BTC POTENTIAL BULLS TRAP IN DEVELOPMENT

Jul 3, 2025

I am inspecting the 4 hour candle in comparison to the daily chart on BTC and it seem we have all the characteristics of a bulls trap on the chart. If the next 4 hours candle does not close bullish, it will confirm a bulls trap and price will likely pullback into the triangle. So be cautious trading at this resistance level.
Bull Trap Chart Characteristics
Look for:

A strong bullish candle that breaks above recent highs or resistance.

Volume spike on the breakout — signs that traders are buying.

Followed by a sharp bearish candle (like a shooting star, bearish engulfing, or long wick).

Price falls back below resistance, turning the breakout into a fakeout.

Cheers !!

Jul 10, 2025

Trade closed manually

Hello Traders, there is a change in character on BTC chart at the moment. Yesterday (7/9/2025), there was a strong bullish candle and matching volume that broke through a MAJOR RESISTANCE HOLDING DOWN price. We have also clearly exited the Pennant Triangle. This move is more likely NOT a fake out like the previous as the effort is proportional to the result. I have there closed the short position on BTC. I am NOT FULLY COMMITTED TO A LONG YET as there is double tops structure in check now on the daily chart. It's best to wait for a clear break and close above the $112k resistance level before going long. Alternatively, if there is any bearish candle reversing the breakout move, then you can go short. For now I personally will sit on the sidelines until one of these triggers take place. My trading is rule based and I must stay disciplined. Cheers!