- Bitcoin pumped significantly, but it’s definitely a bull trap, so do not fall for it! We can see that the chart is printing a huge head and shoulders pattern, which is a very bearish sign.
- This pattern is not confirmed yet as the neckline is holding, but the price is below the major blue trendline, which increases the probability of a breakdown!
- The trend is not bullish anymore, and this pump is a great opportunity to short Bitcoin.
- Where to take profit or buy bitcoin? I strongly recommend the 0.618 FIB retracement in confluence with the CME unfilled GAP. This is an extremely strong support, and we should see the start of a new bull market or at least a significant bounce from it!
- I don’t know about you, but I am bearish! Let me know in the comment section: are you bullish or bearish? I want to know your opinion!
- Altcoins don’t look good at all. I can see a huge crash on DOGE (70%). This indicates to me that Bitcoin is still not ready for a bull market.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- Thank you, and for more ideas, hit “Like” and “Follow”!
Comment: We can zoom in on the head and shoulders pattern for detailed information. We see that the left shoulder is made of a parallel channel, so something like this could be expected for the right shoulder as well. This is something we need to keep in mind, but the pattern is definitely bearish!
