Bitcoin The Bull Trap is in

May 4, 2021

Pretty straight forward follow up of some of my recent bearish calls on BTC. The red arrow shows hidden bearish divergence on the price action in the rising wedge and the MACD Histogram which suggest we are going to get some continuation, or in other words, a lower low. The Purple flagpole target shows a rough area where we should land and I expect some over-performance before we settle on the bollinger band.

The 8h MACD is about to cross bearishly and we can see how devastating that was on the last occurrence. Signs of illness are showing Old Man is picking up and it is going to affect all the kiddos. All the youtubers looking at TA on the hourly, 4h or likewise are going to miss the year long trendline which sets up our bear trap.

Please see my linked idea on how this break down was high probability and predictable with high probability. The green aro shows the most volatile possible larger bull trap and the thin orange line shows where BTC could go if we have a top that more rounds off than a typical bull trap.

I am standing on this call like I stood on a bullish call in January when BTC was damn near free falling and TrVe and the youtubers were predicting we go to 20k again. I was predicting more upside and we got it.

May 8, 2021

Note

Well it seems by rising black trend line is still good but when my wedge broke down it became part of a large rising wedge. This wedge is still a bearish formation in bearish circumstances but there is alway the fact that there is a lot of liquidity and it could just go up on a liquidity play.

May 9, 2021

Note

Brutal start to a 4h candle. Wedge is breaking down and price may or may not retest the wedge as resistance.

May 13, 2021

Note

Price is at the lower limit of the daily bollinger band in orange and at the baseline of the weekly bollinger band in blue. I have taken profit and will look to short a bounce.