Bitcoin / TetherUSShort
Top of the bull trap reached
In my view, BTC has reached its top of the bear market rally, which smart money used to scale out (on-chain data). You can see how addresses between 0.1 and 10 BTC buy every dip they can (how whales told them to do) and addresses over 100 or 1000 decline although the price is lower now.
It was easy money to be made if you entered at the bottom like me and ignored the misleading media and influencers. I missed the ultimate bottom at 17 k but I was right at 15 k and expected another leg down to 17 k. Now it's time to sell BTC and see what the rest of the market does. It's probably close to the top either. Other cryptos show a bit of relative strength at the moment but it's unclear for me how long that will last. I will make another idea on Solana and "Others" if I see something valuable.
On the chart you see my rough wave count. It's not the only possible wave count but they all should come to an end here. It's the perfect spot to get out for those who missed the 69 k all time top which I got right as well.
The sentiment flips between greed and extreme greed and new retail traders asking for advice if they should buy BTC because of the ETF.
The sell-off volume yesterday was 40 billion. In addition the relative price strength declines at this very important key level. Too much risk to hold BTC any longer.
It was easy money to be made if you entered at the bottom like me and ignored the misleading media and influencers. I missed the ultimate bottom at 17 k but I was right at 15 k and expected another leg down to 17 k. Now it's time to sell BTC and see what the rest of the market does. It's probably close to the top either. Other cryptos show a bit of relative strength at the moment but it's unclear for me how long that will last. I will make another idea on Solana and "Others" if I see something valuable.
On the chart you see my rough wave count. It's not the only possible wave count but they all should come to an end here. It's the perfect spot to get out for those who missed the 69 k all time top which I got right as well.
The sentiment flips between greed and extreme greed and new retail traders asking for advice if they should buy BTC because of the ETF.
The sell-off volume yesterday was 40 billion. In addition the relative price strength declines at this very important key level. Too much risk to hold BTC any longer.
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.