Possible Quick Flush and Bigger Bull Trap Now.

2 days ago

I'd say we're now at the point where BTC bulls have the best chance of a low. We're filling a bullish butterfly and if all is well and good with the world this can moon.

However, the failure of a bullish butterfly in this situation is a strong foreteller of a crash. There are a variety of ways a 1.61 can fail here. The immediate fail one usually has us slam to the 2.20 and then make a spike out bull trap (that's really sharp and aggressive).

So if we see a flush to around 80, this is where I plan to lock in profits and potentially fish for some longs.

But if that move hits, I do firmly think it's a sell the rip.

2 days ago

Trade active

Down it goes.

I think there's a bit more to go but were now into the risk area for bears. Bears should be aggressive profit protecting here I think.

No reason to enter until local candles break the lower high pattern.

2 days ago

Note

I;m fairly bullish at these levels - but I believe we just made an important break. A bit over 90K there will be more bear talk if we bounce.

2 days ago

Trade closed: target reached

77K probably too low. Fair chance low is made.

Big sell the rip if it is though.

Out shorts.