Bitcoin (BTC) finally did what I expected. And, of course, many others expected it. As I mentioned yesterday, the whole initial growth came to me as normal bull trap. Something similar from the end of May. And indeed, bitcoin suddenly fell back, from where it bounced.
Therefore, the market minimum testing scenario is still valid. Among other things, I mentioned that I have a bit of a problem with the fact that retest low is actually expected by everyone. Well, everyone… my social bubble. Then I realized that most retailers don’t have to assume it at all. Therefore, watch out for these introductory pumps in the new week. It can be a pretty ugly trap. Especially in cases where the last weekly candle closed like Gravestone Doji.
Current situation at 4H BTC / USD
As has been said, bitcoin completely failed after the initial green entry into the new week. And even in almost the same place as at the end of May. In other words, the bull trap was repeated, which worked great at the time. And it worked a second time. So if anyone falls into this trap again, I would venture to say that they do not know what they are doing. And he should rethink his strategy and maybe focus on education again – that’s how I’ve always done it. If you keep doing the same thing and at the same time expect a different (better) result, it will logically never come.
So bitcoin broke through that side trading margin. And the consolidation began at almost the same price levels as at the end of May. With the difference that this time it took about half the time before the course suddenly began to rotate downwards again. Even the sales were much more aggressive. As a result, the price decline is much more dynamic.
Last time we lost three red 4H candles as the course dropped. Now only one has been created for us. And the volumes are similar. In other words, the sellers made the same effort, but they won much easier. Because the bulls were no longer so willing to defend price levels.
In conclusion
Personally, I really expect that the retest of the May low at S / R level 26,500 (Binance) will come. There were more than enough of those signals. Of course, I don’t have a crystal ball, so I don’t know exactly what will happen. But bitcoin is heading for something, and we have to take that into account.
So once the market minimum is fully tested, we may see the rising wave we so desire to see. We have been waiting for this for many weeks. Some moon boys of the month.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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