The Great Crypto Bull-Trap

25 cze 2015

As you can see, it appears that LTC is leading BTC. The setup on BTC is almost EXACTLY the same as LTC was right before it got its giant Wave iii and increased over 100%. BTC, unfortunately, is not as volatile, so it may only increase 50%, however, with 20x leverage the gains will be similar :)

Now specifically, these are some of the reasons why I think BTC is in the same position as LTC was in immediately before it started increasing on 5-31-15: Covers Three 3D bars (time), Crosses AO zero line, Has red AC, Bar in grey zone, Blue Gator touch, and decreasing volume at the end of Wave ii.

There are some other things that I may have missed, and on the lower time-frames BTC supports having just completed a rather large corrective pattern, so either way, even if this target is wrong, we should get at least some uptrend starting here. My goal is to long bitcoin here on 20x quarterly futures and hold until we are in at least the 300s. However, if I notice momentum significantly start to shift on a high time-frame, I won't hesitate to switch my position. The upside arrow is an intermediate target for bitcoin, I suspect that we should at least near an .886 retracement of XA for both BTC and LTC. This does not look like the end of the downtrend for Bitcoin, only a significant bull-trap. Litecoin is not nearly as clear on the monthly time-frame, but I suspect that it is in the same bull-trap pattern as Bitcoin. My downside targets are around 170, but that is not entirely certain just yet, current price action will determine future bearish targets. Until then, MOOOON!

Happy Trading! :)

"A good traveler has no fixed plans, and is not intent on arriving." -Lao Tzu

scamco.in/2015/06/25/the-great-crypto-bull-trap/