BTCUSD - Bitcoin TA - April 9, 2018Upward trend lines are the green dotted lines.
Downward trends lines are red dotted lines.
The intersection of the more recent upward trend line from 09-14-2017 to 02-05-2018 looks to occur somewhere around April 19-20th.
The shorter term upwards trend dating from 02-05-2018 (see RSI same LOW as 09-14-2017) to 03-31-2018 shows an intersection somewhere around May 18th, which seems to correspond somewhat to the wedge we see on the MACD histogram.
If this trend line is broken and continues downwards, we will have a COMPLETELY different situation.
Just to re-iterate, the yearly low on RSI at 26 was last seen in September 2017 at the beginning of the biggest bull run in bitcoin's history. We saw this again on 02-05-2018 when BTC -4.89% hit around the 6K mark.
I see a bull momentum upwards towards 9100 on the short term, before moving back down to the 7800 levels and continuing the momentum back up to the 10250 level, which will be a FUCKING BULL TRAP!!
WATCH OUT FOR THIS JUST ABOVE 10K IF THIS SCENARIO PLAYS OUT!!!! IT WILL BE JUST AFTER A HUGE BULL RUN, AND MARKET SENTIMENT HAS TURNED BULLISH AGAIN. IT'S A TRAP!!
If you do happen to get to that point at that time with good returns, I think 9975 would be a good exit point, as there will be a lot of liquidity at the sub 10K levels.
This bull trap will end with a huge correction maybe all the way back to 6K, but I don't see it dipping much below our Feb 5th low.
After that shakeout of all the weak hands and perhaps some sideways trading, moon time.... and I'll buy my GTR.. fuck fancy lambos!!
Just kidding... this is probably all wrong, and you'd be totally damn stupid to listen to my advice. So, don't use my advice and do your own research!!
Updates to follow, as this is a long term call.
-Boogie.
