Are We Looking At A Bitcoin Bull Trap?
In my last TA post, I talked about the possibility of Bitcoin heading back to the $35-36 range before the halving, and I still don't think I am wrong about that. Are we looking at a bitcoin bull trap? I think so. Let's take a look at why...
Bitcoin is really hitting some resistance at the current range. When I look at other cryptos like Ethereum, it's much of the same. This pattern looks to me like a bull trap. This is where we bounce out of a significant down trend and this price action tends to catch bulls by the short and curlies as they think the price is going to recover and continue to the moon, but it just doesn't work that way. These retracement pumps tend to get people caught in a FOMO mode and then turn on them and head back in the other direction. I believe this is one of those times.
Very rarely does a market like Bitcoin just bounce straight up. It has it's big parabolic rises, yes, as we have seen recently, but this action cannot last forever. In the last cycle, we saw the pump from the 3K range up to nearly 15K and back to the 6.5K range before the halving, so my prediction of seeing a 35K-36K Bitcoin price before April is not out of the cards.
My non-financial advice to traders is if you have been trading this reversal from the 38K range, then you might want to think about taking some profits off the table. Just saying, because that is exactly what I am doing. I am also still DCA accumulating BTC as we go along and will stop that action once we break all time highs again, then it will be off to the races and looking for good market cycle take profit signals.
How are you playing this Bitcoin and crypto action? Do you think we are looking at a bitcoin bull trap?
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Posted Using InLeo Alpha
Posted Using InLeo Alpha
yes, it looks like a trap. Wen pullback?
Your guess is as good as mine. I just go by the data I am given. We could hit 45K before we dip, that could absolutely happen too.
Im no expert what so ever but only from the aspect that the ETF is out before halving at some point the hype about the new shiny thing on the market will start to faint out and eventually drop, probably not buy much but we know who it is crypto with its up and down, sometimes even bigger than we though, just another great opportunity to buy some more before halving
Yeah, I see most of the ETF hedge fund guys talking about how it's going to move after the halving, so I think the cycle is going to run very similar. I just don't think it will drop as much at the end of the cycle with the ETFs in play. But I don't know. I just take the data as I get it.
I would depend, it suppose to be that there still big whales holding BTC, I say this without proof but thats what most ppl online say although I think with BTC its the opposite now days with so much institutions in, still market is so small it only takes a few whales to dump for the price to crumble but its true the ETF could give it a bit more structure
That's why I trade BTC and stack Monero, lol. Monero is what BTC should have been.
I agree 100%. I've been thinking along the same lines. I also feel a breakout above the 50K - 52k range could negate this strategy. I've got a few shorts in, but for the most part I'm sitting on my hands or accumulating discounted shitcoins for long-term hodl until the after halving rally!
I'll start serious bag building if we fall into that $35-$36K region because we all know what's coming after that!
Yes sir! I am accumulating BTC as much as possible. Not playing much in the shitcoin casino this time around. It's pretty much down to BTC, HIVE, XMR and USDC lol. Been stacking BTCB on BSC and using it in the Venus protocol which is BSC's version of Aave to loan against. I have a plan that I am no straying from at this point. Learned my lesson last cycle, lol.