Bulltrap? Reasons why we should not only be shouting LONG.

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Resistance around 10K seems to be very strong. Once the daily candle closes above 10k, I am expecting strong bullrun. However, bitcoin is in a hesitation below this region. As time passes, I believe the amount of risk is also increasing. For efficient risk management, we should always hold bullish and bearish point of views when trading. For past few days I have been mentioning about the divergence signals shown on indicators of 1hr and 4hr chart. Unfortunately, the signals are being more and more clear and distinct which means bulls are losing their steam.

My bearish wave counts are as above in the chart. For this scenario, I am considering current up-going wave as wave B which is higher than wave 5, and thus this would be expanded correction where corrective waves often position themselves higher than the impulsive waves due to strong bull momentum. To set my target, I 1:1 expanded wave A that falls exactly into 0.238 retracement level of impulsive wave cycle which is around $8,900.

Always keep in mind that Bitcoin likes to say “No” when everyone is saying “Yes” and it likes to say “Yes” when everyone is saying “No” recently. As a good trader, you should always hold numerous backup response plans for all possible scenarios.

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ملاحظة

As soon as I uploaded this post, bitcoin is dropping.
With confirming sub-wave structures, I will analyze in detail to figure out how much Bitcoin is most likely to drop and will let you guys know.

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ملاحظة

Possibly bounce region