Wyckoff "Return To Normal" Bull Trap in effect on Bitcoin

This is a classic Wyckoff "Return To Normal" market cycle in action. Don't try to buy the pull backs. You will just get destroyed in the process as it quickly moves against you when it starts. My ideal area to short is at the mean area marked by the yellow flag.

I am prepared to short sooner. I wish you all the best. I hope it works out in your favor.

Commentaire:

Bitcoin will most likely bounce around $39k. This should start the last bull trap before the down trend. The down trend will last through the remainder of the year. I expect to see the trap before the end of this trading month.

I will remain short for the rest of the year unless something changes in this trend.

Commentaire:

Some things have changed and so I've updated my chart. Here is the new chart.