ShaheenFahmy

JUST ANTOHER BULLTRAP?

Short
ShaheenFahmy Updated   
BITFINEX:BTCUSD   Bitcoin

Patience is key.

There's something interesting to notice.
Everytime we're having a BTC bounce towards a LOWER HIGH, people all of a sudden become euphoric & bullish, claiming the bear market is over.

There is no reason to be bullish at all.
Old supports are turned into new resistances.
Right now, BTC is doing nothing but confirming a new resistance around 7.400$ - 7.500$, which used to be a key support level.

Elliot Wave count indicates that we are moving within WAVE 5, heading towards 5.500$.
Why 5.500$?
Because it has been confirmed multiple times as a key support level.

In addition to that, we got a bearish divergence on the 4H Chart, nothing happy about that.

Voulume is decreasing.


I'm using the current bounce to add new short positions.

Have a nice day & happy trading!






Comment:
Was wrong with the bearish divergence.
Should be fixed now:

Comment:
Played out as expected.
Hope you didn't fomo into this sucker's rally.
New Idea coming soon.
Comment:
New Idea is live.

Comment:
Came up with another idea, check it out.

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