Good morning, friends!
In my last Bitcoin review I mentioned that “if we hold the 70,000 level on Friday, we could see a move toward 78,000 already this weekend.”
Well… the level didn’t hold on Friday, to put it mildly, so we can now confirm a classic bull trap.
What is a bull trap?
It’s a situation where price breaks a resistance level or looks like the start of a rally, encouraging everyone to buy — and then quickly reverses downward, leaving buyers trapped.
Classic signs of a bull trap:
• weak volume on the breakout (in our case, volume was actually strong)
• a quick move back below the level (price held above the level for almost two days)
• lack of confirmation (we actually had four consecutive candles closing above the level)
As you can see, even with all the signs “against” a bull trap, it still turned out to be exactly that 🙂
What’s next?
We have fallen back into the consolidation range, so the same
“60,000–72,000 sideways range for several months” that I’ve been talking about since my February 11 post is likely to continue.
We also dropped back below our favorite EMA100 and EMA200, which will now once again act as resistance.
⚠️ Disclaimer:
All information shared on this channel is for educational and informational purposes only and is not investment advice. The author is not responsible for your trading decisions. Always manage your risks and make decisions independently.
In my last Bitcoin review I mentioned that “if we hold the 70,000 level on Friday, we could see a move toward 78,000 already this weekend.”
Well… the level didn’t hold on Friday, to put it mildly, so we can now confirm a classic bull trap.
What is a bull trap?
It’s a situation where price breaks a resistance level or looks like the start of a rally, encouraging everyone to buy — and then quickly reverses downward, leaving buyers trapped.
Classic signs of a bull trap:
• weak volume on the breakout (in our case, volume was actually strong)
• a quick move back below the level (price held above the level for almost two days)
• lack of confirmation (we actually had four consecutive candles closing above the level)
As you can see, even with all the signs “against” a bull trap, it still turned out to be exactly that 🙂
What’s next?
We have fallen back into the consolidation range, so the same
“60,000–72,000 sideways range for several months” that I’ve been talking about since my February 11 post is likely to continue.
We also dropped back below our favorite EMA100 and EMA200, which will now once again act as resistance.
⚠️ Disclaimer:
All information shared on this channel is for educational and informational purposes only and is not investment advice. The author is not responsible for your trading decisions. Always manage your risks and make decisions independently.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.