Bitcoin - Huge bull trap! Best time to sell.

26 авг. 2024 г.

Everyone is turning very bullish, which is not good for the crypto market. With the upcoming bloody September, we have a strong confluence to sell Bitcoin with the current price of 63,800. Why are Bitcoin and whole crypto in a bear market? On the chart, we can see that the price is printing lower lows and lower highs, which is by definition a downtrend. It has been like this since March 2024, and nothing has changed since then. We can see that the price is inside this descending parallel channel on the daily chart. There are no signs of strength in higher timeframes! Bulls didn't prove their strength yet, so to me it looks like a bull trap, and we will see a 30% crash!

From the Elliott Wave perspective, we have an ABC correction so far, and it's too early to tell if this will turn into an impulse wave or not, but right now this is a corrective structure. The problem is that everyone is turning bullish again; everyone sees a huge bull market, but usually the market does the opposite.

Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.

26 авг. 2024 г.

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Ethereum shows major weakness for the whole crypto market and altcoins. We can clearly see a descending triangle, and the price is below its resistance. This is not bullish.

27 авг. 2024 г.

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Bitcoin is approaching the main trendline of this uptrend. We also have a FVG (Fair Value GAP), but to me, this gap looks like an exhaustion gap, not a breakaway gap. This is very bearish.

28 авг. 2024 г.

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The crash is very strong, and September didn't even start (we will see more downside later).

28 авг. 2024 г.

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A lot of people got liquidated during this dump, but we will see more liquidation soon! I don't want to even see altcoins. I was really confident about this crash, as every time I see moonboys in the comment section, I need to enter a short position.

29 авг. 2024 г.

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Monthly candles: On Bitcoin, we have the lowest close since February! This is bearish.

29 авг. 2024 г.

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The CME gap on the daily chart has been filled ✅
On the 1H chart, only partially filled.

30 авг. 2024 г.

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Longs are risky, trade with the trend. We may see a big crash pretty soon! 28k is very possible, believe or not.

30 авг. 2024 г.

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I know that a lot of people are talking about a huge bullish flag on the daily chart, but this is a trap. If we take a look at the GBTC chart, we can clearly see that a huge downtrend started!

31 авг. 2024 г.

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If FED decreases rates, it will have a very negative effect on the price!

31 авг. 2024 г.

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Prepare for the next week, this is the first week of September, and we will see an extremely high volatility! 

1 сент. 2024 г.

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Last update: Bitcoin is dropping, there is no strong support on the way down; first support I see below 50k! In the next analysis, I will recommend you good meme coins to buy!