Longing the trap

Do or die moment for Bitcoin. Personally i'm playing my cards by opening a "scattered" Long trade.
Part from here, part from close to the 27.700$ mark, just in case of a bear trap.

Mind the fact this is a highly risky contrarian trade and it may fail, but 1:2 R:R is interesting enough to try playing it.

DYOD.

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At intraday resistance.

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Bulls should try to achieve a breakout in order to let price breath.
Otherwise a slump is likely.

Get ready.

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Weak, but still quite far from the 27.700$ mark.
Looking at volume, which is still low.

Anyway, at least Hash Ribbons fall starts showing some dent.

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Bouncing, but 31550$ +on volume needed in order to seal the trap.

Let's see.

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Failing that it may be just a pullback to support.

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Meanwhile, hash ribbons:

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Let's zoom out and see what happens on 1D:

Price is facing the key resistance area: previous wedge support + MA50/W + midline of daily BB. Very, very tough area.

Let's wait and see.

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Volume or it won't happen ...

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Critical moment.
That's RSI/D:

Back at confluence of wedge support/resistance.
Again, bulls need volumeor will fail.

Let's see.

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Remember to have a take profit set.
Don't risk more than deserved, choppy ride expected.

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Closest support in 31.500-31.200$ area.

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Watching this, it may turn into a inverted H&S:

Soon to say, but watch it.

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We have a pretty long TD strip, volume still average.

It's unclear whether this is a rising wedge or an ascending triangle, but it's more resembling the former.

Unless volume picks up substantially hence confirming an inverted H&S or ascending triangle and granting a brekout we may expect a pullback.

So remember to place a take profit, don't get caught off guard by events.

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Testing wedge support soon, watch it:

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The reason current area is tricky:

A breakout on volume is needed, or bears will take over again.
Bumpy weekend ahead, fasten your seatbelts.

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Fine, but still lacking volume.

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Usual look at has ribbons:

Seemingly about to round a bottom.

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RSI/D already over resistance.

GIve it more volume and it would fly.

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As you saw, it flew ;)
Volume was the key.

Target reached, resistance pierced.
Needs confirmation.

Currently on holiday, i'll update at a later date.

If you enjoyed the trip up from 30k hen comment and like, so that i know my time here is well spent.

Take care, hope you had some nice gain.

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Upcoming test of mm20/w is crucial. Watch weekly close.
We have a historical record of bull trap on pullbacks there.

So protect your gains and watch the outcome.

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Watch it

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Price eached that yellow target area pinpointed about 3 weeks ago.
Fine.

Moreover Two months ago i mentioned 42-44k area as first meaningful resistance:

Eager to see the outcome of the test as ma20/w is pretty close.

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Got up to 42.500$ before pulling back.
No surprise.

Target area reached, a few days early.
Now it's time for careful observation of the test of MM20/W, which may take a while.

Have your position protected.

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we'll have o better evaluate after a cooldown, meanwhile this is hash ribbons today:

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Pullback to FIB 0.618 achieved.

There's a possible bearish pennant forming, it would be important for bulls find a confirmation and bounce without completing a further pullback to previous resistance (now support). The latter option would imply a significative loss of momentum.

As you notice price is moving in a tight range within MA50/W and MA20/W.

A breakout of such range on volume will likely lead to the end of the sideways movement ongoing since may. Watch it.

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NIce breakout.

Challenging resistance soon.
Watch MA20/W above if it breaks.

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Hash ribbons:

Countdown to blue dot ?

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At MA20/W resistance, at last.

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Follow-up here: