$BTC and the exit pump to new highs before new lows?

4 Şub

Ever since November/December, BTC has largely moved sideways in a wide range from 88K-109k.

Now that we've bounced off of 91k again this morning, I think that sets BTC up for a big bull trap. I think that we're likely to go to new highs either this week or before 2/21 up to the top resistances (although we don't necessarily have to make it up there), and then everyone will buy the new highs before we go to new lows.

This is a classic distribution top here and I think we'll see new lows by March. We can go as low as the bottom supports down $65-66k and the chart can remain bullish on the high timeframes.

I'm fully out of crypto and have only been speculating directionally by buying calls/puts on COIN (which I currently have calls on). This market has been extremely hard for most investors as they've been speculating in alts and most alts have continued to bleed out while BTC has ranged. I think alts will see new lows (yes, today's move was not the bottom, and the bull market will only start once most people have given up on crypto).

I'm bullish long-term, but still bearish in the near term and plan to buy back my position sometime in March once the distribution has played out to the downside.

Good luck from here on out.

6 Şub

Not

As long as price holds 96k, we should see a spike up before a drop, but if we lose that level and 95k, could just head straight down.

Let's see.

6 Şub

Not

Looking like it's holding so far. Let's see...

7 Şub

Not

And here's the move up.

7 Şub

Not

Welp now back to the 96k support. Hold this level, more upside, break it and break through 95k, we're likely headed for the lows. Reason being, the 91k support is weakened, if we get there again, it's more likely we break through it.

12 Şub

Not

Broke some important levels this morning, I lean bearish going forward here. 95k is the key level now. Above that, can see a small move higher, but below there it can get very ugly.

Let's see what happens the rest of the day.

12 Şub

Not

Pretty convinced that bounce was it. Down only?

13 Şub

Not

Possible we can see one more test of 100.5k between now and next week, then down only. Structure is bearish. Bounces are for selling or exiting longs.

21 Şub

Not

Down only. Likely won't see a bottom until early March.