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Fakeout

Bitcoin - You might get trapped ! Not a financial advice - This is my trading diary ! It helps me think about my ideas. I have noticed lately that almost every trader is watching this pennant formation and waiting for an imminent breakout. Well, I must tell you to be a little careful with Fakeouts. - In other posts I have explained that there is still a low volume area left on Feb 08 that might push price easily towards the "bull trap zone" - Fibs .5 / .618 - (45 / 50K) - I've seen these moves being played out many times and this might be just another attempt to trap as many leveraged positions as possible before we head lower. - But there is bullish hope: If this trap doesn't work well and shorts get trapped instead, bulls can push price past .618 (51.5K region) and win the fight. - A break towards the downside can bring price to mid 20K level, a region with strong confluences between fibs, volume nodes, CME gaps, etc. - There bulls with big pockets can trap shorts and squeeze them back to mid 30K region. If they fail to do so, Bears win and we will see a sub 20K BTC again. What to do? - If you are not an experienced trader, try not to enter any breakout attempt because - I repeat - you might get trapped and rekt. Let the big boys play and jump only after one side clearly wins the battle. - If you are an investor, buy the dip -> but no financial advice.
BITSTAMP:BTCUSD
by FiboWhale
4
BTC Momentum Swing Breakout Fakeout at 1:1 Time FibExperimenting with geometric pattern overlays. Everyone appears to have been aware of the BTC 'triangle' forming over the past week+ However, there was a better triangle pattern forming, imo, from a larger major SR trend line angled from above. Attempted several Fib time relations from various points, highs, lows, low to low, high to high. This particular top trend line seemed to hit best. Will BTC fake out upwards, and tumble to a standard downward target of this overall triangle formation? Is this WK Distro or Accum? Notice the several channels that coincide within the major triangle formation. I've noticed many times, no charts move within an obvious single channel or formation for too long. Yet, seem to bounce from longer term trend channel to channel, with difficult patterns to discern. If nothing else, this chart in my estimation shows the power of multiple angled channels, while within a localized timeframe appears to follow similar geometric shape pattern overlays. Major breakdown near the vertical blue lines to continue the overall Wyckoff distribution, or beginning of accumulation?
BYBIT:BTCUSD.PShort
by DestinyJV
US30 BUY SIGNAL May 13 => price bounced off the support and daily trendline May 14-18 => price broke through resistance but it was a fake breakout and price is now falling back down Prediction: Im expecting price to EITHER: 1. pull back to the 50%-60% fibonacci retracement area then continue up OR 2. retest again the daily trendline and support before continuing up READ HOW THE CANDLES ARE FORMING AT THE POTENTIAL BUY AREAS AND ONLY ENTER A BUY POSITION IF BULLISH CANDLESTICK PATTERNS APPEAR AT THE AREAS OR THERE ARE SIGNS OF REVERSAL ~trade responsibly ~patience is key GODBLESS Y'ALL MAY WE ALL BE RICH
ULong
by PandaTrader09
4
BTC break out of fake out?Bitcoin looks to have temporarily broken out of its descending channel (red solid lines) over the past few hours. But many eyes are wondering if BTC will retain its positive trend. On the one hand, a normalization around a round number like $55K would be fairly common leading to a potential to jump out to near $56K before potentially retracing back to the trend line (as is common during breakouts) and hence solidify a breakout. On the other hand, volume is not strong and hidden bearish continuation divergence still exists on RSI, indicating that the price might head back into the channel and either continue downward (toward 40-44K) or form a more forgiving descending channel (dotted red lines) approaching near $47K. It is truly anyone's guess in my opinion as the daily chart shows fairly positive trends and may continue upward upon zooming out, but the bearish scenario definitely looks to be in play unless further price increases continue over the next day(s). But please don't take this as advice, particularly with all the volatility occurring, as this is not financial advice but solely my opinion. But definitely like or comment if you agree or have similar or different thoughts!
BITSTAMP:BTCUSD
by crypto_trends
1
EURUSD could start its descent from hereI am still looking for shorts following my HTF analysis from last week. Following that last drive up, it looks to be an overextended impulse and from my point of view, assumed fakeout if we see DXY reverse from here. Following a scalp on that impulse up, I entered a high-risk short, hoping it goes down to the 0.618 fib level as I have been anticipating. Support for this idea: Price action is looking like it will break the minor order block support DXY rejected off a key level DXY looks to be oversold as we start to see price consolidating and the sellers appear to be losing strength COT data shows net positions increasing for DXY and decreasing for EUR Still looking for the H&S structure to complete before the next wave up If we see an impulse with a strong push down, I will look for scaling in around 1.199. Invalidation if DXY makes another drive down. Let me know your thoughts. Trade Safe! HEET
Short
by AfterlifeTrading
7
Fake-out of an Ascending Triangle for BTC?It appears as though Bitcoin has pulled a fake-out to the upside of an ascending triangle but has found support on the blue upward sloping support of the pattern.. On the RSI there's clearly a lower high after lower high since BTC reached ATH's forming a descending triangle pattern, but the downward sloping resistance is on the verge of being breached to the upside. On the KST there's a bullish cross where I've placed the blue downward pointing finger. Every time BTC has broken the horizontal resistance to the upside there has been a swift rejection by the bears. I have placed red downward pointing fingers displaying how often this has taken place to put things into perspective.
COINBASE:BTCUSD
by ScotianBot
3
Bitcoin Fake Out?Breakout or fakeout from desceding wedge formed over serveral days including a combination with a possible cup and handle pattern. Lack of volume indicates it was a fake out from the established trend. Where will Bitcoin go next? A bounce to the downside of the wedge will break previous strong support from recent weekly lows. A break to the upside will need considerably more volume over the weekend. Worth tracking whilst we float outside the descending wedge
BINANCE:BTCUSD.P
by cincosiber