A BTC breakout or bull trap? @ CrappyTrader Notes #2

Hi, welcome to another episode of the CrappyTrader Notes. Todays evening we are going to discuss current BTCUSD situation.

So we have a nice breakout from the trading range that formed on October 21st. The price broke previous ATH levels reaching almost 95k USD price tag.

At this moment we have two major scenarios.

It’s a breakout and we are going up!

If this is indeed the case the potential for the growth is 83k from the fibonacci extension

and 78k USD from the point and figure count

Ups, it’s a bull trap and we’re going to dive

So the alternative interpretation would be that we are still in the expanded flat correction wave. The new ATH is the expanded B wave. So as we reached the top now the C wave down should begin.

This is a bit scary scenario as if this is indeed the expanded flat correction wave then we may expect a sharp downturn reaching 20–30k USD levels.

The positive side of this reasoning is that the C wave is a 5 parts wave so for sure we will have plenty of time to jump in. For instance at 43–45k levels which are taken from the point and figure calculation (this time downward).





Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Yenten Observer

Cryptocurrency freak. Freedom, ecology and free market above all.