AS we can see on January 20th Bitcoin broke the down trend it has been in for over one year now. Recently the resistance was tested and was made in to support as Bitcoin took a strong bounce off of it. WE can clearly see this in the chart with the highlighted oval.
Above that we have the bear trap zone and the fomo zone A break and hold of the 25.4k level leads to the setting of the bear trap. This bear trap zone goes all the way to 32k above that is the fomo zone and it goes to 47k and possibly even higher. These ar eth e levels to look for in the coming weeks.
Another thing of note to look for is that Bitcoin could retest the break out zone at a later date {shown with the blue arrow} and as long as it holds it could then lead to the bear trap.
What to look for
The RSI will be a dead give away on what move comes first as I have drawn the down trend that it is in at the moment. If this should break above the down trend then it will do with the price and confirm the move.
Thanks for looking Hit the like and subscribe for hot off the press charts. WeAreSatoshi Stay blessed in 2023.
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Bitcoin got rejected of the trap line along with the RSI. Remember the RSI is the key to this. Otherwise the bearish divergence will play out. Let's keep a close eye on it.
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Bear trap is active!! The bears a flipping are now flipping to bulls.
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RSI and price have both broken resistance 32k is likely next.
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REMINDER!! We must close above 25.4k
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The Bears are at a pivot zone!! I do believe they are slowly flipping into bulls. The slower moving bears will get slaughtered.
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Top of the trap has almost been met. What are the bears doing????
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The last leg for the bears is this 30 to 32k level. Once Bitcoin captures this level (and it will be sooner than later) most of the bears will become bulls. As of right now they are trapped, waiting for a big dip to get in as they are now feeling a slight disbelief.
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The moment of truth!!
Does BTC correct lower and if so how much lower? I'm willing to bet that if lower prices come...
1 They will not last long 2 most people will not buy it.. why? 3 they will expect even lower 4 they were sleeping 5 exchange was down 6 etcetera etcetera
Or... Prices hold and BTC bounces higher in the coming weeks! It has already corrected enough. Now, that doesn't mean it can't or won't.
The whole point of this chart is to show we are the point where the bear are the Deer stuck in the headlights. This will come to an end soon.
Bottom hunters and top searchers get rekt.
Pigs get slaughtered
BTC won't break 24k and even if does MOST will not buy it.
Make with this what you will...
kind regards.
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It looks like the market might torcher the bears here for a few weeks before it ultimately goes higher.
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Bitcoin is preparing a move in to the FOMO ZONE.
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The top of the bear market band holds strong as support.
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The smart bears have flipped bullish. Look at how it help the support level!!
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Bitcoin is back pushing on the top of this bear trap zone. It could still take weeks to pierce it, but when it does, it will then move fairly quick.
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Fomo zone will be pierced within a few weeks
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Clearly shown how strong this support level is. This is a double bottom off this level. I expect bounce from here. A break and close of this level is detrimental (not likely). BTC very over sold, Hash ribbon buy signal and NVT are all bullish sings
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Starting next week we see a move that will break into the fomo zone area.
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The Bear trap and has proven to be a hard one to spring. The fomo zone becomes a lot more easier. AS we can see we are still in the bear trap area and It's not worth trading in here.
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The bears are quietly flipping right now. Don't worry they will get loud soon enough.
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Bitcoin has yet to touch the top of the channel, it doesn't have to, it's just in the realm of possibilities. It is the max fomo zone. iIt also just happens to rest on the .618 fib level.
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Bear trap target was hit yesterday. Look for a correction over the next month or two back to 31k