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Another bull flag or a massive bull trap for a down trend

Updated

It appears we might be having a big run up if BTC price follows through upwards over the 9500 (red line) area towards 9800 - 9920, thereby creating what appears to be a bull flag.

Another range trading will then be within the flag before it shoots up but if goes down below the 9200 without hitting the 9800 area, I would assume that move invalidates creating a bull flag and prepare for a downtrend.

This is not a Trading advice. Just following the price action and putting down my opinion of things.

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Please don't mind the left side with too many lines, focus on the right (i.e. bull fall in the making perhaps? )

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It appears there is some buying pressure keeping the price up between $9100-$9300 but also the resistance in the $9500 area also seems to be very strong. In my opinion, this is a no trade zone however here's what I think might happen; a break to the upside in an attempt to retest $9820 area but will be shortlived and then a decline downwards towards the $8800 zone and if sell pressure is high, might go further down to the $8300 area. If this doesn't happen within the next 12 to 24hours, I might need to re-evaluate. Again this is what I think might happen, just my opinion not a trading advice.

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Just to clarify that the scenario above is expected only if buying pressure persists and breaks past the $9500 resistance further to $9600

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As expected when it failed to break upwards of $9500. This break downwards might extend towards $8800 - $8650 before a possible bounce back up short term. If you're trading this, keep tight stop loss, better safe than sorry. Just my opinion

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So a bit delayed but happened quite close as depicted. A strong attempt to rally up towards $9800 but cut back around $9650 area, then decline again as expected to the $9650 area and then bounce back up now around 9860 area. Now just a little more observation to get more understanding of where it might be going.

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So pretty much rangin between $8650 and 8750. Support seems to be pretty strong around here but if this breaks below $8300 strongly we might be going lower towards the $7500 to $7800 region but at that point I'll expect a pretty strong bounce. So tight stops below $8250 for any buys around that area is recommended.

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Yup, here we are, the $7800 region. This is where you don't want to short.
Not trading or financial advice.

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So hit the 7500 and bounced up. I don't expect it to go any less from here for now. We should hopefull start to creep back up and then catch some shorts unaware and spring up.

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Looks like I was wrong. It was indeed a massive bull trap. Lets hope its done this time :D

PlatinumEntrepreneur

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