BitcoinUpdated BTC - BullTrap and most likely heading back down to 12K
BTC - This looks like a Bulltrap and I'm expecting a move back to the 12K zone or lower.
On the other hand Id be bullish if this run continues upwards and 27k is cleared and retested ;
However I've a suspicion BTC will not make it to the 27K area and will retrace long before it reaches this area.
On the other hand Id be bullish if this run continues upwards and 27k is cleared and retested ;
However I've a suspicion BTC will not make it to the 27K area and will retrace long before it reaches this area.
Note
if the wyckoff phase is applied to the graph below then BTC is still in "phase B"and this has to be fake "phase C" and therefore a Bulltrap
This can be confirmed as the market makers would have to aim for 25300 which is where the AR ( automatic reaction i.e the last high ) was hit .
This also means a current confirmation of a Bulltrap will be a retrace at or close to 25300 and BTC will then also move to "phase C" .
The "phase C " should be a slow Beartrap move downwards and will at the minimum retest the low at 15k .
The "phase C" test is also where I expect BTC will touch the 12K to 10K zone before bouncing upwards.
Note
a closer looks shows that this is also most likely a reversal pattern a Descending broadening wedge
A Definition I plagiarized from the web
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What is a descending broadening wedge?
A descending broadening wedge is bullish chart pattern (said to be a reversal pattern). It is formed by two diverging bullish lines.
A descending broadening wedge is confirmed/valid if it has good oscillation between the two upward lines . The upper line is the resistance line; the lower line is the support line.
Each of these lines must have been touched at least twice to validate the pattern.
NB: a line is said to be "valid" if the price line touches the support or resistance at least 3 times.
This implies that the descending broadening wedge pattern is considered valid if the price touches the support line at least 3 times and the resistance line twice (or the support line at least twice and the resistance line 3 times).
Note
NOTE ==============
As mentioned earlier a close and retest above 27K disqualifies the ideas above.
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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.