Bitcoin's Significant Upward Resistance Suggests Drop Is Near

Bitcoin is facing significant resistance from both moving averages and the combined wedges that have been forming over the last few months.

Equity markets and Bitcoin are closing into key technical make or brake moment. I believe we might see more bull traps before a significant drop over the next week.

Goodluck

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Bull Trap away. I'd be looking for the 100 DAY SMA to re-enter a short

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Question we have to ask ourselves is if Bitcoin has enough sole momentum to surge up through the 100 Day SMA to challenge the 200 Day SMA. In my opinion, this is unlikely but we might see 1-3 partial candle break through, only to get dumped on Wednesday.
We have now seen the bull trap but if we see a significant dovish turn from the fed, I would be willing to turn 180 degrees on my bearish outlook.

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'Who's your Daddy and what does he do...?"

FortunaAlgoAnalytics

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