Note that BTC has made the search for the fibonacci retracement zone that we have pointed out in previous studies. And see that exactly at the 0.618 fibonacci support, the buyers engulfed the sellers. This candlestick pattern known as engulfing, is when the current candlestick completely engulfs the previous candlestick. When this occurs in important support zones like the one we are in, it is called a trap. In this case it was a bear trap. The projection of this trap takes us back to the above retracement zone that was already tested once, at 18200. Have you noticed this trap on the daily chart?
Comment below and leave your opinion! Give it a boost to support my work!
I agree, and expect to retest lows after that.. nothing like 14k or 12k, but probably to maintain higher lows.. but maybe even slightly lower than recent lowest as a spring.
GustavoCorrea1
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@eyesape, Thank you for bringing your point of view
l3lackmak
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Maybe a bull trap! let's see.
GustavoCorrea1
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@l3lackmak, In this case pointed out in the study it is a Bear Trap and not a bull trap.
Bull trap occurs at tops or resistances. In the case presented, it occurred on a support.