Bitcoin (BTC) recovery a forlorn hope, we are set to go another leg down

Overwhelming majority of traders on Tradingview and Twitter are seeing this greenery of today as a bull trap and are short on bitcoin, in the near term. If BTC manages to stay above $4255-4260 we can then retest the $4600-$4800 levels, otherwise we fall down and anything below $4100 will probably send BTC to the support of $3800 or even lower,

Here are some of their analysis:

Bitcoin is making similar fractals and pumped almost $1000 from the lows.

If bear market is going to continue good place to build a short.

If bull market to follow, then pull back is due for accumulation.

Time shall tell.

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TA: – notice very strong trend channel of entire correction since 6300$ – two gann fans supporting possible outcomes – RSI bearish divergences – RSI bearish historical resistance – Stoch turning down – EMA100 (2H) on the top of channel – 4180$ – EMA10 (1D) on higher line of the top of the trend channel – 4410$ – EMA10 crossing down EMA100 on 1W – already 2x 4D 10h intervals before falling

Conclusion: – BTC and other markets been artificially pumped pre event this week, and my expectation is that they will dump right before. – One exception here is Consensus event that was known to pump crypto during entire conference of Consensus conference editions. – BTC could break higher of course eg. as Gann fan indicating 5.1k till Friday, though I am not really TA enthusiast after all I wrote. Was looking to support my FA and price action bias, to be precise. 

** IT’S NOT AN OPPORTUNITY TO BUY YET !!!! Price is moving in 5 ways to the downside since the selloff from 6000 Wave 1,3 & 5 will go lower where as waves 2 & 4 will go counter trend and correct a % of the previous move. Wave 3 is often the extended wave, meaning it’s the longest and you should be able to count 5 subwaves inside it. Once those 5 waves end, we get wave 3, after wich comes a correction higher in wave 4 in a 3 waves manner( abc for example) or a more complexe correction(but still just a correction !).

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I’m confident we have those 5 waves down as a wave (3), now price is therefore in a correction higher for wave (4).

After wave (4) ends (should be near 0.382 level ~4500 ideally), look for price to fall a bit further for wave (5) near the 3100 level (or possibly lower) 


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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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