Another bull flag or a massive bull trap for a down trend

29 באוק׳ 2019

It appears we might be having a big run up if BTC price follows through upwards over the 9500 (red line) area towards 9800 - 9920, thereby creating what appears to be a bull flag.

Another range trading will then be within the flag before it shoots up but if goes down below the 9200 without hitting the 9800 area, I would assume that move invalidates creating a bull flag and prepare for a downtrend.


This is not a Trading advice. Just following the price action and putting down my opinion of things.

29 באוק׳ 2019

הערה

Please don't mind the left side with too many lines, focus on the right (i.e. bull fall in the making perhaps? )

30 באוק׳ 2019

הערה

It appears there is some buying pressure keeping the price up between $9100-$9300 but also the resistance in the $9500 area also seems to be very strong. In my opinion, this is a no trade zone however here's what I think might happen; a break to the upside in an attempt to retest $9820 area but will be shortlived and then a decline downwards towards the $8800 zone and if sell pressure is high, might go further down to the $8300 area. If this doesn't happen within the next 12 to 24hours, I might need to re-evaluate. Again this is what I think might happen, just my opinion not a trading advice.

30 באוק׳ 2019

הערה

Just to clarify that the scenario above is expected only if buying pressure persists and breaks past the $9500 resistance further to $9600

30 באוק׳ 2019

הערה

As expected when it failed to break upwards of $9500. This break downwards might extend towards $8800 - $8650 before a possible bounce back up short term. If you're trading this, keep tight stop loss, better safe than sorry. Just my opinion

9 בנוב׳ 2019

הערה

So a bit delayed but happened quite close as depicted. A strong attempt to rally up towards $9800 but cut back around $9650 area, then decline again as expected to the $9650 area and then bounce back up now around 9860 area. Now just a little more observation to get more understanding of where it might be going.

12 בנוב׳ 2019

הערה

So pretty much rangin between $8650 and 8750. Support seems to be pretty strong around here but if this breaks below $8300 strongly we might be going lower towards the $7500 to $7800 region but at that point I'll expect a pretty strong bounce. So tight stops below $8250 for any buys around that area is recommended.

21 בנוב׳ 2019

הערה

Yup, here we are, the $7800 region. This is where you don't want to short.
Not trading or financial advice.

21 בנוב׳ 2019

הערה

So hit the 7500 and bounced up. I don't expect it to go any less from here for now. We should hopefull start to creep back up and then catch some shorts unaware and spring up.

22 בנוב׳ 2019

הערה

Looks like I was wrong. It was indeed a massive bull trap. Lets hope its done this time :D