kennethbientee
Short

BITCOIN Bull Trap! Next Stop $5,000!

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hi traders! It's my pleasure to share my opinion with you guys. This is the first time I'll be sharing my thoughts on the possible trend on Bitcoin .

So, we have made an upward trend after the low $5,750 last 2 weeks ago but we have not seen any continuous significant volume since then.

Looking at the chart above, we have been forming ascending wedge after ascending wedge that led to the price to drop in the last 3 weeks and now, it seems that we are forming another one, which is bigger than the last two that have formed. Notice as well the ascending wedge patterns that have been forming in the RSI .

Also, we have made attempts to break $6,750-$6,800 level in the last 2 weeks but got rejected twice. And now, it seems that we are heading to test that level again. If we don't break $6,800 with a high volume , it is more likely that we are going to go down as the bulls will lose momentum and sellers will take advantage of the third rejection.

If we confirm the formation of the ascending triangle in the next 2-3 days, expect the price to go down and retest the $5,750 level. And if we drop below $5,750, people will start to panic sell which could lead us to $5,000 or worse, $4,800 being major supports.

This is just my 2 cents. Good luck and happy trading!
Comment:
So we've broken out of the ascending wedge, and we might get a bounce at $6,000 but I don't think it will hold. If the selling continues, we might retest the $5,750 level.

Happy trading

Comments

Agreed!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out