PolarHusk

BTC/USD (Bull Trap? Sideways Trading?)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC /USD

-Bitcoin just had a Bull trap after breaking the recent high at 12.1k
-The price slowly dumping down to 11.6k located the trendline support
-We can see a Bullish reaction candle on the 1st retest of trendline
-BTC is still on an uptrend but a sign of weakness is showing
-Though the trendline of support still valid
-We still need to be cautious as the price action is making fakeouts
-Two possible scenarios for Bitcoin today
-First is to consolidate at current market price and try to bounce back up to 12.4k
-Second, the price will break the upward trendline support
-Price discover in the area of support somewhere in 11.4k range
-If the 11.4k area holds, potential bounce reaction up to 12k is possible
-I recommend to always put stop-loss in all your trades
-Whether BTC goes up or down, Most Altcoins will still suffer
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Comments

fractals says some sideways motions but after so many liquidations there is not much left to force anyone to sell. Especially since US$ is down a lot and Gold/Silver have recovered.. This could very well be a fake break to fill the CME gap because it went to close it with $5 to spare..
Reply
PolarHusk alienteck
@alienteck, thanks for sharing your thoughts.
Reply
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