BTC: Bear Trap. Buyers Step in for 5th Wave: Market Cap 400B
Bears have failed multiple times to drop BTC 0.95% , even after it broke out of the large rising wedge on higher timeframes, which is a highly bullish signal. Market cap has increased to 400 billion and bulls are persistently pushing to complete the 5th wave.
If we take fibs from the first wave's initial large pump, we see that we hit the 127 extension, then overextended upward before dipping back down to consolidate. As history has shown time and time again, we can assume that traders will be targeting the same extension of the second wave: its 127, where we will probably overextend to test 9.5k before seeing a much stronger opportunity for the bears to short.
If we take fibs from the first wave's initial large pump, we see that we hit the 127 extension, then overextended upward before dipping back down to consolidate. As history has shown time and time again, we can assume that traders will be targeting the same extension of the second wave: its 127, where we will probably overextend to test 9.5k before seeing a much stronger opportunity for the bears to short.