BitcoinShort
Bitcoin - Bull trap being set ... triangle coming to an end
Looks like this triangle is ending either today or tomorrow ... not 100% if its up or down.
What I see right now ... Longs are coming back ... shorts got knocked out ...
However, volume is very low .... bearish divergences on 1H and lower time frames while stoch RSI is aching to rollover on higher ones, especially on the 1D.
This looks like a bull trap. The price is being kept here so longs can build their positions, but volume is saying it is not the big boys. The volume when you look at higher time frames is really nonexistent ... any burst higher is quickly sold off producing long wicks on "top" candles. It has happened twice now with one just a couple hours ago.
I am not buying right now, even though it looks like it past recent resistance and will challenge the top of the big wick, which I thought previously was the bull trap ... however, although the price has been creeping up, it isnt really showing a lot of confidence. I think signs are telling me the trap is still being set and luring in more and more people before the hammer drops.
Only if it clears the last spike up ($7280) with some speed, then I think can look to enter a buy on a quick pull back and target $8000-$8100.
Other than that, I still think it breaks down from here. Once it cracks the trendline of the triangle (the ellipse), look for a retest of the breakdown price, a failure, and then it should melt down faster to around $4800-$5000 with potential for even more. Will have to see what price does around that level.
What I see right now ... Longs are coming back ... shorts got knocked out ...
However, volume is very low .... bearish divergences on 1H and lower time frames while stoch RSI is aching to rollover on higher ones, especially on the 1D.
This looks like a bull trap. The price is being kept here so longs can build their positions, but volume is saying it is not the big boys. The volume when you look at higher time frames is really nonexistent ... any burst higher is quickly sold off producing long wicks on "top" candles. It has happened twice now with one just a couple hours ago.
I am not buying right now, even though it looks like it past recent resistance and will challenge the top of the big wick, which I thought previously was the bull trap ... however, although the price has been creeping up, it isnt really showing a lot of confidence. I think signs are telling me the trap is still being set and luring in more and more people before the hammer drops.
Only if it clears the last spike up ($7280) with some speed, then I think can look to enter a buy on a quick pull back and target $8000-$8100.
Other than that, I still think it breaks down from here. Once it cracks the trendline of the triangle (the ellipse), look for a retest of the breakdown price, a failure, and then it should melt down faster to around $4800-$5000 with potential for even more. Will have to see what price does around that level.
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