BTC appearing a small bull trap - Preparing for shorts
BTC just printed what appears to be a bull trap. This can be seen by BTC breaking the overhead resistance, making a new recent high price, and then quickly losing that support level. This shows that buyer’s did not jump in to buy up BTC where they are “supposed” to.
Because of this, I am watching for this short play shown on BTC, the closer the entry is to the resistance line the better however these bull traps tend to drop strong when they do occur. Note that genuine bull and bear traps tend to pull price completely the other direction so my target shown in the chart is simply the first target.
And a couple altcoins that I have my eye on for shorts includes the following:
LUNA
https://www.tradingview.com/x/qUPuhiur/
MKR
https://www.tradingview.com/x/PMkT2Z9X/
Because of this, I am watching for this short play shown on BTC, the closer the entry is to the resistance line the better however these bull traps tend to drop strong when they do occur. Note that genuine bull and bear traps tend to pull price completely the other direction so my target shown in the chart is simply the first target.
And a couple altcoins that I have my eye on for shorts includes the following:
LUNA
https://www.tradingview.com/x/qUPuhiur/
MKR
https://www.tradingview.com/x/PMkT2Z9X/
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