Bitcoin - Bull trap of the year! (fake pump)

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• 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"!
  

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ملاحظة

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!

٣١ أغسطس ٢٠٢٣

ملاحظة

It's happening; we can see a big dildo on the daily chart, 1 hour, and all time frames. But strong support is near for a short-term trade.

١ سبتمبر ٢٠٢٣

ملاحظة

Another huge bearish signal on ETH, which is correlated with BTC, Sometimes charts are clearer in ETH. This is a bearish flag, with a classic measurement target of 1460 USDT (a 12% crash from the current price)!

١ سبتمبر ٢٠٢٣

ملاحظة

The price is below the 200 weekly MA. If the price is below this key moving average, that means we are in a bear market. Very bearish indeed.

٢ سبتمبر ٢٠٢٣

ملاحظة

The most important question is - will the 20K level hold or crash to 10K? I think 10K is more likely, and we could hit this reversal level in March 2024!

٣ سبتمبر ٢٠٢٣

ملاحظة

Bitcoin printed an impulse wave after the recent huge crash. This is a bearish signal, but we are looking for a bullish correction before another crash!