcoin a normal market again?
S3: we'll see a huge crash to new lows. In the beginning, we'll see something that looks like a normal retracement. The price stabilizes at the expected levels (around 8k). You enter. Price drop 500 in 1 min & people start panicking & bull trap is set.
More prudent approaches for S2 would be to wait until the price comes up again from the correction. However, nothing is safe. Only S1 is safe but that's after you've sold the lows. I'd say between 9.1k & 8.6k could all be bear trap --> but if you short aggressively perhaps your early entry pays off.
In the end, it's all a gamble. You don't know the whales' cards, but they can see yours.
S2: we'll see normal retracement to 8k - 8.6k. --> I don't think this will happen. Since when is bitcoin a normal market again?
S3: we'll see a huge crash to new lows. In the beginning, we'll see something that looks like a normal retracement. The price stabilizes at the expected levels (around 8k). You enter. Price drop 500 in 1 min & people start panicking & bull trap is set.
More prudent approaches for S2 would be to wait until the price comes up again from the correction. However, nothing is safe. Only S1 is safe but that's after you've sold the lows. I'd say between 9.1k & 8.6k could all be bear trap --> but if you short aggressively perhaps your early entry pays off.
In the end, it's all a gamble. You don't know the whales' cards, but they can see yours.
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if this were a normal marketNote
looks like whales will attack soon. no idea about the direction.maybe both up & down? "N-pattern"?
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Low volume now, whales may attack soonNote
some bearish divergence: does this mean whales will pump again?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.