Next for BITCOIN: was it a bear trap??
Updated
Hi all,
First of all thanks for the likes and dm's about the BTC idea from yesterday. Appreciate that :)
In front of you the 4hr chart of bitcoin.
Yesterday I published a possible descending triangle formation, but after the move of 12hr ago there is also another possibility. The strong support and strong resistance where broke LIKE NOTHING. That was a great bullish move (Broke s/r) . This could be a bear trap.....
So the symmetrical triangle could be still active.
If it is indeed a bear trap the price must bounce quickly and strong on the strong support. The next hours are important. If it bounce, btc will stay in the new triangle for the next days.
But... If it fails to test the strong support it will go back to the 9400 area. If that happens the descending triangle will still in play, in the chart you see a light grey line what will be te support of the descending triangle.
The idea of yesterday of the descending triangle:
Please leave a like to support me and click on follow for more idea's
Thanks!
First of all thanks for the likes and dm's about the BTC idea from yesterday. Appreciate that :)
In front of you the 4hr chart of bitcoin.
Yesterday I published a possible descending triangle formation, but after the move of 12hr ago there is also another possibility. The strong support and strong resistance where broke LIKE NOTHING. That was a great bullish move (Broke s/r) . This could be a bear trap.....
So the symmetrical triangle could be still active.
If it is indeed a bear trap the price must bounce quickly and strong on the strong support. The next hours are important. If it bounce, btc will stay in the new triangle for the next days.
But... If it fails to test the strong support it will go back to the 9400 area. If that happens the descending triangle will still in play, in the chart you see a light grey line what will be te support of the descending triangle.
The idea of yesterday of the descending triangle:
Please leave a like to support me and click on follow for more idea's
Thanks!
Note
New idea:
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