BTC/USDT - Bull Trap Or Breakout? 📈📉
Looking at the BTC/USDT 1H chart, we've mapped out some key price action.🔥
We can see a clear Bull Trap at the start of November following the FTX induced crypto crash. People thought Bitcoin was on the bounce back...📈
Until it wasn't. We saw a grind down in the days following the 1st relief rally. Which brings us to Bull Trap 2.
This relief move up played out over a bit longer period of time, but Bitcoin failed to breakthrough 17K again. Slowly grinding down the $15-16K.
We're just witnessing what smells & looks like yet another Bull Trap, number 3 in this case.
Is Bitcoin poised to breakout and reclaim 17K and above? Or is this yet another preview of a leg down?🥶
Is this the last relief rally until the serious macro issues or black swan in equities send us straight to goblintown?
We shall see...👀
-TucciNomics
Chief Overlord, AlgoBuddy
We can see a clear Bull Trap at the start of November following the FTX induced crypto crash. People thought Bitcoin was on the bounce back...📈
Until it wasn't. We saw a grind down in the days following the 1st relief rally. Which brings us to Bull Trap 2.
This relief move up played out over a bit longer period of time, but Bitcoin failed to breakthrough 17K again. Slowly grinding down the $15-16K.
We're just witnessing what smells & looks like yet another Bull Trap, number 3 in this case.
Is Bitcoin poised to breakout and reclaim 17K and above? Or is this yet another preview of a leg down?🥶
Is this the last relief rally until the serious macro issues or black swan in equities send us straight to goblintown?
We shall see...👀
-TucciNomics
Chief Overlord, AlgoBuddy
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