MachiavelliTrader

Bitcoin Bulls Vs Bears (why You should Wait to Buy PULLBACK)

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin Bulls have successfully kicked 11700 as** like its no mans business but then it looks stuck or should I say trapped? with the bears growing in strength with each bear trend bar, bears are trying to force a pullback to below 11k zone possibly I see the 10800 to 10500 zone just where price broke out from the pennant earlier.
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Yes the bulls are serious about the Bullish trend on the Bigger trend channel as bears have failed to break out of the (big channel highlighted in green trendlines ) but inside this big trend channel is nested some smaller trend channel created by the past few days pump by the bulls.

If you are well known to Price action and channels, then you know that its likely we retest the start or beginning of the small channel at around the breakout point from the pennant also nested inside the bigger Trend Channel.

OH Yes! I know the fall wont be easy because of the current trading range form around 11200 to 11700 zone meaning chances of breakout at either side is high but......Retest of breakout point looks higher at the current point.
Trade active: Let's take a Closer view at the possible bears growing strength.
4Hrs chart, we see that price has made it to the middle line of the bigger Channel and something else seems to have formed just below that middle line.....H & S( you right its a possible head and shoulder range forming. Can the bulls escape this one?
let me know in the comment section below

Comments

good detailed TA.
+1 Reply
MachiavelliTrader bestfarbit74
@bestfarbit74 thank you
+1 Reply
bestfarbit74 MachiavelliTrader
@MachiavelliTrader, thanks for your feedback
+1 Reply
I think we should see a short liquidation pump (bull trap) to around 12k (could extend a bit depending on FOMO) before dropping a couple of ticks sub 10k for its 1st substantial bounce...
+1 Reply
@avito1 thats an interesting idea, it’s possible because of the current trading range so a fake out could trap bears
Reply
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