Bitcoin | Is current move a bull trap?
Hello traders, I hope everything is good with you.
Bitcoin and altcoins where trading on green since the pump happened from todays ago!
but, will bitcoin continue to the up side or it was just a bull trap and the price will be decline again ?
What Is a Bull Trap?
according to the above definition, if we see bitcoin fail to close daily above the current resistance 16800 with a good momentum (most likely will happen).Bears may jump on the opportunity to sell bitcoin and we may see 15500 or even lower prices.
what to do now ?
I will wait and try to avoid this possible bull trap by looking for confirmations following a breakout of 16800 if happened!!
stay safe and trade safe
thank you!
Bitcoin and altcoins where trading on green since the pump happened from todays ago!
but, will bitcoin continue to the up side or it was just a bull trap and the price will be decline again ?
What Is a Bull Trap?
- Bull traps occur when buyers fail to support a rally above a breakout level.
- A bull trap occurs when a trader or investor buys a security that breaks out above a resistance level—a common technical analysis-based strategy. While many breakouts are followed by strong moves higher, the security may quickly reverse direction. These are known as "bull traps" because traders and investors who bought the breakout are "trapped" in the trade.
according to the above definition, if we see bitcoin fail to close daily above the current resistance 16800 with a good momentum (most likely will happen).Bears may jump on the opportunity to sell bitcoin and we may see 15500 or even lower prices.
what to do now ?
I will wait and try to avoid this possible bull trap by looking for confirmations following a breakout of 16800 if happened!!
stay safe and trade safe
thank you!
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