Bitcoin: Bullish Wave Or Inverted Correction? Bull-Trap!

16 Okt

Hello my fellow Cryptocurrency trader, how are you feeling today?

Is this it? Is Bitcoin headed toward a new All-Time High hitting 100K next?

Let's consider how a bullish move, a bullish extension/impulse looks like vs an inverted correction.

➖ Back in late January this year, Bitcoin produced a low and proceeded to resume the bullish wave that it started in late October 2023. In a period of 51 days, Bitcoin grew by 91%. In the preceding months the chart structure was characterized by higher highs and higher lows.

➖ Recently, in early August, Bitcoin hit a low and turned bullish producing a pull-back or inverted correction. For comparison, in the same about of time, 51 days, from bottom to top Bitcoin grew by 32%. In a total of 72 days, from 5-Aug. to present day, Bitcoin grew a total of 39%. In the preceding months the chart structure is composed of lower highs and lower lows.

This is not a bullish impulse, this is an inverted correction.

👉 Bitcoin is going down.
It is a bull-trap.

Thanks a lot for your support.

Namaste.