Over the past week, the price of Bitcoin rose, briefly breaking through the $110,000 mark before falling back. This shows that participation is steadily increasing as cryptocurrency investors begin to bet again. However, while the market is happy about this rise, the cryptocurrency is developing bearishly.
In addition, the upward trend of the past week has now trapped bulls in long positions, and whales need liquidity from orders and stop losses. Therefore, in order to capture this liquidity, whales need to push the price down, and the 0.618 Fibonacci retracement level of the previous impulse wave (just below $103,000) is the most likely culprit.
The analysis focuses on the upward trend of Bitcoin price, which once touched $110,000. But Bitcoin is not smooth sailing, and even after breaking through the resistance level of $110,000, it failed to continue its upward trend. This is a false breakout of a pattern, commonly known as a "bull trap". Therefore, although the price of Bitcoin appears to be in an upward trend, it means that a decline will soon occur, triggering large fluctuations or even a plunge.
BTCUSD BTCUSD BTCUSD BTCUSD 
BTCUSDT BTCUSD
In addition, the upward trend of the past week has now trapped bulls in long positions, and whales need liquidity from orders and stop losses. Therefore, in order to capture this liquidity, whales need to push the price down, and the 0.618 Fibonacci retracement level of the previous impulse wave (just below $103,000) is the most likely culprit.
The analysis focuses on the upward trend of Bitcoin price, which once touched $110,000. But Bitcoin is not smooth sailing, and even after breaking through the resistance level of $110,000, it failed to continue its upward trend. This is a false breakout of a pattern, commonly known as a "bull trap". Therefore, although the price of Bitcoin appears to be in an upward trend, it means that a decline will soon occur, triggering large fluctuations or even a plunge.
BTCUSD BTCUSD BTCUSD BTCUSD BTCUSDT BTCUSD 
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Good at solving all trading problems, doubling the account in a week, and making a stable profit of 300% in a month
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
🚀Private VIP: t.me/HenryDovitt
👍Market exclusive signal: t.me/Henryffjyfylffc108
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.