Hi fellow traders,
Yesterday Bitcoin closed above important resistance level (+/- 42550 USD). We are above the long-term trend line (red) and above short-term trend line (yellow). These are all bullish signs to get to the next resistance levels 48-52k.
BUT the volume seems to be quite low - could it be a fakeout followed by drop (to 35 or lower)? On the 44-46k level will also be a lot of stop limits from shorts.
Is this a legit breakout or a fakeout - what do you think?
GL&HF,
CryptoVlcoun
Yesterday Bitcoin closed above important resistance level (+/- 42550 USD). We are above the long-term trend line (red) and above short-term trend line (yellow). These are all bullish signs to get to the next resistance levels 48-52k.
BUT the volume seems to be quite low - could it be a fakeout followed by drop (to 35 or lower)? On the 44-46k level will also be a lot of stop limits from shorts.
Is this a legit breakout or a fakeout - what do you think?
GL&HF,
CryptoVlcoun
Note
Seems more like bulltrap and potential dump. Volume's low, 4H showed closing wedge. Short opened. April "fools" rising. :)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.