Note the date
I don't think I've ever predicted a bull trap in the market. I'm always aggressively bullish. Only up! This one seems pretty obvious I guess.
Don't fade the Scarlet Which!
Literally minutes after the FED confirmed they'd be raising rates 75 points, the markets started gaining volume. However, this wasn't dumping volume, it was pumping volume. Too many people expected 75 point hike. Too many people were trying to maneuver around it in the exact same way. By the time the announcement came down the event had already been priced in, and then some. Thus, when the announcement did come, we got an instant pump of users being like, "Wow, this isn't so bad." and jumping right back into the thick of it.
I give it 2 or 3 days.
The New Moon is... today... bearish cycle starts today. However, we likely have to give this snapback another 24-48 hours before the market actually starts deflating. Maybe I'll sell some crypto tomorrow. Maybe not. Doesn't really matter either way as I gamble with very little of my stack these days.
I mean... who knows.
This upcoming bearish cycle might not be that bad, but I can almost guarantee Bitcoin isn't going to break $25k. Way more potential for downside than upside at this point in time. Then again, on the long-term we have a trendline sitting at the "insane" price of $38k that will be at $51k by the end-of-year. Does it really matter if we buy in at $24k or $18k when the price is going to $50k+ in less than 12 months? Not really...
It's also very hard for me to personally sell when I'd be selling Hive. The upcoming hardfork is very impressive. We got a game coming out (plus Splinterlands development). We've got the Speak network. LEO is making moves. HBD stability was just tested and the outcome was the best one we've ever seen. Kudos to Blocktrades and Smooth and everyone else for putting in the work. Liquidity on the internal market has never been higher (a visible increase from 100 HBD orders to 500 HBD), and we are turning attacks against our network into profits for the network. Such crazy developments.
Basically anyone who has the privilege to hold should do so. Trying to day trade this ridiculous market when it's so oversold is just silly. Yeah, the economy might be in shambles. Whatever. As long as I can pay bills I'm good.
Conclusion
You know I thought I had more to say about this but I guess not. Keep stacking, but don't expect this market to turn around until interest rates have cratered back to 0% (or at least tapering has begun).
I said there's no way BTC will go above $25k in the next two weeks. Obviously tomorrow it will spike to like $25050 before crashing. Market loves to prove me wrong. It is known.
The bull trap is real:
lol, nuff said.