BTCUSD | Bull Trap| Resistance Cluster| Apex| Low Volume
Evening Traders,
Toady’s Analysis – BTCUSD – establishing a bull trap, now trading back into its apex where a breakout is probable
Points to consider,
- Strong resistance cluster (Bull trap)
- Support and resistances converging (Apex)
- RSI and Stochastics showing weakness
- Volume declining
BTCUSD has had a sharp sell off at resistance cluster, trapping long buyers. The significance of this resistance cluster has now been solidified three times.
The local support and resistance are converging; a price break in either direction will be imminent.
The RSI and stochastics are both below 50, showing immediate weakness in the market.
Volume is clearly declining, indication of an influx being imminent, this will coincide with the possible breakout.
Overall, in my opinion, a break in either direction is imminent; the probability down is greater due to the recent impulse sell. The break needs to be backed with increasing volume to avoid any fake outs.
What are your thoughts?
Please leave a like and comment,
And remember,
“People normally describe this kind of internal mental shift as an “ah, ha” experience, or the moment when the light goes on. Everyone has had these kinds of experiences, and there are some common qualities associated with them. First, we usually feel different. The world even seems different, as if it had suddenly changed. Typically, we might say at the moment of the breakthrough something like, “Why didn’t you tell me this before?” or, “It was right in front of me the whole time, but I just didn’t see it” ― Mark Douglas
Toady’s Analysis – BTCUSD – establishing a bull trap, now trading back into its apex where a breakout is probable
Points to consider,
- Strong resistance cluster (Bull trap)
- Support and resistances converging (Apex)
- RSI and Stochastics showing weakness
- Volume declining
BTCUSD has had a sharp sell off at resistance cluster, trapping long buyers. The significance of this resistance cluster has now been solidified three times.
The local support and resistance are converging; a price break in either direction will be imminent.
The RSI and stochastics are both below 50, showing immediate weakness in the market.
Volume is clearly declining, indication of an influx being imminent, this will coincide with the possible breakout.
Overall, in my opinion, a break in either direction is imminent; the probability down is greater due to the recent impulse sell. The break needs to be backed with increasing volume to avoid any fake outs.
What are your thoughts?
Please leave a like and comment,
And remember,
“People normally describe this kind of internal mental shift as an “ah, ha” experience, or the moment when the light goes on. Everyone has had these kinds of experiences, and there are some common qualities associated with them. First, we usually feel different. The world even seems different, as if it had suddenly changed. Typically, we might say at the moment of the breakthrough something like, “Why didn’t you tell me this before?” or, “It was right in front of me the whole time, but I just didn’t see it” ― Mark Douglas