BTC Bear Trap?

I am watching for a test below the sign of weakness. I believe it will be an attempt to trap and bait shorts to complete the wyckoff distribution pattern. Wait for the confirmation of a retest to see if BTC will invalidate the pattern or continue descending. we will want to see buyers and volume to push the price higher to around 38-41K. I favor the bullish scenario and will look to buy the lower low in the 1H.

Good Luck

Note

I am looking for a big impulse down here in BTC to complete C.

Note

Now BTC needs to retest $29,500 area. If a rejection occurs, than more downside. Monitor for reaction at the retest to verify if a true breakdown or only a bear trap.

Note

testing $29,500> watch to confirm bear trap or break down

Note

Notice the 1D MA 50, it is supporting BTC with buyers. In the event that the daily candle closes below, that could indicate lower levels are in store; however, the price over the last few days has been weak but supports bullish recovery.

Note

$29,300 is acting as an important price zone.

peterbhc

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peterbhc