Bitcoin - WATCH OUT ❗ BULL TRAP 📈
Updated
Hi Traders, Investors and Speculators
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
From a chart analysis, I have been watching this major triangular consolidation for a while and optimistically hoped we would see a clean breakout above the white resistance zone. In other words, see a few daily candles CLOSE ABOVE this zone. What we see instead, is lower highs and wicky range trading.
From a technical indicator perspective we can see high volume with little price action. This means, that currently there is an equal amount of buyers and sellers. Nearly the same amount of people are bullish and bearish on Bitcoin, which causes the price to trade in a range. The nest thing to remember, is that range trading attracts algo's / algorithmic trading bots. Algo's specialize in shaking people out of their positions, aka stop hunt. This means that the price might increase to just above the resistance zone where most short sellers will have their stoploss, and then the price falls again to just underneath the support zone where most long buyers have their stop loss set.
So what can we take from all of this? SPOT. If you have to trade now, spot trading is definitely your safest bet during this time of the market phase, which is the accumulation phase according to the Wyckoff Method cycle.
Algo bots are notorious for their activity during the accumulation phase, so don't take low-reward high-risk trades!
Want to know which ALT I am bullish on ? Check out this idea:
_______________________
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We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year. Daytime job - Math Teacher. 👩🏫
From a chart analysis, I have been watching this major triangular consolidation for a while and optimistically hoped we would see a clean breakout above the white resistance zone. In other words, see a few daily candles CLOSE ABOVE this zone. What we see instead, is lower highs and wicky range trading.
From a technical indicator perspective we can see high volume with little price action. This means, that currently there is an equal amount of buyers and sellers. Nearly the same amount of people are bullish and bearish on Bitcoin, which causes the price to trade in a range. The nest thing to remember, is that range trading attracts algo's / algorithmic trading bots. Algo's specialize in shaking people out of their positions, aka stop hunt. This means that the price might increase to just above the resistance zone where most short sellers will have their stoploss, and then the price falls again to just underneath the support zone where most long buyers have their stop loss set.
So what can we take from all of this? SPOT. If you have to trade now, spot trading is definitely your safest bet during this time of the market phase, which is the accumulation phase according to the Wyckoff Method cycle.
Algo bots are notorious for their activity during the accumulation phase, so don't take low-reward high-risk trades!
Want to know which ALT I am bullish on ? Check out this idea:
_______________________
📢Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎Hit like & Follow 👍
We thank you for your support !
CryptoCheck
Note
BTC update , we're trading on a delicate support zone !!
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