Bitcoin – 99% fake pump!

18.07.2022 9:26 pm

Hello, everyone!

Last short was unsuccessful. It’s absolutely normal situation. It was hedging short. My 20% of depo in Bitcoin performed well. It looks like the market can form the bull trap like we saw with the breakout of triangle at $30k.

Let’s take a look at the 4h timeframe of the WhiteBit exchange. The price formed the upward trend channel and hit the resistance at 0.38 Fibonacci retracement again. We can see the dump from the current price, but I suppose we can see another final leg down to 0.5 Fibonacci = $24500. I see now that a lot of treaders changed their mind to the bullish. They think that $30k is imminent, but I think we have to see the drop below $17.5k to make all of them disappointed.

The RSI now is forming the strong bearish divergence because the RSI crossed under the 50 level, crossed it above again and set the lower high, while the price set higher high. Thus, I am sure it is the fake pump and I will close my long position very soon.

Good luck!

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