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Bitcoin (BTC) Is On The Verge Of A Big Move

 
Bitcoin (BTC) Is On The Verge Of A Big Move
Breaking News / Bitcoin / Analytics / BTCUSD

Bitcoin has been confusing traders lately especially over the weekend with a “lack of direction”. This is how many retail traders saw it but we saw this coming and talked about it last Friday before it all happened. We predicted that the market makers and whales would print an Inverted Head and Shoulders formation for retail bulls to trap them in before the major decline and so it happened. The 4H chart for BTC/USD shows how this formation was similar to what we have seen before.

Meanwhile, the stock market is finally getting in touch with reality now that the situation in the United States is worsening with riots and protests all over the country. For a long while now, the big players on Wall Street have been leading retail investors and traders into thinking that no lockdown, no Covid 19, no bad job numbers could do anything to the market. That might have been true short-term because it was by design. They wanted to keep the sentiment optimistic while the big players cashed out.

However, now that it is getting quite obvious that Coronavirus was just the trigger and that this is going to bring a lot more issues to surface, even retail traders are getting fearful. We have seen in the past that just before a major decline, retail traders have been overly bullish on the S&P 500 (SPX) and the Dow Jones Industrial Average (DJI). We saw the same thing in 2008 and in 1929. This time the situation is far more gruesome and it would be extremely unreasonable to think that this going to get over anytime soon.

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