BITCOIN, Is It NOW - Or BULL TRAP? (SECRET CENSORED)

Bitcoin Analytics

by Coin AIO 1068 views 612

trendanalysis chartpattern indicator btc btusd bitcoin divergence relativestrengthindex inverseheadandshoulders
There was upon a time when D4rkEnergY was Top Trader. He was number 1 every where - on THE DAILY, WEEKLY and MONTHLY list - he stole MagicPoopCannon's first place after only making public charts for 2 months! Was it a surprise? Of course not - D4rkEnergY is the stuff in the Universe that makes space expand and even accelerate - The dark unknown force is unstoppable...

But then something happened...

VIOLATING RULES :) Not allowed to mention why I have been away.... LOL

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Let's now take a look at the 4h BTC/USD chart! It has been a while - First of all let's take notice of how we have been ranging between 7,000 USD and 5,800 USD for more than a month. It's pretty safe to say, that the market has been horrible since we slammed our head into 10k USD back in April.

The Global Crypto Market Cap is still under 300 Bln USD, and we have BTCUSD">BTC             -0.44% Dominance at 42,6 %. Looking at the last 24 hours BTCUSD">BTC             -0.44% has gained almost 5 %, BUT we are not seeing that altcoins are making those huge jumps anymore. The simple reason is, that people don't have faith in the market at the moment - we need to see BTCUSD">Bitcoin             -0.44% move above 6,800 USD.

First of all we have a not so pretty, but still very valid, inverse head and shoulder formation, which is a bullish sign. Right shoulder is pretty big, which makes it less bullish though. Also take a look at our Class B Hidden Bearish Divergences, which normally predicts, that we will continue our downtrend. I choose not to put too much weight on this though.

Here are the 2 most likely short term scenarios, which both are bullish:

1. Looking at the RSI it's pretty clear, that BTCUSD">Bitcoin             -0.44% on the 4h chart is overbought. So what we might see is some consolidation (maybe a bit to the downside), and when people less expect it, we will witness a Jack in the Box-pump. We can hereafter expect to go to around 7,100 USD due to clearance - look at the Volume profile - before we will meet new resistance.

2. We might get that needed retracement, which will make us go down to the EMA200 at 6,5xx before we again will go up and complete the inverse head and shoulder pattern.

That was all for now, my friends!

D4 Loves You <3

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