Closer Look At The Bull Trap In The Making

23 thg 7, 2021

Let's look at the overbought area and the bull trap in the making. With "the talk" is now over, price started struggling to cross above the old weekly lows and got rejected twice as a sign of weakness. Coincidentally few days before "the talk", JP Morgan unleashed their customers from buying GBTC crypto funds. Is this the demand we were waiting for? In other words, are these the people being trapped right now?

Probably yes.

I'm expecting a short term weak uptrend followed by a down move below 30k.

Best!

23 thg 7, 2021

Ghi chú

January close at 33138.71 looks like an important level for a 1 to 4 candle correction perspective on the monthly chart. If we close this month above this level, we can have a green bar in August which i believe would be a short term reaction. I expect this bull trap to be over before the monthly close and close below this level.

24 thg 7, 2021

Ghi chú

Weekly perspective for the pump

26 thg 7, 2021

Ghi chú

Too good to be true

30 thg 7, 2021

Ghi chú

Point of No Return