BTC TRAP - What goes up, must go down!
Updated
Greetings Investors, Traders and of course Beez!
Today CryptoQueens have prepared an analysis regarding BTC after its recent pump. So without much talk, let's get to it!
In particular if we watch closely the chart, we can observe that price has been moving inside the descending triangle in the Daily time frame for a long period of time. Eventually, price has either to breakout to the above or breakdown. The majority of times, it tends to breakout to the upside. Hence, after bulls, pushed the price above the descending resistance line, a huge inflows of buying power flew directly into the market pushing Bitcoin even further to the point of 23,390$ breaking the previous high of 22,850$.
Since then, price has been consolidating, between previous high which acted as support and new high. This especially, indicate us that bull are still present, and that they are preparing for the next leg up. Next Resistance - Bearish Orderblock is standing at 25,000$.
In the imminent case of breaking above, we can expect to see prices such as 28,000$, filling the FVG GAP or even test the area of 31,000$ where the next Bearish Orderblock is located.
Make no mistake though, after having a quick peek at the image attached to the chart, we can observe that large positions has been liquidated even at the level of 23,300$ and liquidity from above has already been grabbed at the highlighted levels in all exchanges.
At this point we can expect high levels of FOMO to flow into the market from retailers. Don't fall for it!
IMPORTANT: When price bursts to the upside without consolidation, its considered unhealthy, as it creates no resistance/supports on its way, therefore what goes up quickly, it has to go down swiftly eventually.
Moreover, bear in mind that, reversals tend to occur, when everything indicates the opposite!
After new high has been formed and price get rejected, we highly anticipate a new low to occur!
DISCLAIMER: This analysis is not intended to encourage any buying or selling activity of any particular securities. In addition, it should not be considered as ground for taking any trade action. Hence, your own diligence is highly recommended before entering any trade.
If you liked the idea, make sure to support with a like, follow and a comment!
Best Regards, CryptoQueens.
Today CryptoQueens have prepared an analysis regarding BTC after its recent pump. So without much talk, let's get to it!
In particular if we watch closely the chart, we can observe that price has been moving inside the descending triangle in the Daily time frame for a long period of time. Eventually, price has either to breakout to the above or breakdown. The majority of times, it tends to breakout to the upside. Hence, after bulls, pushed the price above the descending resistance line, a huge inflows of buying power flew directly into the market pushing Bitcoin even further to the point of 23,390$ breaking the previous high of 22,850$.
Since then, price has been consolidating, between previous high which acted as support and new high. This especially, indicate us that bull are still present, and that they are preparing for the next leg up. Next Resistance - Bearish Orderblock is standing at 25,000$.
In the imminent case of breaking above, we can expect to see prices such as 28,000$, filling the FVG GAP or even test the area of 31,000$ where the next Bearish Orderblock is located.
Make no mistake though, after having a quick peek at the image attached to the chart, we can observe that large positions has been liquidated even at the level of 23,300$ and liquidity from above has already been grabbed at the highlighted levels in all exchanges.
At this point we can expect high levels of FOMO to flow into the market from retailers. Don't fall for it!
IMPORTANT: When price bursts to the upside without consolidation, its considered unhealthy, as it creates no resistance/supports on its way, therefore what goes up quickly, it has to go down swiftly eventually.
Moreover, bear in mind that, reversals tend to occur, when everything indicates the opposite!
After new high has been formed and price get rejected, we highly anticipate a new low to occur!
DISCLAIMER: This analysis is not intended to encourage any buying or selling activity of any particular securities. In addition, it should not be considered as ground for taking any trade action. Hence, your own diligence is highly recommended before entering any trade.
If you liked the idea, make sure to support with a like, follow and a comment!
Best Regards, CryptoQueens.
Note
TECHNICALS:1.Price Rising,RSI Diverging
2.MACD Making bearish waves (BIGGER PRICES WITH WEAKER WAVES)
3.VOLUME Declining in colleration to price keep increasing
CONCLUSION:
There is a strong weakness in this particular price pump!
Correction incomming!
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